Many hospitals are establishing networks of ambulatory providers under a 501(a) organizational structure. Other organizational structures may be used, but in establishing hospital-owned practices, no matter what the specific legal form of organization may be, it is critically important to effectively manage the growth and development of the provider network being created. And it is very difficult to identify and contract with new providers, appropriately engaging and transitioning them into the hospital’s network, and also properly addressing the myriad of practical issues associated with that transition.
New providers are typically accustomed to a legacy software platform (including a legacy EHR software in many cases), are subject to run out of their old AR balances on that legacy system, have legacy staff that may or may not transition to hospital employment, may not be optimally suited to a position in the new organizational structure, or that may struggle with workflow changes that are necessary to optimize clinical results and revenue cycle management.
In managing the issues associated with new provider onboarding, it is unfortunately the revenue cycle management that often is neglected. And that often results in regrettable and unnecessary diminishment of reimbursement revenues and profitability, usually only identified in arrears.
Precision is highly experienced from the revenue cycle perspective, effectively managing core revenue cycle processes and workflow associated with 501(a) development. But Precision is also experienced in “filling the gap” upstream from core revenue cycle support, supporting as necessary the hospital staff charged with ambulatory provider development, including the hospital’s IT staff and software vendors.
Precision is able to effectively ensure that revenue cycle results are optimized throughout the process of developing a hospital-owned practice network, no matter when that revenue cycle is challenged by legacy software issues, new software platform transitional issues, staffing-related transitional issues, hospital system interface issues, financial reporting and database management, or otherwise. Precision will custom tailor its revenue cycle support to fit the hospital’s needs, ensuring financial success to the endeavor.
“We are so pleased to have Precision managing our medical billing for us. They cleaned up all the mess caused by our previous billing company, working through revenue cycle problem after problem, digging in and finding solutions for us. They have greatly improved all of our internal processes and their monthly reporting is very complete and thorough. The practice gains greatly from the monthly meetings we have with them. Precision consistently works well with our office staff to get things done. I have to say things have never run so smoothly.”
