Independent Practices crisis

The next-normal phase in the healthcare industry is fraught with challenges. It is a time of uncertainty and sweeping changes. The current staffing shortage has added another layer of complexity. And the hardest hit are independent medical practices. Amidst pressure to join large health networks and declining reimbursement, independent medical practices are facing a multitude of problems. Chief among them being, how to keep the lights on despite being short staffed?

The Anatomy of a Highly Efficient Care Team

A care team that is sufficiently equipped with the right technology and workflows will:

• Minimize staff burnout
• Offer above-standard care
• Coordinate and engage with patients and other care providers consistently

There are myriad roadblocks on the path to offering superior care and staying profitable. Modern care teams don’t work in isolated bubbles. It takes a village to offer great care and investing in tools and processes that assist patients across the care continuum is table stakes. Employing automated workflows boosts efficiency and drastically reduces the administrative workload that independent practices grapple with.

Is More Always Better?

More patients = A more successful independent medical practice. If only the arithmetic of the healthcare industry was that simple. Medical practices struggle to grow because of their inability to handle a higher patient volume. Most are still experimenting with tele-health and remote patient monitoring solutions. Clinicians cobble together point solutions or one-size-fits-all software that does not meet the specific requirements of the healthcare industry.

Instead of investing in multiple standalone solutions that inconvenience patients and add to the learning curve of physicians, a simple, comprehensive software that engages patients, handles scheduling tasks and is easy-to-learn can be the magic sauces to win more and win back patients.

When in Doubt Turn to Specialists…

There is a steep learning curve to be navigated while billing for specialties. Single-speciality practices, in particular, battle against ever-changing payer rules and federal mandates. Usually, medical billers entirely depend on physician documentation to assign codes and bill for services. But physicians may not be abreast on coding and billing regulations. This leads to the perfect storm.

Every specialty comes baked in with its own set of challenges and complexities. In times of crisis such as the Great Resignation, it is vital to turn to a trusted revenue cycle management partner to come out at the other end unscathed.

The benefits of working with a specialty focused RCM firm:

• Improved claim velocity and reduction in denials
• Cost savings
• In-house staff can focus on more high-priority tasks
• More time for patient care
• Stability in times of staffing shortages, uptick in patient volume and new billing regulations.