Financial Improvement: What can your practice achieve?

What motivates physicians to become active participants in improving their financial health?

To get to the heart of this quesiton, ask yourself what you’re looking to improve. Do you know what sort of financial impact you can have and how much improvement is required to change the current process for the better? And what about the incentives for finding a solution?

Based on the current chaotic reimbursement environment and the move to value-based care, it’s fair to say that the financial health of many medical practices is a work in progress. Things are fluid and require a dedicated focus – and there’s room for improvement.

So how does an environment where change is commonplace impact financial performance at most practices? When we talk to physicians, they typically say their practices are spending more time and resources on collections. Yet, at the end of the day, they’re still chasing the money they’re owed. Their efforts appear to have little success, negatively impacting the bottom line. Expenses continue to grow, and revenue keeps shrinking.

How would you describe the current state of your financial health?

In your practice, do you feel more like the doctor-owner or the doctor-employee?  In all of the years of learning about the “practice of medicine”, perhaps not as much time was devoted to the  “business of medicine”.  After decades of caring for patients, will there be a healthy business with assets to care for you?  These are all valid questions to ponder and we welcome a discovery conversation to explore them with you.

At AssuranceMD, our mission is to be your first choice to growing and protecting the financial health of the practice. We want physicians to secure the future they’ve worked so hard for. For the past 20 years, we’ve helped doctors boost patient satisfaction and the bottom line, along with their quality of life.

The cornerstone of our improvement strategy,  the Practice Profitability Portfolio (PPP), is designed to identify practice challenges and to  improve financial performance of your practices.  From this benchmark analysis, we identify the financial gaps that exist between actual and expected performance, then develop an effective plan to bridge the divide.

The PPP is a powerful tool for establishing mutual goals and developing strategies to maximize reimbursements and revenue collection.  It establishes both the baseline and the potential for financial improvement.  After all, you can’t know where you are going until you know where you’ve been.

Another crucial part of this improvement strategy:  AssuranceMD’s services pay for themselves.  Most medical practices collect just 30 cents on every dollar they are entitled to.  By bridging the divide between actual payments and reimbursable receipts, there  will be plenty of money to go around to pay everyone – including yourself. We stand by this performance guarantee.

What level of improvement are you looking for?  Let’s explore the potential together.