History repeats itself. If you were disappointed with your practice’s profitability last year and have made no changes, you will be disappointed when the clock strikes midnight on January 1st. The year is half over, but there is plenty of time to make positive changes. Where should you start?
Partnering with a revenue cycle management company can be the positive change your practice needs. At AssuranceMD, we start by working with clients to assess their current business performance against industry standards established by MGMA and Medicare to create a Practice Profitability Portfolio. Through this process, we establish a baseline performance, identify gaps between actual payments and reimbursable receipts, and discover opportunities to improve the entire revenue cycle.
Utilizing the benchmark analysis, AssuranceMD develops a long-term plan to increase your practice’s reimbursement performance, improve your overall revenue cycle results and ultimately increase your bottom line.
Very often, we discover that inaccurate billing processes and inadequate collections are two reasons doctors collect only 30 cents on each dollar owed. When managed professionally, it is not unusual for doctors to realize up to 65 cents on the dollar.
At AssuranceMD, we continue to work with you to develop annual financial projections. The long-term goals are tracked and reported on a monthly basis. As a result, our clients have greater financial control due to improved cash flow, better billing and collections processes and consistent reporting.
A healthy cash flow is the lifeblood of your practice. Given current changes and complexity in reimbursement models, practices today are experiencing a significant delay in cash flow. Our Practice Profitability Portfolio creates an important roadmap so your practice can develop measurable financial goals resulting in increased financial performance.
Contact AssuranceMD so you can make the positive changes you need for a happy new year to come!