A St. Louis podiatrist took a bold step by leaving a larger group to establish his own practice. This transition brought exciting opportunities but also significant challenges. The podiatrist needed to create a new practice infrastructure, build payer relationships, and ensure seamless billing without disrupting the former group’s contracts. With a clear vision but facing daunting complexities, he turned to HRG for guidance.
Overcoming Obstacles to Build a Solid Foundation of Podiatry Billing
Launching a new medical practice involves more than just setting up an office and hiring staff. The podiatrist faced a range of challenges that required expert planning and execution. These challenges were not just logistical but also financial and operational in nature, demanding a careful and strategic approach.
1. Building an Operational Framework from Scratch:
The podiatrist needed to develop efficient workflows, implement technology systems, and ensure providers were fully credentialed. This was essential to support daily operations and patient care from the first day. 2.Establishing New Payer Contracting:
Developing agreements with local payers presented complexities. The podiatrist also needed to ensure the new contracts would not disrupt the arrangements held by the former group, requiring careful coordination and planning. 3. Designing a Seamless Podiatry Medical Billing Process:
A functional billing workflow was vital to minimize delays between charting and insurance submission. The lack of an efficient system could lead to significant cash flow problems. 4. Maintaining the Healthcare Revenue Cycle in a Tight Timeline:
While payer contracting often takes 4-6 months, the podiatrist’s financial goals required faster results. Achieving financial stability early on was a top priority to ensure the sustainability of the practice. 5. Identifying and Correcting Billing Inefficiencies:
Past billing practices at the former group revealed potential underbilling issues. Addressing these would prevent similar revenue losses and maximize earnings in the new practice.6. Managing the Separation from the Former Group:
Separating operationally and financially from the former group required precise planning to avoid disruptions in patient care, billing, and contractual obligations. Our Approach: Tailored Strategies for Immediate Impact
Step 1: Aligning Goals Through Consultation
We began with a detailed consultation to understand the podiatrist’s financial and operational objectives. By identifying key priorities, we crafted a custom roadmap for podiatry practice success.
Step 2: Prioritizing Local Payer Contracts
Our team researched local payers to identify high-value opportunities. We then prioritized contracts to pursue based on revenue potential and strategic importance.
Step 3: Establishing a New Credentialing Framework
We quickly set up a new CAQH profile and efficiently linked the new tax ID. These steps prevented operational disruptions and ensured a smooth credentialing process.Step 4: Designing an Optimized Podiatry Billing Workflow
We implemented a streamlined billing system that reduced delays between charting and insurance submissions. Same-day chart sign-offs became a cornerstone of the new process.
Step 5: Analyzing and Correcting Billing Practices
A thorough review of historical billing data revealed underbilling patterns. We introduced corrective strategies to capture missed revenue opportunities and optimize reimbursements.
Step 6: Accelerating Payer Contract Timelines
To overcome the typical 4-6 month timeline, we proactively coordinated with payers. This ensured the practice could start generating revenue sooner than industry norms.Turning Vision into Reality
Significant Reduction in Accounts Receivable (A/R):
With HRG’s optimized workflows, the new practice saw a substantial decrease in outstanding A/R. This improvement stabilized cash flow and improved financial health.
Rapid Revenue Recovery:
Within just 120 days, the practice achieved 100% of the revenue generated by the former group. This remarkable milestone demonstrated the success of the strategic approach.
Enhanced Operational Efficiency:
The customized billing and contracting workflows allowed the practice to operate efficiently from day one. This strong foundation positioned the practice for long-term growth.
HRG’s Impact on Practice Success
HRG’s tailored approach transformed the challenges of starting a new practice into a thriving operation. By aligning strategies with financial goals, streamlining processes, and expediting payer contracts, we enabled the podiatrist to focus on providing excellent patient care. With a solid financial and operational framework, the practice is now poised for sustained success. HRG remains committed to supporting healthcare providers as they navigate the complexities of podiatry practice management.
Contact HRG today to learn how we can help you launch a successful practice.