Many practices know the frustration with health insurers – specifically appealing claim denials and the reimbursement process. This has led many hospitals and practices to incorporate more “cash based” treatment options for their patients. Tapping into the cash market is now proven to be a successful option.
Cost Efficiency: Minimizing Wastage
Within a healthcare system it’s not uncommon to see more than a 30% wastage. Wastage refers to departments within the healthcare system that are not being fully utilized. If you’re not seeing volume to company, many departments and employees within those departments may be underutilized as there is low patient flow. Minimizing wastage has been seen as an indirect key component to increasing profits.
Want to know how to become a medicare certified provider? The CMS accreditation process requires a survey (inspection) performed by Sate Survey Agencies conducted to ascertain whether or not a provider or supplier meets all applicable requirements for participation in the Medicare and/or Medicaid programs.
Key Performance Indicators
Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance. If KPI’s are met, this is an indicator of good standing health within an organization.
We’re going to go over the 5 KPI’s that act as healthcare standards for any practice or company to follow.
What is revenue cycle management, and why is it so important? Revenue cycle management is arguably the most important aspect to the success of your healthcare business. Revenue cycle management is the process used to track revenue from patients from the initial appointment or encounter to the final payment of balance.
Are you thinking about opening your own hospital, but don’t know what the best way to go about it is? There’s a lot to think about, it’s a huge undertaking, and many important decisions must be made. As a healthcare management company with many years of experience opening hospitals, we’re here to help guide you in the right direction.
There’s this mindset of denial and fear amongst many right now, business owners are hanging on to this hope and constantly telling themselves “when this is all over……..” “we’ll do this, we’ll do that”, planning their phasing accordingly for when COVID-19 is indeed “over”. But what if it’s never over? Then what? Are you as a business owner going to wait around for months and years to come, or are you going to be pulling your business through COVID-19?
Are you starting a new medical practice or facility? Maybe you already have an established practice? Whatever stage you’re in, one of the most important goals all business owners share is complete operational efficiency. We only hope that in years to come, a natural and peaceful flow throughout the workplace will come about. While operational efficiency is actually obtainable at any stage of a business, it’s actually most important to be operational efficient from the very start of the business, and is key to success.
Starting your own healthcare practice or facility can be a daunting undertaking. While doing so can bring many benefits and reap huge rewards, perfect execution of the planning and start up is key to the short term and long term success of the new company. As a physician you might not know all the ins and outs of the business side of owning a practice, a healthcare management company can carefully guide you through the entire process to get you set up for success from the very beginning.
ASC (ambulatory surgical centers) are popping up all over America, and for good reason. What sets apart an ASC from a hospital and a private practice? An ASC falls somewhere between the two, combining the best of both worlds for both patient and doctor. While private practices are very limited to what they can do as far as in office procedures, and hospitals are costlier and might have more unnecessary regulations for what you’re trying to achieve within your specialty.