Synergy In Healthcare – Pairing Clinics and Vendors
As the overall focus in healthcare continues to stay firmly affixed on cost reduction with simultaneous improvement of quality, many independent clinics continue to be trapped in a quagmire. How do they achieve these apparently self-contradictory goals? Unlike the behemoth hospitals, what options are there for an already Spartan-like functioning independent clinic? Rather than deal with this seemingly intractable catch-22 situation, many small clinics just give up and let themselves be absorbed by the corporate hospitals/institutions.
ONLY 60% MAY REMAIN SOLO
Independent practice numbers have steadily declined over the years. A survey indicates that about 10% of the practices may have already sold out, while 30% may be considering the option seriously. Only 60% are still averse to the thought. So, how does one move away from the 30% group to the 60% one? How can one combat market pressures such as reduced reimbursements and escalating technology costs? Not to mention the federal pressures of providing very-high quality healthcare. The answer lies in “outsourcing”.
OUTSOURCING OR “RIGHT-SOURCING”
Although an independent clinic may already be operating with a very streamlined clinical focus, most tend to underestimate or ignore the implications of not streamlining one’s administrative costs. This predominantly involves the analysis, creation, submission of claims and managing denials and finally getting paid.
It is an empirical fact that in cadence with an appropriate revenue cycle specialist, one can make tons of improvement to the medical billing and medical coding processes, which would have not appeared as conspicuous before the partnership. This of course will take care of the dilemma of cost reduction (you outsource and reduce costs) while at the same time increasing bottom-lines (by increasing the efficiency of your revenue collection.) Also, if your medical billing vendor happens to have a pulse on the EHR scene, and offers you a scrumptious EHR deal, no one could be wiser.
SWIM UPSTREAM: PAIR WITH BILLING PARADISE
So, if you are the kind of clinic/provider who cherishes your autonomous nature and wants to maintain personal and long-term relationships with your patients, swim against the current by pairing with BillingParadise. With a decade of hands-on experience in servicing over 500 clients when it comes to the RCM Cycle, BillingParadise could be that ideal comrade who can help you steer clear from the path of integration and continue as a solo practice. Understand that despite all the talk about consolidation in the air, private insurers might prefer that clinics stay independent. That is because a consolidated behemoth is going to one day grow big enough to sell its own insurance and thus sink the private insurance market. Call BillingParadise at 888-571-9069 and allow us to help you continue on your cherished path, independently.
