Let Eide Bailly’s Healthcare Consulting Professionals Check Up On Your Practice’s Administrative Health
Medical practices need annual health checkups, just like patients do, and all medical providers should regularly get a checkup on their administrative health, including revenue cycle processes and operational efficiencies.
Eide Bailly, a top 25 CPA and consulting firm, is well-equipped to conduct revenue cycle assessments and feasibility studies for medical practices to ensure fair compensation for physicians.
Milan Rogers and Bryon Williams, healthcare consulting managers at Eide Bailly, know the impact these types of assessments can have on medical practices. Williams, formerly a practice administrator for a neurological group, has 18 years of experience; Rogers was a healthcare administrator for ten years and an occupational therapist before that.
“Whether a physician is just starting their career or already established, anyone in a medical practice can benefit from our services,” explained Rogers. “We can see when problems start to show up in a practice before they get too serious. It’s safe to say we’ll find something that can be improved in every practice we work with; there is no perfect practice out there.”
Williams said that one of the most popular services Eide Bailly offers is reviewing contracts with insurance payors to help renegotiate those contracts.
“Physicians aren’t always aware they can negotiate with payors,” said Williams. “We’ve seen payor contracts that have remained unchanged in decades, and so those physicians still receive the same rates for a procedure as they did 20 years ago.”
Every year there are new payments, new CPT diagnosis codes, and more denials, which means more chances for physicians not to get paid for what they do. A partnership with Eide Bailly allows physicians to take a closer look into their denials and evaluate charts to capture what they are doing more accurately.
“Many physicians have no idea how much money they are making or losing because they are not in tune with all of their processes,” explained Rogers. “Most medical groups don’t track that on their own. There are challenges and opportunities to take advantage of with payor contracting, and many physicians are asking for our help.”
“The U.S. Consumer Price Index for medical care has had a 5-6% increase in the past year,” said Williams. “Between rising costs and retaining staff, this checkup is a highly applicable thing to look at and is probably our most popular request right now.”
Eide Bailly provides services typically beyond the scope of what medical practices are staffed for, such as access to comprehensive and targeted market data and benchmarking. These services allow the firm to filter practices and procedures by state or region and to see what competitors are doing. This gives providers the comfort of knowing they are maximizing their revenue.
“We have market data for those services so that we can have intelligent conversations with payors,” explained Williams. “We use our analytics to help negotiate contracts and set gross charges. We look at every detail to maximize revenues and ensure prices are set right so that they are getting all they are owed in their revenue cycle.”
The process can also help lessen physicians’ burnout and decision fatigue from owning a practice.
“We want to help physicians focus on their practice, which is what they need to do,” said Rogers. “They come to us because they need that extra help. It’s important that physicians track and achieve their goals, and Eide Bailly can help with that.”
To find an Eide Bailly professional near you, visit www.eidebailly.com/healthcare