Data and Tools for Independent Medical Practices in High Pressure Times
In the spring of 2011, Outsource Receivables, Inc. (ORI) conducted a survey of independent medical practices in Minnesota, Iowa and Wisconsin about the rising costs and complexity associated with doing business and collected their responses to these issues. We combined this with internal data and research on the macro-trends in the medical marketplace. We contacted just over 400 independent clinics with revenues between $500,000 and $5 million, and completed 142 surveys.
Independent practices face many of the same issues corporate healthcare providers do, including: rising costs, Medicare/Medicaid uncertainty, billing and collection complexity/bad debt, and selecting and implementing EMR (Electronic Medical Record) systems . The independent clinics, however, typically do not have the infrastructure to manage these issues effectively. The following data details each of these issues and gives insight on how to profit in these dynamic times.
Download the report on independent medical practices in Minnesota, Iowa and Wisconsin here.
While there are costs for outsourcing, there are also costs for doing what you are doing and just hoping things are ok. Outsourcing your medical billing may incur fees that you think are more than keeping it in-house; but you need to know what the benefits are first, and what you may be missing in your clinics revenue cycle management. So how do you decide whether outsourcing your billing is right for your independent clinic or medical practice? And more importantly, how do you identify a reputable company?
ORI recommends you start with getting a second opinion through the ORI Assessment. The value of a regular “check-up” is not just limited to your patients. It’s also a great idea for every medical practice to undergo testing and assessment to determine the health of your business and whether you are enjoying your cash flow to the fullest. Catching problems early can head off major headaches down the road, or even worse! And having the information you need to make educated decisions for day-to-day operations or strategic planning is invaluable whether you decide to outsource or not.
To learn more on how ORI can help you reduced your aged receivables, contact our experts today and schedule a meeting.
Outsource Receivables Inc. provides revenue cycle management expertise to surgical, family practice, specialty clinics, therapy offices, and mental health clinics throughout the Upper Midwest. Located in Minnesota, we have a special focus on clinics in Minneapolis, St. Paul, Madison, Milwaukee, Des Moines, Sioux Falls and Fargo.