As we approach the 4th quarter of 2019, now is an ideal time for CPAs, financial advisors and other professional services firms to survey current your client base and identify areas in which you can expand service offerings in the new year.  Broadening the scope of services offered by your firm is an ideal way to grow your revenue base while also providing great value to your current clients. As experts in medical group operations, Practice Partners, Inc. is uniquely positioned to partner with your firm to help your physician clients improve their bottom line. Read more

Patient Engagement & Your Medical Practice    

Patient Engagement. Consumerism. Customer Relationship Management. All of these healthcare buzzwords ultimately have the same objective: How do we as medical groups best meet the changing needs of our patients? As the digital age continues to evolve, patients are becoming more tech-savvy and desiring more efficient methods of interacting with their medical providers. Just as we book airline travel, purchase concert tickets, and order groceries online with just a few clicks, patients are expecting similar conveniences from their healthcare providers. The added benefit of these patient engagement strategies is that they have the potential to help practices operate more efficiently, directly impacting the bottom line. Read more

The Fifth Lever of Practice Profitability: Access

As we discuss the fifth and final lever of practice profitability, we will explore the topic of access. As with many healthcare related topics, access is complicated and multi-dimensional. Access in your medical group may include the following:

  • Clinical Care Access
  • Consumer Access
  • Managed Care Access

The common denominator is that each of these access points affects a patient’s ability to obtain the clinical care that they are seeking. Read more

The Fourth Lever of Practice Profitability: Expenses

Expense management is a critical component of maximizing the bottom line for medical groups. According to a 2018 Medical Group Management Association (MGMA) study, median operating costs for primary care practices have risen by 13 percent since 2013. What’s more, a survey of the top issues ruining medicine for physicians revealed that rising expenses ranked number 7 on the list. Investing the time to better understand your group’s overhead structure and implement cost savings can significantly impact both your net revenue and job satisfaction. Read more

The Third Lever of Practice Profitability: Accounts Receivable

Once services have been rendered to patients and bills have been generated, the money owed to your practice is now deemed “Accounts Receivable” (AR). Although different tactics are needed to collect these outstanding claims, AR includes money due from both insurance companies and patients. Poor coding, high claims denials, and low resubmission rates, coupled with weak upfront cash collections, can result in as much as two-thirds of physician practice revenue lost to billing inefficiencies. Strong AR management can help your practice optimize revenue. Read more

One of the most unique and challenging aspects of the American healthcare delivery system is the process of billing and collecting for medical services.  Becker’s Hospital Review reported on one study by Health Affairs that revealed the amount of time practices spend interacting with health plans equates to more than $68,000 per physician each year. What’s more, practices also incur additional costs, such as billing software, to get reimbursed.  To minimize these costs, successful practices must continuously evaluate their billing and coding processes to keep pace with the ever-changing landscape of third-party reimbursement.   Read more

Earlier this year, the Centers for Medicare and Medicaid Services (CMS) issued a price transparency mandate to hospitals across the nation. This new regulation requires that hospitals make their charge masters publicly available. In theory, this information will allow patients to gain a better understanding of their costs – before care is consumed. It remains to be seen if the reality will match the intention.   Read more

Recently, MedPage Today published its 2018 Salary Survey. The report analyzed the salary information submitted by 7,753 healthcare providers. According to the survey results, on average, physicians made $8,039 less in 2018 than they did in the 2017. Read more

Organizations around the globe have been using Business Intelligence technology, data and support systems to guide their operational strategies and improve business efficiencies for years. With business intelligence, organizations can access historic, current and predictive data to enhance workflows, improve policies and procedures, and optimize finances.   Read more

With healthcare increasingly becoming a consumer-driven market, many patients are more acutely aware of the process and costs behind their healthcare. High deductible health plans have added a new layer to the patient / physician relationship, and physicians now have the opportunity to meet – and help define – the emerging patient-as-a-customer standards.   Read more