Operating a private physician practice is becoming increasingly difficult. With a myriad of reforms that threaten to squeeze margins, demand greater integration with hospitals and push for better quality of care, private practices face enormous challenges in the years ahead.
Equation recognizes the unique obstacles facing today’s private practices. Using objective and proven data-driven methodologies, Equation delivers the tools and services to help improve economic performance of private practices—thereby freeing up time to elevate patient care.
Starting a practice requires tremendous forethought and deep understanding of the steps required to succeed. This program provides on-site direction for initiating a practice. From entity creation to setting fee schedule, Equation provides the proven pathway to practice start-ups.
Seasoned operational consultants lead this program and leverage analytics to pinpoint areas where gaps exist. They examine workflow, patient flow, medical record documentation and billing/collection methodologies to ensure operational efficiencies within the physician practice.
In the absence of full-time managers, hospital practices may witness increasing operational inefficiencies. Equation provides seasoned professionals in all aspects of physician practices. Armed with analytic tools and systematic approaches to practice management, Equation offers practices leadership and direction to support effective ongoing operations.
Experienced operational consultants utilize analytics to identify areas that need improvement. These consultants examine workflow, patient flow, health record documentation and billing/collection methodologies to make sure there is operational efficiency within the physician practice.
This tool provides an analysis of the basic 5 (B5) data elements that drive revenue cycle metrics and indicators (gross charges, adjustments, collections, accounts receivables and total RVUs) to identify potential performance gaps and opportunities.
This analysis assesses the complete revenue cycle beginning with data capture for patient demographics, all the way through denial management and dealing with bad debt. The assessment is designed to give managers a clear view of uses and actionable data to manage billing and collecting activities.
Equation can provide interim management of the revenue cycle in the absence of a full time staff and/or will provide implementation of improvement and corrective actions identified during the assessment period.