As an orthopedic practice, your focus should be on your patients. Unfortunately, running a medical practice means juggling a million responsibilities, taking away precious time and energy away from tending to your patients. Hiring a practice management consultant can solve many of the difficulties you may be handling. A practice management consultant has the business acumen and technical prowess to do operational assessments for you, leaving you with room to plan for the future. Here are three reasons why orthopedic practice management inspires growth.
1. Increased Staff Efficiencies
An efficient staff will increase revenue, no doubt about that. This is especially true for orthopedic practices, where your staff is in constant contact with the patients every day. A staffing assessment by a management consultant can detect any current inefficiencies in its staff and come up with a plan to rectify them. One of the main factors that can always be improved upon with staffing is proper coding education. This will reduce filing errors and longer wait time for reimbursements. With an efficient staff, you do not have to waste time to micromanage them, your patients will be happy with their service, and most of all your practice’s reputation will improve and grow.
2. Robust Revenue Stream
Revenue cycle management (RCM) is important for the profit of your business. Health insurance companies are requiring more thorough reports at every part of the revenue cycle. If you have any little slip or error, the claim can be denied, and you will not get reimbursed what you deserve. Outsourcing your RCM can take the heavy stress off your shoulders. No longer do you have the heavy weight of maintaining compliance with government regulations and insurance policies. Competent revenue management will closely watch detailed metrics on your practice and see where its financial health could be improved. Billing errors will be minimized, resulting in both lower costs and maximized reimbursements.
3. Strategizing Future Plans
The right practice consultants help set up long-term sustainability by improving workflow, marketing, and governance. A practice management consultant can provide the assistance needed for you to focus on strategizing. What are your current goals for your practice? What do you want your practice to achieve in the future? Expanding and implementing new processes has never been easier with a practice management and consulting service – they can help you identify where you can grow in your business, and help make sure you’re following all the right steps in making your practice a success.
Orthopedic Practice Management
An orthopedic practice’s main focus should be its patients, not any financial worries it may have. Hiring a practice management consultant will take care of those troubles. HIS is a leading company in healthcare revenue cycle management. Our experts analyze and implement improved performances in A/R management, denial trend and management, and coding and documentation. We do all of those and more on a personalized, one-on-one basis. HIS realizes that no two practices are alike, and therefore we accommodate everyone’s needs with the best consulting and solution plans tailored to them. Contact us today to learn more about our orthopedic practice management and consulting services.