Doing More with Less. Rick Weymier does not have any financial conflicts to report at this time.

Transcription

1 Doing More with Less Rick Weymier, MBA, FACMPE, Chief Administrative Officer WB Carrell Memorial Clinic, Dallas, Texas Rick Weymier does not have any financial conflicts to report at this time. 1

2 Learning Objectives Examine ways to maximize revenue producing spaces Analyze if outsourcing can convert to more revenue and less cost Implement ideas to focus more on direct patient care 2017 MGMA. All rights reserved Outsourcing Represents a Viable Approach to Expense Management & Revenue Enhancement Why? Offers opportunity for: Accountability Flexibility Competitive costs Performance Based Expertise Allows the practice to focus the majority of its internal resources on patient care and enhancing the patient experience 2017 MGMA. All rights reserved

3 Identify Opportunities Optimize return on fixed costs Space/Rent Practice Management System Administration Equipment Minimize expense related to variable costs Staffing Medical Supplies/DME 2017 MGMA. All rights reserved Selecting an Outsource Partner Identify areas where you have trouble keeping staff, training staff and managing staff Are you in a space crunch? Can more space offer the opportunity to add more providers and/or services? Talk to your colleagues Review vendor lists (MGMA) Reference checks Trial runs Identify the critical factors, prioritize/weight (%); assign point values 2017 MGMA. All rights reserved

4 Revenue Cycle Management Why? Convert space into revenue-producing space & eliminate the need to hire, train and maintain expertise of your staff. Can hold billing company to performance metrics & put their fee at risk. Coding Charge Entry (in-office, tests, surgeries) Payment Posting Analytics Robotics AR Management Patient Accounts/Statements Training & Compliance Chart Audits 2017 MGMA. All rights reserved Patient Engagement Process Why? Streamline the process & decrease cycle time with fewer staff. Paperwork prior to visit Payment plans Credit card storage & processing Patient self-service (tablets & kiosks) Tracking of metrics (patient wait time, patient cycle time) Patient satisfaction surveys Patient reminders (appointments, patient balances) Note patient preference (text, mobile call, home call, ) Patient Portal 2017 MGMA. All rights reserved

5 Release of Information Why? Streamline the process, enhance patient access & quicker turnaround time Integrate with Practice Management System/EMR Automate patient request process Regulatory compliance Pricing automation Source of revenue 24/7 availability 2017 MGMA. All rights reserved Human Resources Why? High level of complexity & risk Compliance training Background checks Recruitment (consider temp to perm) Onboarding Access to expertise Legal Benefits Payroll 2017 MGMA. All rights reserved

6 Insurance Company Interaction Why? Automated access to payer databases Real time eligibility Patient estimator Procedure verification/authorization Claims processing 2017 MGMA. All rights reserved Information Systems Why: Highly complex & difficult to staff Equipment monitoring Staffing 24/7 availability Expertise Disaster recovery Data security 2017 MGMA. All rights reserved

7 Credentialing Why? Expertise & Efficiency Understand insurance company requirements Automated tracking systems Medicare Knowledge 2017 MGMA. All rights reserved Payor Contracting Why? Market Expertise Credential providers Resolve insurance company issues Special arrangements with carriers Benchmarking Potential to negotiate if clinically and/or financially integrated 2017 MGMA. All rights reserved

8 Physical Therapy Why? They are experts at what they do Specialized EMR Recruitment & Retention Training Billing & collections Benchmarking Compliance 2017 MGMA. All rights reserved Other Opportunities Accounting Marketing Web Site Management/Development Reputation Management Specialized Programs (BPCI) Medical Supplies & Inventory Management (consignment on high-cost items) Lab, x-ray, CT, MRI 2017 MGMA. All rights reserved

9 Lessons Learned Test the process in advance of signing an agreement Reference checks Ask to see the product in action with the reference Similar practices that utilize their services Get a out clause, try not to make your first contract more than one year The initial transition phase can be tough Put their fee at risk Lots of follow up, some are better at serving your practice than others Something will always go wrong 2017 MGMA. All rights reserved Final Thoughts Time is our most important commodity. Think of your job as that of the air traffic controller. You know what needs to get done, let others with the time and the expertise do their jobs while you hold them accountable to performance standards. Space is likely your greatest fixed cost. Look at space the same way that retailers look at space, maximize revenue per square foot. Even if your current internal costs are less than that of the outsource partner, better use of the space could outweigh the small incremental cost. Outsourced partners know they need to get close to internal costs to get the business MGMA. All rights reserved

10 2018 MGMA. All rights reserved. Continuing Education ACMPE credit for medical practice executives... 1 *AAPC Core A credit. 1 ACHE credit for medical practice executives... 1 CME AMA PRA Category 1 Credits.. 1 CNE credit for continuing nurse education... 1 *CPE credit for certified public accountants (CPAs) CEU credit for generic continuing education... 1 *AAPC CODE: H F B *CPE CODE: T D Let the speakers know what you thought! Evaluations will be ed to you daily Thank You. Rick Weymier rweymier@carrellclinic.com WB Carrell Memorial Clinic 9301 N Central Expwy Tower 1, Ste 400 Dallas, TX