Emprise Healthcare provides solutions to unify the systems, data, and processes of medical groups in order to uncover the metrics that matter, improve performance and ensure efficiency and compliance.
Are the practices in your group leaving money on the table? According to MGMA, 40% of medical practices were not hitting their revenue goals in 2022 with the blame being placed on having the right team in place and slow reimbursements by payers. In fact, they go on to claim that greater than 50% of medical practice groups saw their accounts receivable (A/R) time increase in 2022. This lines up with other research that shows 77% of healthcare providers say it takes more than a month to collect payment and 74% say it takes more than one statement to collect.
This adds up to big money for the industry as a whole. Equifax claims that inadequate billing processes and practices were to blame for $125B being left on the table by doctors in the US each year. It is almost mind boggling that inefficiencies in healthcare account for a larger dollar amount than the value of some entire industries. This is clearly on healthcare providers minds as 29% of providers say that their biggest financial worry was getting reimbursed by payers.
It has been said often “If you can’t measure it, you can't manage it.” This rings very true when looking at how to manage issues with revenue management. But measurement and performance visibility has become increasingly difficult for medical practice groups as consolidation continues. Systems and data that don’t connect cause blind spots into metrics and key performance indicators (KPIs) that are crucial to improve overall business outcomes.
It has been said often “If you can’t measure it, you can't manage it.” This rings very true when looking at how to manage issues with revenue management.
By looking across all your practices and analyzing key metrics you can gain a better understanding of revenue risks and opportunities. Some examples of how this can help include:
Properly done, KPI dashboards can provide visibility to identify downward trends that will affect revenue, such as:
So while many practices have a long way to go to fully optimize their revenue and develop all possible efficiencies, this just means there is enormous upside ($125B of upside in fact). Don’t leave that money on the table. Partner with solution providers like Emprise Healthcare to gain the visibility necessary to measure, manage and optimize your revenue. Reach out today for a consultation and take the first step to becoming proactive rather than reactive.
Scott Silva is Founding Partner and CEO at Emprise Healthcare.