Solo Practice Saved From Hospital Employment

Situation

Entrepreneurial solo practice primary care physician struggled with the increased complexity in practice and revenue operations and a fragmented technology solution. Physician faced the common dilemma of investing in the practice, ensuring profitability or selling and taking employment with a hospital system.


Goal

Solidify and streamline practice operations, bring leadership to the revenue operations process to collect money and embrace best practices and business decisions for financial viability and health of practice. Create environment where solo practice physician doesn’t need to be employed by hospital as a solution to enable him to continue to treat his patients.


Outcome

Within three months increased revenue by 25% and within five months generated revenue to satisfy 75% of the debt obligations of the practice. Reviewed and implemented SaaS solution for EMR/PMS and within the first year achieved meaningful use Stage 1 with receipt of payment and funding. Reduced expenses through elimination of net loss service lines, adjusted staffing to best practice modeling. Physician remains in private practice.


Solutions Employed

  1. Aggressively collect and quickly tighten workflow processes to increase collections. Establish new protocol for revenue cycle management.
  2. Replace fragmented technology solution with an integrated practice management and electronic medical record system having lower overhead and less information technology costs in maintenance.
  3. Complete analysis of staffing and service offering to ensure all product lines are revenue generating eliminating areas of net loss.
  4. Use technology in a meaningful way to enhance data capture, remove duplicate processes, eliminate paper workflow and maximize use of single technology solution.