AAOE 2013: Enhancing the Profitability of Your Orthopaedic Practice.

Profits HISThe American Association of Orthopaedic Executives (AAOE) recently held its annual meeting in San Diego.  One featured speaker was David Wold, CEO of Health Information Services, Inc. (HIS).  The topic of Wold’s presentation, given on April 29, 2013, was: Enhancing the Profitability of Your Orthopedic Practice.

Wold began his presentation with an overview of what HIS has to offer orthopedic practices. Utilization of these services allows you to focus on your orthopedic patients while HIS focuses on the business aspect of your practice.  Here is a summary of Wold's AAOE presentation.

Consulting

We consult with orthopedic offices on all relevant topics.  We can advise you on:

  • Contract management 
  • Medical office practice management
  • Risk assessment and management
  • Billing and coding practices
  • Technology education and implementation
  • EMR implementation

Essentially, if you have an area of your practice you need help with, we can assist.

Education

We have a variety of healthcare educational programs available and can customize programs to meet your office needs.

  • Our certified coders work individually with each client to be sure proper documentation is submitted to payors to insure prompt reimbursement.
  • We offer classes in business writing, how to use emails in the office efficiently, and office and time management strategies.
  • ICD-10 coding implementation specific to orthopedic medical and surgical practices.

Technological services

We provide a variety of technological services, including, but not limited to:

  • EHR/EMR
  • SRSsoft sales and implementation (Bundle with RCM services for a no-upfront cost solution)
  • EHR workflow analysis and training for more efficient use
  • Networking with a Cisco Certified Internetwork Expert
  • We offer a comprehensive transcription service and technology that is cost-effective and provides an almost immediate with dramatic savings and increased productivity

Revenue cycle management

Using HIS for revenue cycle management provides your practice with an industry expert and a partner who will work to help you grow profitability while working diligently to maximize your reimbursements. At the AAOE conference, Wold noted that HIS  focuses on the following areas as a part of HIS' effective revenue cycle management model.

  • Practice Management Systems
  • Allocation of resources
  • Proper documentation coding
  • Charge capture
  • Claim rejection management
  • A/R follow-up
  • Contract compliance
  • Self-pay collections versus agencies

Statistics for services HIS provides annually

HIS clients have an overall increase in reimbursements of at least 11.2 percent and for many, the increase is even greater. Here is a statistical analysis of the services we provide annually.

  • Manage 4.5 trillion bytes of data
  • Bill $750,000,000
  • Collect $240,000,000
  • Transmit 2,400,000 claims
  • Code and bill over 2,500,000
  • Process 740,000 EFT’s
  • Resolve over 60,000 support tickets
  • Support more than 450 providers
  • Have 225 staff members including more than 65 certified coders

“Think outside the box” for enhancing the profitability of your orthopedic practice

Wold concluded his AAOE presentation with “thinking outside the box” suggestions for increasing revenue.

Consider:

  • Bundled payments
  • Partner with payors
  • Enhance patient experience
  • Implement customer satisfaction plan

Consider adding services:

  • MRI
  • Surgery Center
  • Ultrasound
  • Immediate care
  • Back Pain clinic
  • Functional restoration
  • Nutrition/weight loss

HIS helps you improve your practice by increasing your patient satisfaction while reducing operating costs. We help you achieve the best of both worlds. We are experts in providing you with a committed partner to help your practice not only maximize reimbursements but position your practice for a more profitable future but assisting and/or managing the addition of many ancillary services to your practice. 

Image courtesy of Salvatore Vuonofreedigitalphotos.net