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 […]
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 […]
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 […]
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. […]
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 […]
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.
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.
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.
When you are setting up a new medical office, there are a multitude of details that require attention to ensure that the practice is ready to open when expected and that the office operates efficiently from day one. Practice Partners will help you simplify and expedite this complicated process.With success in launching numerous practices, we […]
