A large single-specialty group struggled with the challenge of trying to decrease their accounts receivable. Several attempts to reduce these accounts by motivating staff and increasing FTE’s failed to recognize the underlying problem of software failures. An HMG staff member was able to reduce A/R by $1.5 million and increase collections in less than two months.
Streamline and Standardize
HMG helped a four-physician “mom and pop” practice implement a new management and billing system, and over the course of nine years, they have gone from barely surviving to being one of MGMA’s Better Performing Practices with 6 current providers.
A successful capital equipment purchase negotiation resulted in savings of $45,000 from the initial asking price. The new equipment has allowed the practice to provide a previously unavailable service in the area, while decreasing travel time and referral appointments for patients.
Compensation System Review
HMG helped four physicians who were unhappy with their group’s compensation system move from an equal-sharing model to a production-oriented system. The resulting system of compensation has resulted in higher productivity and a sense of fairness between shareholder physicians.
Billing for everything provided
A three-physician specialty practice doubted that their work was being billed appropriately. HMG implemented improved billing and collection processes, and within eight months, the practice saw a 25% improvement in overall collections without the physicians working any additional hours.
A cardiology group implemented Coumadin dosing and lab results tracking software at HMG’s recommendation. The staff now has each patient’s history readily available and can present dosing algorithms to physicians to approve, increasing both staff and provider efficiency. Patients experience less frustration because of delays in changes to their doses, and positive clinical outcomes have increased 10%.
A five-physician primary care group was concerned about their Medicare coding profiles. An HMG analysis showed that billing staff were “flat coding” all inpatient charges and that there was a potential annual revenue improvement in excess of $60,000 with improved documentation of services they were already performing.
New Physician Startup
HMG partnered with a hospital to recruit and build the practice of a solo specialty physician. The physician was able to focus on improving clinical practice and building a referral network without having to dedicate an excessive amount of time to management of the practice. The physician’s productivity now exceeds national averages, while overhead is well below comparable practices.
Managed Care Revenue Increase
Fearing that they would lose contracts or the associated patients, a five-physician group accepted whatever contracts insurance companies offered them. HMG analyzed their existing contracts and fee schedules, and then successfully renegotiated managed care contracts for a 10% gain in revenue.
These are just a few of the opportunities we have found for physicians. Each day we apply the lessons learned in one office and share them with others so that you dont have to wait to experience the problems and resulting solutions that others have already encountered.