In many ways, medical practices are like any other business. They must manage financial, operational and security challenges. They must balance basic business functions like accounting, human resources, billing and communications. They must navigate the endless complexities of our third-party payor system. But they do so with a constant goal of maintaining—and improving—quality patient care.
Keeping patient care in focus is important, but it can be difficult for medical practice owners to maintain optimal balance and structure amid changes, new regulations, disruptive technology and shifts in patient expectations. But with the right advisors, you can be sure that the details are being managed and your best interest is being served—so you can turn your full attention to your patients and improve their experiences.
Why You Need an Industry Consultant
Medical practices face considerable challenges to get paid for the patient services they are providing. Industry consultants, like ours at Eide Bailly, can conduct assessments of various practice areas including revenue cycle to discover the most critical improvements you can make. Those improvements might include reducing contract negotiation, deductible collection processes, fee schedule analysis, implementing technology, incorporating data analytics, or any number of concerns that are blocking your path to strength and success.
At this time, technology and cybersecurity are two of the top issues for medical practices. Patients expect more sophisticated digital ways of interacting with their healthcare providers, whether that’s in communication or in the services themselves. And cybercriminals are actively pursuing patient data and taking healthcare systems for ransom as those systems adopt more digital solutions. Medical practices must evolve technologically, but they must do it safely. They can be confident in their processes and defense—and certain of their technology investments—if they consult with technology and cybersecurity professionals.
Additionally, medical practices are seeing real value in using data analytics in all areas of their business. Data analytics and business intelligence can help you gain a real-time view of operations and where you can improve and optimize your resources. You can make meaningful changes, and even use patient data to improve patient care.
Eide Bailly’s team of healthcare consultants understands your industry. We have over a century’s worth of experience working in the healthcare industry. We work alongside you, learning your goals, assessing your processes and mapping out strategies to optimize your business for long-term success.
Our healthcare professionals can help you navigate the increasingly competitive healthcare market. Some of our solutions include:
- Payor & Value-Based Contracting
- Quality & Value-Based Care Strategies
- Practice Analytics
- Revenue Cycle Enhancement
- Outsourced Business Services
- Tax Reduction Strategies
We know the challenges you must navigate, and we can work to strengthen your core framework and overcome those challenges so you can concentrate on your patients.