In the last post, we discussed some of the reasons health system or hospital-owned medical practice groups might hire a healthcare consultant. We’ll continue in that vein here and discuss five more reasons you might engage the services of a healthcare consulting firm.
You Need a Sustainable Provider Compensation Plan
The best healthcare consulting companies can help you craft a plan that improves medical practice performance by 20% or more within weeks. It might seem impossible to create a sustainable, financially viable compensation model that pays physicians fairly and motivates them to increase their productivity. But the top healthcare consulting firms will have no problem helping you outline and implement such a plan.
You Need to Improve Your Bottom Line
One of the problems we see most often in hospital-owned medical practices is a breakdown in the revenue cycle process. Billing errors lead to patient frustration and dissatisfaction, decreased cash flow, and increased rework for those in the billing office and in the medical office. The top healthcare consulting companies can help you improve your bottom line and increase patient satisfaction by optimizing your revenue cycle processes and workflows.
You Want to Achieve PCMH or PCSP Recognition
The government has specific standards for health system medical groups wanting to achieve recognition as a Patient-Centered Medical Home (PCMH) or Patient-Centered Specialty Practice (PCSP). The groups and practices that meet these requirements qualify for additional revenue from payers, and they also benefit from increased patient access, improved patient and provider satisfaction, lower costs, and other advantages. The best medical practice consulting companies can send in experts to identify gaps in performance and guide the process to help you meet PCMH or PCSP standards.
You Need a Better System for Tracking and Reporting Data
Many health system medical groups struggle to produce accurate, timely, and meaningful information about the group’s performance. This makes it difficult to compare practice performance ratios to medical practice benchmarks. But how can you make changes if you don’t know what you’re trying to fix? By hiring a top healthcare consulting firm, you can streamline your performance reporting process so you always have the most relevant information at your fingertips. Healthcare consulting experts also provide training on how to interpret your reports and develop site-specific strategies to improve practice performance.
You Need Specialized Training for Your Practice Managers
It’s a common scenario: A health system employee starts out as a patient services representative or clinical assistant and rises through the ranks to the role of practice manager. And while this employee certainly has great potential, he or she may not have the formal management training and tools to guide physicians and staff in improving practice performance. The best healthcare consulting companies have training and development programs that prepare practice managers to implement winning strategies and lead with confidence.
There’s no question that an excellent healthcare consulting company can help you turn around poor performance, align the goals of the health system and medical group, and put you on the pathway to market leadership. The question that remains is this: Are you ready for the change that will come on the pathway to performance improvement?