Financial optimization for physician practices: Assessment and improvement opportunities

Effective payer contract negotiations are crucial for securing appropriate reimbursement and optimizing revenue for healthcare services.

Effective revenue cycle management (RCM) is the backbone of financial stability for medical groups. By optimizing each step of the RCM process, from provider credentialing to claims management, medical groups can significantly improve their net collection rates and overall financial performance.

Personal Pay Revenue Cycle Management is a critical component for optimizing the financial performance of medical groups. By focusing on patient financial responsibility, medical groups can significantly enhance their revenue collection processes. This document provides actionable insights and best practices for managing personal pay collections effectively.

The first step in improving wRVUs per encounter is to assess your current performance. Begin by comparing your practice's wRVU per encounter to MGMA benchmarks for each specialty. If your practice is below the benchmark, it could be due to undercoding or inadequate documentation, or a lower service intensity compared to peers.

The primary focus here is on evaluating provider production by comparing encounter volumes and wRVU generation against industry benchmarks. By identifying encounter shortfalls and converting them into wRVU shortfalls, medical groups can calculate the potential revenue opportunities per provider.

This article delves into the strategic approaches medical groups can adopt to enhance financial performance through value-based care and population health management. By exploring key CMS programs and reimbursement opportunities, readers will gain insights into optimizing preventive care, chronic disease management, and care coordination.

Optimizing non-provider staffing levels is crucial for medical groups to achieve sustainable financial improvements. This article provides actionable steps to manage staffing levels effectively.

Discover effective strategies for managing and optimizing non-provider staffing expenses in medical groups.

This article explores strategies for optimizing provider compensation through the pay per wRVU model to enhance financial performance in medical groups.

Strategies to manage and reduce service costs for better financial performance

This article explores effective strategies to reduce supply and drug costs in medical groups. By following these strategies, medical groups can achieve sustainable financial improvements.

This brief explores strategies for managing and reducing administrative costs in medical groups. By actively managing these expenses, organizations can achieve sustainable financial improvements.