Health Prime is on a mission to help health care organizations and their patients thrive while allowing physicians and other medical providers to get back to what’s most important: Taking care of patients.
No physician went to medical school to learn how to be a great businessman.
Even so, the pressures of stagnant reimbursement and payer driven complexity layered into the billing process have meant that their medical practice as a business is in jeopardy; even as physicians continue striving to provide world class patient care.
To evaluate if you are managing your medical practice effectively, there are some aspects that you would like to consider:
1. Make sure your revenue cycle management partner is truly an expert
Independent physician practices and health systems who employ physicians often do not have the internal resources nor the expertise necessary to effectively manage the physician practice revenue cycle for the providers they employ. Often losing tens of thousands of dollars on each provider.
They look to outsourced vendors to support them with industry competence and expertise and to help them make financial sense from their physician employment endeavor. These software companies now add revenue cycle management services as a component of their business offerings; but it is a comparatively small component and not the driver for their own corporate priorities.
2. Hire a professional partner with physicians expertise
No one knows physicians the way they do themselves.
Relieve physicians and other medical providers from the day-to-day stress of managing the business financial health so that they and health system executives can spend more time focusing on their real passion is a big challenge.
Health Prime was created sixteen years ago by physicians and seasoned physician practice executives. We are not a software company.
Our executive leadership includes physicians input as a driver for company operational priorities and strategic positioning. Our executive team has a solid foundation in physician practice operations, so we understand the integral workings of a physician practice from a boots-on-the ground perspective.
3. Focus on performance transparency to succeed
Revenue cycle vendors (or even internal billing managers) that do not provide comprehensive insights into performance make it difficult for decision makers to enact performance improvement strategies and plans. Unfortunately, all too often this is by design.
The less transparent the problems are, the less likely you are to be critical of their work. By masking their own failings, billing companies are also masking problems created by practice operational failures and, even worse, masking problems created by payer errors and abuses.
If you have transparency into your billing and in how well your medical practice is performing you will be able to know your strengths, detect your weaknesses and create a plan of action to improve your metrics.
4.Use a business intelligence platform to analyze and track your practice
It's harder to improve your metrics if you're not measuring them.
We at Health Prime, count with an unique platform that will let you know your metrics performance and analyze them over time to improve your medical practice management: Datalytics.
We focus management attention on key drivers for medical practice financial health. We don't see revenue as merely transactional. See a patient, get paid for that effort. Business Intelligence that provides only simple key performance indicators is missing the bigger picture and leaving you to do the heavy lifting for figuring out the performance improvement pathway.
Datalytics carries the burden of the lift and makes it easier to determine go-forward strategies. If you want to know more about how Datalytics has had a tremendous impact in physician practice revenue cycle management, you can subscribe to our Datalytics blog.