Independent practices are awash in change and pressure from external forces. Often without the time or resources required, practice managers are forced to make either-or decisions. These decisions have long-lasting implications for independent practices, and these decisions can have impacts that live beyond the decision itself. When practice managers are faced with situations that have upstream origins, the burden to mitigate the consequences of those issues can feel exasperating. Having the support of professional colleagues to manage through these circumstances creates a feeling of teamwork and potential positive change.
Currently practice managers are experiencing a disruptive period of payer reimbursement changes, in changing fee-for-service rates and in increasing numbers of value-based agreements. These changes are challenging the status quo in practices nationwide, impacting many independent practices cost structures and operations. Through this, independent practices are looking for creative ways to maintain solvency, but to also grow, and through it all, retain and best compensate their teams. Finding the best solutions to accomplish implementing competitive pay practices in the face of changing payer reimbursement schemes, will require practice adm
inistrators to assess and update the processes found within their operations, revenue cycle, payer contracting, and financial structures.
Exploring the revenue and expense opportunities in the organization will aid the practice administrator in not only maintaining stability, that same exercise can also lead to new and unexpected opportunities for change and growth.
These are the few challenges of many faced by independent medical group owners and boards. How to effectively navigate these issues with limited resources and an ever-changing landscape? Through a limited, yet potent support model, MedMan has been working with single or dual physician-owned independent practices to help them resolve some more complex issues needing to be addressed. This support model provides the type of horsepower the office manager or practice manager of a small physician group, needs to resolve some of the larger issues on their already full plate, pulling on the bench strength of an entire company. In this support track approach or ‘MedMan affiliate’ as we call them, practices can resolve financial management or accounting issues; payer contracting; compliance needs; planning; physician compensation model updates, etc.
It seems to be working for the groups engaged in this support. Removing the ‘rocks’ to practice progress, allows the providers to practice more medicine with less worry; and office or practice managers to have less anxiety about issues they are not sure how to approach or resolve. Owning and managing an independent practice can be a lonely place, being part of a broader community makes it less so. We are here to help if you need us.