Inappropriate billing processes that lead to significant financial losses
We will evaluate your practice’s security and privacy safeguards to ensure that you are compliant with all regulations. This could help prevent an embarrassing and costly PHI breach, while also providing you with the necessary documentation to satisfy Meaningful Use requirements and protect them in the event of an ONC audit.No matter how amazing your providers are, how friendly your front desk receptionist is, or how caring your nurses are, your practice will not be able to operate if your billing department is not bringing in the revenue that you have worked so hard for. However, sometimes a practice may be under-collecting for years before they realize that they were using improper billing processes which led to incredible amounts of lost revenue. Sometimes this revenue can still be collected; most of the time, however, the timely filing limits have already passed by the time that the mistake is caught, and that money will need to be written off. A 2015 MGMA survey shows that better performing practices in primary care have an average Days in A/R of 23.54 days, as opposed to other practices who average 39.56 days. Better performing multi-specialty practices had an average Days in A/R of 28.45 days, and surgical practices of 31.78 days. Additionally, patient responsibility amounts have been climbing, and are now at around 23% of all A/R—and these balances are the hardest to collect. Where does your practice stand? Our team will work with your practice to analyze current billing processes, make recommendations for improvement, and train your billing staff on ways to increase collections.
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Outdated technology that causes delays in operations and inefficient processes
As technology evolves at overwhelming rates, the tech-savvy medical practice finds itself in a better position than other practices who may be using outdated technology which slows them down and drains them financially. Did you know that hospitals across the US lose an estimated $8.3 billion in lost productivity due to outdated technology? How does this translate to your medical practice?
Additionally, practices that learn how to implement technology in ways that will make their operations more efficient are able to free up their employees for more important tasks—such as communicating with patients and building great relationships. Technology can also prove to be very cost-efficient compared to older ways of doing things, which may have taken up unnecessary time and resources. Our team will help you navigate the pros and cons of the various forms of technology available, and will make recommendations based on what works best for your specific practice.
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Inadequate IT network security that leaves your practice exposed to potential breaches and HIPAA violations with damaging financial outcomes
A security breach can be devastating to any business, but even more so to a medical practice. When patient PHI has been compromised, the practice can face overwhelming financial penalties—and can even face criminal charges, depending on the nature and severity of the violation. A recent study shows that security breaches cost the healthcare industry $5.6 billion annually. The OCR has capped the fine for a severe HIPAA violation with no intent to correct at an annual maximum of 1.5 million dollars; however, even a fraction of this amount can seriously impact the financial stability of any practice. An overwhelming 90% of the top 10 breaches were categorized as “Hacking/IT incident”. Superior IT network security, therefore, is absolutely crucial for a medical practice to operate and minimize the possibility of such a security breach. Our health IT experts will work with you to ensure that your practice is protected against such devastating incidents.
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Hostile work environment and employee dissatisfaction which lead to increased staff turnover
A medical practice’s success relies on the people that it employs—if your employees are happy and love what they do, your patients will be happy as well. Similarly, if your employees are frustrated and unhappy, your patients will sense the negativity immediately. It is therefore important to develop an employee retention plan which will help you attract and keep the right employees for your practice, and will reduce your employee turnover rate. When an employee leaves the practice, it costs about 20% of that employee’s salary to replace him or her. This means that if you lose an employee making $50,000/year, you will be spending approximately $10,000 just to replace that employee. For highly paid positions at senior and executive levels, the costs of replacing that employee can reach as high as 213% of that employee’s salary. These numbers encompass productivity losses when an employee leaves the job, advertising costs to recruit the replacement employee, time spent and resources used for onboarding and training the new employee, and lost productivity while the new employee catches on to how things should be done.Let our team work with you to create an employee benefits, recruitment, and retention plan.
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Lack of employee training which leads to frequent mistakes and patient frustration
Your practice is only as strong as its weakest link—employees who lack training and make your practice look unprofessional can negate all of the effort and hard work from the rest of your team. Lack of training causes low productivity, an unsafe work environment, and increased expenses. Frequent mistakes not only cause patient frustration, but also coworker frustration: the coworkers have to clean up the messes that untrained employees create. Untrained employees can lead to serious financial and legal consequences. For example, a survey showed that 44% of the participants admitted to having shared sensitive company information because they “wanted to bounce ideas off of people”; 30% did so because they “needed to vent”, and 29% stated that they “did not see anything wrong with it.” These statistics show just how risky it is to have an untrained employee who can easily commit HIPAA violations for which you will be held responsible.
Additionally, more so than in any other field, employee mistakes in healthcare can be deadly. Medical errors have been found to be the third leading cause of death in the US, with over 250,000 deaths per year caused by such errors. Each of your employees directly represents your practice. The costs of not training your employees are too high for this to not be a priority for you. Find out how our team can assist you with the creation and implementation of an effective employee training program.
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In the news
Inefficient processes take up too much time and generate unnecessary waste of labor
Companies lose 20-30% of their revenue each year due to inefficient processes. For example, for a medical practice bringing in $500,000/year, that could be anywhere from $100,000 – $150,000 a year in lost revenue. And this number is much higher for larger practices. Processes can be inefficient in many ways. Processes that lack clear guidelines and can be perceived differently by different coworkers create confusion and lead coworkers to blame each other when a task is not performed appropriately. Some inefficient processes remain in use because “that’s how it’s always been done”. Others may require redundant steps which could be eliminated, or may be based on inaccurate reports and data. Other processes may be greatly optimized by the introduction of new technology. Our team will work with you to identify processes that can be optimized, reduce inefficiencies, and create a roadmap for future improvement.
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Are you or someone you know dreaming of starting up your own healthcare practice? We have made many connections in the healthcare industry and can help you achieve that dream. We can help with finding you the right facility, finding potential investors, setting up all the policies and procedures and completing all necessary licensing and accreditation paperwork, hiring and training the right employees, setting up your billing process, developing and implementing marketing strategies, and everything in between in order for you to be ready to start seeing patients. Get in touch with us for more information!
360 Practice Management
Let our dedicated and experienced interdisciplinary practice management team manage all aspects of your practice in order to free you up for a Practice Manager’s most important task: the management of employees and the assurance of patient satisfaction.
|Management Consulting and Training||Included||Included||Included||Included|
|Monthly Management Reports||Included||Included||Included||Included|
|Business Growth Strategies||Included||Included||Included||Included|
|Billing, Coding, Accounts Receivable||Included||Included||Included|
|Credentialing and Payer Contracting||Included||Included||Included|
|Purchasing and Inventory Tracking||Included||Included|
|IT and Network Security||Included||Included|
|New Website Creation and Maintenance||Included|
|Social Media Services||Included|
|10% off any other service||Included||Included|
- Monthly cost depends on number of providers and ancillary staff.
- 3mo, 6mo, and 12mo contracts.