3 Things That Keep a Practice Management Consultant Up at Night About Revenue Cycle
By: Paul D. Vanchiere, MBA
1. Inaccurate data and reporting for practice management and revenue cycle management
It is difficult to report, benchmark and lead the business of a medical practice if no one can access the information. Many practices do not have the resources nor do some know how to gather various sources of critical practice management and revenue cycle information. This information can be scattered and fragmented throughout the practice’s various software and EMR systems. By not being able to produce accurate reports for the practice it makes it challenging to manage the practice efficiently and effectively calculate revenue and costs. It is like flying a plane with no map!
2. Negotiating multi-million dollar Insurance contracts without enough business and revenue cycle information
Insurance companies have far more resources and data then most independent practices. In fact these payers most of the time know more about a practice’s business and revenue cycle then the practices do. This can place an independent practice in a vulnerable position when they are essentially negotiating multi-million dollar contracts to be reimbursed for services, especially, if the practice’s data is not centralized to give the practice owners a clear picture of the business and revenue cycle of the practice
3. Ineffective policies, processes and procedures to collect deductibles from patients
Many practices fail to create a standard process to collect payment from a patient before he/she leaves the office. As a result a patient may owe $75. Instead of collecting all of the payment at once while he/she is in the office, the company policy may be to collect a portion of the payment such as $50. The end result often is that the staff spends more money chasing down the remaining $25.
With over 15 years of healthcare management and finance experience, Paul D. Vanchiere has been involved with pediatric, cardiology and pathology physician practices. Combined with his experience working for a physician-owned health network and his involvement with physician practice acquisitions for the largest not for profit hospital network in Texas, Paul has a unique perspective on healthcare. He specializes in completing a comprehensive set of financial analysis including practice cost, physician compensation and managed care contract negotiations. Paul founded Pediatric Management Institute to provide an array of services for Pediatric practices of all sizes focusing on financial and operational issues. Paul is involved in a variety of advocacy efforts related to ensuring access to healthcare and education for children with special needs. Paul is married to Laura Williamson Vanchiere and they have three daughters, Anna Beth, Camille and Eloise.