Managing Practice Expenses in HealthcareMarch 7, 2017
Outsource Receivables provides revenue cycle management expertise to a variety of surgical, family practice, specialty clinics, therapy offices, and mental health clinics throughout the Upper Midwest. Through our years of experience, ORI knows that managing practice expenses is a key task for administrators. Reducing costs and raising compensation for physicians and employees are drivers for a successful practice. Most clinics will spend half of their revenue on support staff so it is a common place to look for savings. However, you need to optimize processes and technology before deciding to reduce staff or it may cost you more than expected in your revenue cycle management processes.
According to MGMA, primary care focused physician-owned multi-specialty groups have the following average costs:
- 31% salary and benefits
- 29% operations
- 7% compensation and benefits for non-physician providers
- 30-35% for physicians/owners
With so many industry changes on the horizon its time to get a clear picture of the health of your practice. Outsource Receivables’ can provide the second opinion you need. You will receive a customized performance improvement assessment for your clinic and an initial evaluation of existing revenue cycle management operations, current performance benchmarking, and identification of opportunities for financial and overall practice readiness. Our knowledgeable professionals conduct the evaluation with minimal impact to your organization through a three step process that includes: survey assessment, data gathering and analysis, an on-site presentation of the findings.
After completing the assessment ORI provides you with recommendation and a cost comparison for outsourcing your business office and revenue cycle management needs. Outsource Receivables provides revenue cycle management expertise to a variety of surgical, family practice, specialty clinics, therapy offices, and mental health clinics throughout the Upper Midwest. The assessment can give you the tools to make an informed decision on outsourcing.