How Do You Optimize Your Healthcare Practice?
Optimizing a Healthcare practice through the revenue and expense cycles has unique benefits to many organizations.
Revenue Cycle Optimization
We perform a comprehensive analysis of the entire revenue cycle, including an assessment of data, software, and processes in conjunction with data analytics to improve and optimize your physician practice economics.
The benefits of this engagement include:
- increase cash flows and collections
- Reduce write-offs
- Increase accuracy and efficiencies of processes
- Reduce revenue losses
Expense Cycle Optimization
Optimizing the revenue cycle gains even more benefits by doing the same with the expense cycle. We perform a comprehensive analysis of the entire expense cycle including the qualification of vendors, accounts payable process, analysis of outflows and operating expenses, and capital purchases.
This allows you to:
- Improve vendor selection and management
- Increase accuracy of operating expenses and processes
- Improve budgeting and forecasting with actual results
Robotic Process Automation
For a truly revolutionary Healthcare practice, we recommend the implementation of Robotic Process Automation. Simpler than you think, robotic automation can streamline many tedious and laborious tasks your employees do every single day. We will identify and implement changes within your practice that automates these routine activities to increase efficiencies, reduce administrative costs, and increase data accuracy across the practice.
Some processes that can be automated are:
- Retrieval, analysis, and recovery of denials and underpayments
- Bank reconciliations
- Expense reports
- Front and back office administration
- Accounts Payable
- Month end close process