In this moderated session, a panel of senior executives and stakeholders with significant experience in optimizing physician practice management valuations discussed how managed practices can add substantial value by improving the efficiency of revenue cycle performance, implementing innovative managed care strategies and developing ancillary service lines.
Session panelists included:
- Roy Bejarano, Co-Founder and Chief Executive Officer, SCALE Healthcare
- Katy Dettman, Managing Director, Ankura
- Danielle Duke, Chief Operating Officer, MSO, Unified Women’s Healthcare
- Moderator: Larry C. Guess, Partner, McDermott Will & Emery
Top takeaways included:
- Healthcare management organizations can assist physician practices in improving their revenue cycle performance by implementing automated billing systems and using data analytics to identify potential billing errors.
- One strategy for addressing the labor shortage in healthcare is to look beyond traditional physician roles. By allowing physicians to operate at the top of their license, organizations can ensure that physicians are maximizing their expertise and using their skills to the fullest extent. Additionally, hiring advanced practice providers can help fill gaps in care and improve access to services.
- Other recruitment and retention strategies include building relationships with medical residents earlier in their training to create a pipeline of physicians. Organizations can offer training programs and incentives that encourage residents to stay within the organization or community after completing their training. In addition, clinical governance models that empower physician shareholder decision-making creates a sense of loyalty and stickiness that can help retain talent.
- Healthcare organizations may add more value by focusing on internal marketing measures, such as regularly collecting honest feedback from clinical and back-office staff to uncover areas of improvement.
- Internal billing and finance departments should communicate early and often to analyze data and ensure that practice entities are actually collecting the negotiated amount in payor agreements.
