The COVID-19 pandemic has seriously impacted many independent practices’ revenue. What is “revenue integrity” and how might it help physicians secure their financial future during uncertain times?
Tag Archives: Finance & Revenue
For the third consecutive year, Privia Medical Group received the 2018 MAP Award for High Performance in Revenue Cycle, sponsored by the Healthcare Financial Management Association (HFMA). The award celebrates industry leaders that utilize revenue-cycle strategies that measure objectively, apply evidence-based solutions, and perform to the highest standards of both financial results and patient satisfaction. …
As a busy healthcare provider, you have a lot on your mind. You work long hours. You strive to make the right decisions for your patients. You monitor government regulations and commercial payer shifts. You manage office staff. You try to maintain a reasonable work-life balance. And somewhere in all this, you also need to …
How can your practice maintain a steady stream of cash month-over-month? In this month’s Peak Practice Performance blog series, we will discuss several key strategies that will assist you in collecting every dollar and saving a penny or two, by investigating how the five areas of performance impact your practice metrics. Last month, we discussed …
By now, you’ve heard about the transition from volume to value in healthcare, but what does it really mean? In this blog, I’ll attempt to explain it in layman’s terms. Value-based Care and the Connection with Population Health Simply put, “value” is defined as better quality for lower cost; an easy concept to grasp, but …
Growing up the son of grocers taught me a lot about running a small business. In my family’s Washington, D.C. mom-and-pop convenience store, generating revenue was usually a straightforward endeavor. I started stocking shelves at the age of five. By my late teens, I was managing the store. I quickly learned that if the distributor …
Has your cash flow weakened over the last few quarters? As we approach the holidays and the end of the year, many practices notice a decline in revenues. Even if your cash flows are good, you may be wondering how your practice can maintain a steady stream of cash month over month. In this Peak Practice Performance …
Fee-for-service initiated a healthcare system that led to skyrocketing prices, which eventually undercut the ultimate goal of medicine: providing patients with high quality care at the best cost, for the optimal patient outcome. Physicians and payers often feel at odds in their sometimes competing methods of arriving at the same goal of patient well-being. These …
According to a recently issued American Medical Association study, the number of independent doctors has declined in the period between 2012 to 2016, leaving fewer than 47.1% of physicians with ownership stakes in a medical practice. Yet, in a recently issued survey conducted by Medscape, market analysts say they expect private practices will remain a …
Administrative burdens — tasks mandated by commercial and government insurers — overwhelm the healthcare system on a daily basis and are just one aspect of what ails our troubled healthcare system. One such task, experienced by nearly every stakeholder in the delivery of healthcare (including the patient), is managing prior authorization requests required by most …
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