The cost and challenges within the clinical business operation keep increasing at significant speed and health practitioners everywhere are feeling the pressures. There’s a tighter squeeze by payers for reimbursement and little ease from contract negotiations. Unfortunately, even the best negotiators don’t have a lot of leverage with payers when data is inaccurate or delayed. The regulatory and administrative expectations keep increasing while reimbursements keep decreasing. It’s commonly stated across the medical industry, claims reimbursements remain challenging and timely.
To be successful and stay ahead financially, clinics have to identify operational speed bumps within their existing processes and workflows, starting with inventory controls related to surplus, cost and potential waste, likewise, assess staff functionality and productivity. In order to optimize their operation, they should explore viable technology options which will assist with controls and efficiency.
To stay profitable, (one could say operational), it’s critical to optimize operational costs, starting with inventory controls, staffing, operational accuracy, and efficiency. In this tight market, practitioners can’t afford to risk partial reimbursement, nor, clinical inventory surplus or waste. A focus on standard operating processes, expenditure and collecting payments from patients and payers is vital to the success of their operation. Access to and utilization of accurate performance data is increasingly critical for optimization and profitability. Embracing technology is key. A technological solution, in example, an inventory management software, such as Pulse is the best way business minded health practitioners can implement accurate adjustments to improve operational efficiencies, including managing the revenue cycle.
More clinics/ medical facilities especially those in growth stages, should involve technology providers to collect and analyze data. Utilizing this resource will increase the speed and accuracy of analysis and critical business decision making. A Hi-tech solution like Pulse, an inventory management solution that will help make sense of the data collected through their EMR/PM with improved reporting and interfaces functionalities which provide real-time, accurate data and analysis they can trust.
Fortunately, due to the high demand and industry trends the cost of such technological solutions is decreasing and access is readily available. To assist with increased complexities in business management inclusive of reimbursement and compliance, medical business owners and directors should consider partnering with outside services, such as Pulse to assist with optimizing their revenue cycle, but also staying compliant with dynamic regulations which in turn affect the success of reimbursement and the overall efficiency and profitability of the operation.