If you have operated a healthcare practice for any length of time, you must have reached a point where you needed a hand to get everything done. As the expert medical provider, your time is too valuable to spread thinly across business operations. With Complete Healthcare Business Consulting (CHCBC), we will help you build a team and system to handle those everyday items such as record keeping, HIPAA compliance, and medical billing.
What is a Healthcare Business Consultant?
The healthcare industry is dynamic, and Complete Healthcare Business Consulting’s team has unique skills and solutions to meet the changing demands of running a healthcare practice. The combination of new medical discoveries, unique treatment strategies, innovative technologies, changing regulations, and medical breakthroughs creates a dynamic landscape that healthcare practices often struggle to keep up with. When practices fail to keep up, the quality of patient care also declines, which will inevitably impact patient outcomes.
Fortunately, healthcare consultants have a broad understanding and experience that can be utilized to fill in the gaps caused by the healthcare industry’s constant changes and help a clinic maintain its course.
What Does a Healthcare Consultant Do?
Healthcare consultants help medical institutions improve their operational and financial efficiency. We use our analytical skills to identify deficiencies in clinic systems or procedures and make recommendations on how to correct these deficiencies. CHCBC can help improve administrative efficiency, regulatory compliance, workflow, and financial processes.
We strive to improve the efficiency and effectiveness of your practice and provide quality care to your patients. Ultimately, this increases the practice’s ability to improve patient outcomes and your bottom line.
5 Reasons to Hire a Healthcare Business Consultant
1. Improve Office Efficiency
Office inefficiency is a medical practice killer. If left unaddressed, these issues will slow down office processes and reduce your revenue. Healthcare business consultants identify those inefficiencies in your clinic. Some of these common issues include:
- Unclear office practices
- Poor patient structures
- Poor scheduling
After identifying the shortcomings, we will create an action plan to correct them.
2. Perform HR Roles
Practice assessments help uncover deficiencies that can undermine performance, patient relationships, and overall profits. They’re our way of looking at your practice’s current standing to identify ways of improving productivity, reducing patient wait times, and streamlining practices for better efficiency. A major part of the practice assessment process is assessing your team and your goals.
As your practice grows, more employees will join your team. Our team will establish internal procedures to prevent and solve staff shortages, talent acquisition, and even interpersonal disputes. A well-managed workforce will increase productivity and team member satisfaction.
Learn and create best practices around:
- Staff meetings
- Office interactions
- Clear workforce expectations
- Employee retention rate
3. Revenue Cycle Management
Revenue cycle management is the beating heart of any healthcare organization. Every organization needs transparent cash flow collection practices. To meet your medical practice activities, you must collect money from your clients. As a physician, you need funds to pay rent, get necessary medical equipment, and pay your staff. When it’s done right, patients get quicker access to vital services, clinicians can do their jobs more effectively, and the organization increases profitability.
Our Revenue Cycle Assessment will provide you with an in-depth revenue cycle report that will act as the roadmap to:
- Reduce patient bad debt
- Accelerate cash collections
- Decrease patient billing and collections costs
- Set clear financial expectations with patient-friendly estimates
- Customize payment policies based on a patient’s propensity to pay medical bills
- Improve patient satisfaction by minimizing billing hassles
- Enhances flexible payment options, including debit, credit, and recurring payment plans
4. Payor Contract Negotiations
Contracts are essential documents that should be written, examined, and implemented accurately in order to avoid any adverse results for healthcare organizations. Our team at Complete Healthcare Business Consulting provides a thorough review of the contractual language to guard your interests, as well as to fight for competitive reimbursement for your services.
When dealing with payor contracts, employment contracts, leases, and vendor contracts, we look for ways to decrease liability, and recognize any hidden requirements that have been overlooked. Our experienced team can assist with current renegotiations by keeping an eye on reimbursement and financial modifications to help you get the best deal.
- Managed Care Payor Contracts
- Employment Contracts
- Provider Service Agreements (PSA)
- Equipment Lease Agreements
- Facility Lease Agreements
All in all, to run healthcare practices, you need an expert healthcare business consultant at your side. As a Certified Healthcare Business Consultant, Jackie Coult has provided quality consulting services to medical, dental, and other healthcare facilities for over 30 years. At CHCBC, our strategy is to focus on the individual needs of each practice to create business solutions that improve profitability, efficiency, and quality of care. Call (801) 274-2677 and transform your practice today.