5 Ways Physicians Can Benefit from Healthcare Consulting
Most people assume healthcare consulting benefits the organization – not necessarily the physicians within that organization. However, that’s not true. Physicians can and do benefit from healthcare consulting.
Physicians experience actionable improvements from healthcare consulting. These improvements can benefit the organization’s bottom line, improve patient care, and make it easier for physicians to do their job.
Today, we’re explaining some of the ways physicians can benefit from healthcare consulting whether running a small practice or working for a larger organization.
Charge Capture Reviews Identify Missed Revenue Opportunities
Healthcare consultants conduct charge capture reviews. You may not know how much you’re losing in possible reimbursement until you order a charge capture review.
Without accurate charge capture processes in place, potential reimbursement slips through the cracks. It can increase claim denial rates and waste money at multiple levels of an organization.
Many organizations struggle to identify charge capture errors – especially if they’re unfamiliar with the complex nature of charge cycles. As any healthcare consultant will tell you, charge capture is among the most destructive problems in healthcare reimbursement.
As a doctor at a hospital, charge capture review has less of a direct impact on you. As a physician at a private practice, however, charge capture reviews can add significant revenue to your business – you’re already performing this work, and you need to get paid for it. The success of your private practice depends on it.
A good healthcare consultant will conduct:
• Charge capture reviews
• Physician/provider claims reviews
• Review of office and inpatient E/M visits coded and billed
By targeting these areas of the organization, healthcare consultants can identify missed revenue opportunities – enhancing profitability for doctors, their practices, and their organizations.
Create a Better Environment for Support Staff
Support staff keep an organization running smoothly. When support staff are in a stressful or unhealthy environment, it impacts every level of an organization. Whether running a private practice or working for a hospital, keeping support staff productive is crucial.
Healthcare consultants optimize the administration of an organization. They assign support staff to their best possible roles. They analyze each person’s strengths and weaknesses, placing individuals in the best positions.
Many are surprised to discover how smoothly things operate with a few simple changes to administrative structure and support staff. Healthcare consultants know what works at other organizations, and they can recommend actionable changes for your organization to achieve real results.
Healthcare Consulting Provides Powerful Returns on Investment Year After Year
Hiring a healthcare consultant can provide a significant return on investment. You pay money today to discover how your organization can make more money for years into the future. If you’re running a small medical practice, this advice is priceless and provides a substantial return on investment.
Good healthcare consulting is worth every penny. You’re hiring someone to improve the profitability of your business. Yes, you pay the consultant today. But if you hire the right consultant, you get actionable advice that can add significant amounts to your bottom line year after year.
Enjoy Less Stress and Better Work Flow
Many doctors are leaving their private practices to work at hospitals. They like caring for patients – but they don’t like the behind-the-scenes paperwork and added stress.
A healthcare consultant can fix these issues. A good consultant manages these areas of your business, allowing you to enjoy less stress and better work flow.
With a good healthcare consultant, you can focus on what you do best, leaving all other work to the professionals.
As a physician at a hospital, these issues matter to you too. Many physicians at hospitals get caught up in paperwork and billing issues. They do work that has little to do with practicing medicine. It’s more administrative work and less medical work. That’s inefficient for the organization and frustrating for doctors.
Improve the Patient Experience and Reduce Wait Times
Medical consultants improve the patient experience at any practice or hospital. They handle the behind-the-scenes aspects of running a business, allowing you to maximize time spent with patients.
At a medical practice, this face-to-face time is crucial. It helps patients avoid feeling like a number. It makes them feel like you care about their health – which you should. You’re paying someone to focus on the business aspects of your business while you emphasize patient care.
After hiring a medical consultant, many physicians realize they have significantly more time to spend with patients. They can spend business hours meeting with patients instead of doing paperwork. You can limit the length of time patients spend in the waiting room.
Hire an HMI Healthcare Consultant Today
When you hire a healthcare consultant, you’re paying someone to make your business run more efficiently. The consultant provides actionable advice – or implements real solutions – that improve your business.
Whether running a small practice or working for a larger organization, physicians can benefit from healthcare consulting in countless ways.
Hire a healthcare consultant with decades of experience today by contacting HMI, LLC and discover actionable ways to improve your organization.