In early 2023, the The MBa Group Medical Business Advisory (MBA) team was contacted by a mid-sized pediatric medical practice facing an urgent and destabilizing leadership crisis. Their long-standing practice administrator had unexpectedly resigned. The abrupt departure left the organization without a clear succession plan or interim leadership, creating a vacuum when strong guidance was needed. Our client wasn’t seeking a temporary fix, but rather a long-term partner and expert guidance to help them navigate a critical period.
Our Approach
At the recommendation of their KatzAbosch tax advisor, practice leaders engaged MBA for permanent fractional medical practice leadership services. The client faced various operational challenges, but the most pressing concern was the urgent need to stabilize the practice’s financial health. This required the immediate implementation of cash flow controls, a comprehensive financial review to assess the extent of the issues, and the development of short-term budgeting strategies to halt further financial decline.
We helped our client implement accounting best practices by segregating financial and accounting duties—a critical step in establishing internal controls, reducing the risk of errors, and restoring transparency within the practice’s financial operations. In addition, our team assisted the client with:
Developing standardized policies and procedures, including overhauling the clients’ financial reporting processes
Redesigning the providers’ compensation plans
Creating and implementing a structured employee performance management framework
Conducting a detailed revenue cycle management (RCM) analysis and initiating the practice’s first-ever renegotiation of payor contracts
Results
Increased Operational and Financial Performance
Within the first 60 days of our engagement with the client, the practice saw immediate and measurable improvements in operational and financial performance, including:
A 25% reduction in overhead expenses
A 25% improvement in staff productivity
Within the first year of the engagement, our client achieved several major milestones:
Returned to year-end profitability
Reduced its debt ratio by 50%
A Solid Financial Foundation and Peace of Mind
By addressing operational challenges and offering strategic support, our team enabled clinical and administrative leaders to focus on what matters most: the health and well-being of the patients they serve. This level of integration and support has been instrumental in fostering a collaborative environment and sustaining long-term organizational stability, and perhaps most importantly, offering peace of mind.
A Trusted Partner
We continue to work closely with the client to provide ongoing support, and leaders know we’re just a phone call away if they have any questions or concerns. With MBA as a trusted partner, the board members can move forward with confidence, knowing that expert guidance and dependable support are always within reach.
When leadership gaps threaten performance, medical practices are turning to fractional management to gain strategic direction and stability, without the burden of full-time cost. Even in organizations with existing leadership, fractional executives can provide critical support, offering specialized expertise to enhance decision-making, drive growth, and strengthen operational and financial resilience, especially when existing leaders are overextended and can’t address every strategic need of the practice. Below are just a few reasons why fractional CFO management makes sense for your healthcare leadership and organization.
You Need Expert Guidance From Seasoned Professionals For Medical Practice Growth
There is nothing more frustrating than investing months of resources into launching new service lines or adding new locations, only to find that patient demand doesn’t match the scale of your investment, leaving you struggling to break even. That’s why partnering with fractional management professionals, who provide an outside perspective and proven strategies, is one of the smartest ways to scale your practice.
Fractional leadership allows any size practice to tap into high-level expertise without the overhead of a full-time executive, helping you grow with confidence while minimizing risk.
Your Practice Needs a Fresh Perspective and an Unbiased Opinion
Outsourced fractional CFO leadership provides a fresh, objective perspective to help medical practices identify and address internal and external challenges. The team at The Medical Business Advisory Group Medical Business Advisory (MBA) has collaborated with various medical practices, and our knowledge and hands-on experience allow us to understand what works and what doesn’t.
Sometimes, when you’re immersed in the daily operations, it’s challenging to see what’s genuinely happening within your practice. That’s where our external perspective can make all the difference for medical practice growth.
You Know Where You Want to Go, but Not How to Get There
Whenpartnering withThe Medical Business Advisory Group Medical Business Advisory, your practice will benefit from working with experienced fractional leadership professionals who will provide the roadmap of where you would like your practice to be. Even if you’re still figuring out exactly what your next steps should be, we are here to help guide you along the way. The MBA team will break down the entire process into manageable steps, helping you avoid feelings of being overwhelmed or stuck.
Ready to Explore Fractional Leadership?
If you’re ready to grow your practice with less guesswork and more strategy, fractional leadership could be the solution you’ve been looking for. By partnering with The Medical Business Advisory Group Medical Business Advisory, you gain access to a team that has a vast amount of experience, knowledge, a fresh perspective, and a proven track record of delivering results, without the overhead of a full-time executive team.
Let us help you build a smarter, more scalable practice, one step at a time and within your budget. If you would like to learn more about our fractional management services and how we can assist with taking your practice to the next phase, click here to schedule a free consultation.
In the evolving landscape of healthcare, practice management models are continuously adapting to meet the demands of efficiency, cost-effectiveness, and quality of care. One such model gaining traction is the hybrid outsourcing practice management model. This approach combines the strengths of both in-house and outsourced accounting services, offering a balanced solution for healthcare practices. But is it the right fit for your practice? Let’s explore some of the benefits.
Pros of a Hybrid Outsourcing Practice Management Model
Cost Efficiency
By medical outsourcing upper management tasks, such as strategic planning, financial oversight, laboratory management, and credentialing, practices can significantly reduce overhead costs. This reduction is achieved by lowering expenses related to office space, administrative support, and other operational costs. Instead, practices can leverage the expertise of external professionals on an as-needed basis, allowing for better allocation of resources toward patient care, expansion of services, and other critical areas.
Access to Expertise
Outsourcing provides access to specialized skills and knowledge that may not be available in-house. This can enhance the quality of services provided, bringing years of healthcare management expertise to your fingertips. Often, this expertise is needed only for several hours a month rather than full-time.
Scalability
A hybrid model offers the flexibility to scale services based on the practice’s needs. No two practices are the same, and customizing your management model allows you to maximize savings while accessing experts when needed. This is particularly beneficial for growing practices that may only require a part-time administrator or are experiencing growth but do not yet need a second full-time management position. It also helps practices facing financial difficulties or fluctuating patient volumes. Additionally, solo practitioners just starting may not need a full-time administrator but want to ensure their practice is well-managed and set up for success. By outsourcing, they can access high-level management skills and strategic advice without the cost of a full-time position, ensuring their practice is organized and positioned for growth.
Focus on Core Activities
By delegating non-core functions to external experts, healthcare organizations can focus more on patient care and clinical outcomes, improving overall service quality. Are there special capital projects that may require the expertise or advice of some of our experts? Making a costly mistake due to insufficient expertise or poor advice could have significant financial repercussions. Additionally, large projects can spread your current administrator too thin, potentially causing disruptions in normal operations. By leveraging our expertise, you can maintain smooth day-to-day operations while effectively managing major initiatives.
Is It Right for Your Practice?
Just like Goldilocks, we aim for our partnership with clients to be the “just right” fit that meets budgetary constraints and operational needs, ensuring optimal efficiency and high-quality organizational management. A hybrid model, combining in-house and outsourced services, can provide this balance. The team at The Medical Business Advisory Group Medical Business Advisory integrates seamlessly into your practice, bringing a wealth of expertise and a collaborative approach. Our tailored solutions address your specific needs, enabling you to focus on delivering exceptional patient care while optimizing your practice’s performance and growth.
If exploring a hybrid practice management model is of interest, we would be happy to discuss how it can benefit your practice. If you would like to learn more about our services, click here to schedule a free consultation.
In the intricate realm of healthcare, the art of negotiating and developing payor contracting strategies is a skill that can significantly impact the financial well-being of medical practices. As the landscape of healthcare reimbursement continues to evolve, mastering negotiating payor contracts has become more crucial than ever.
Let’s examine the key elements that contribute to successful payor contracting strategies and negotiations.
1. Understanding the Landscape
To negotiate and develop payor contracting strategies effectively, healthcare providers must first comprehend the ever-changing landscape of reimbursement policies. Awareness of industry trends, regulatory changes, and payor preferences lays the groundwork for informed negotiations.
This understanding enables providers to anticipate challenges and proactively address them when negotiating payor contracts.
2. AData-Driven Approach to Payor Contracting Strategies
Successful negotiations hinge on a data-driven approach. When creating successful payor contracting strategies, providers should leverage comprehensive data analytics to showcase the value they bring to the table. This includes highlighting patient outcomes, quality of care, and operational efficiencies.
Presenting compelling data strengthens the provider’s position and provides a solid foundation for negotiating favorable reimbursement rates.
3. Building Strong Relationships
Effectively negotiating payor contracts is not just about financial transactions; it’s also about building strong, collaborative relationships. Establishing open lines of communication with payors fosters a mutual understanding of each party’s goals and constraints.
Building relationships based on trust and transparency can lead to more constructive payor contracting negotiations and long-term partnerships.
4. Customizing Your Payor Contracting Strategies
One size does not fit all in payor contracts. Tailoring contracts to align with the unique needs and services of the healthcare provider is a key payor contracting strategy.
Negotiating payor contracts for customized terms, such as specific reimbursement methodologies or performance-based incentives, ensures that the contract reflects the provider’s distinct value proposition.
5. Staying Proactive In Your Strategies
The healthcare landscape is dynamic, and negotiations should be approached with a proactive mindset. Regularly reviewing and updating payor contracts in response to changes in regulations, market dynamics, or the provider’s own services is essential.
Staying ahead of the curve positions providers to navigate challenges effectively and seize new opportunities.
6. Leveraging Payor Contracting Expertise
Acknowledging the intricacies of payor contracting strategies and negotiations, many healthcare providers opt to leverage external expertise. Experienced professionals in the field can provide valuable insights and guidance throughout the negotiation process.
Seeking the support of individuals with a proven track record in successful payor contracting strategies and negotiating ensures that providers have access to the knowledge and skills necessary for achieving optimal results.
Mastering the art of negotiating payor contracts is an ongoing journey that requires a combination of industry knowledge, strategic acumen, and a commitment to building collaborative partnerships.
Providers who develop payor contracting strategies find themselves better equipped to navigate the challenges of reimbursement, secure favorable terms, and ultimately thrive in the ever-evolving landscape of healthcare management and finance.
How The Medical Business Advisory Group Service’s Medical Business Advisory Can Help
Recognizing the complexity of payor negotiations, many healthcare providers turn to experts in the field such as The Medical Business Advisory Group Service’s Medical Business Advisors. Our team has a proven track record in negotiating payor contracts and brings invaluable experience and insights.
Our professionals can guide providers through the intricacies of the negotiation process, creating strong payor contracting strategies.
Contact us today for a free consultation to see how we can help you.
As of March 15, 2025, several key updates have emerged regarding telehealth waivers and healthcare provisional changes. Here’s what you need to know:
Telehealth Flexibilities Extended
The March 2025 Continuing Resolution (CR) has extended several critical telehealth flexibilities through September 30, 20251,2. These extensions include:
Medicare Telehealth Flexibilities: The expanded definition of originating sites, allowing patients to receive telehealth services from their homes or other non-traditional locations2.
Expanded Practitioner Eligibility: A broader range of healthcare professionals can provide telehealth service2.
Support for Federally Qualified Health Centers (FQHCs) and Rural Health Clinics (RHCs): These facilities can continue offering telehealth services, which is crucial for underserved and rural communities2.
Mental Health Services
Several provisions specifically address telehealth for mental health services:
Delay of In-Person Requirements: The requirement for an in-person visit before telehealth mental health services can be provided has been postponed2.
Flexibilities for RHCs and FQHCs: These facilities can continue providing mental health services via telehealth2.
Audio-Only Telehealth Services
The authorization for audio-only telehealth services has been extended until September 30, 20252. This is particularly important for elderly patients who may struggle with video technology.
Challenges and Advocacy
Despite the extensions, some key flexibilities have not been included in the current CR draft, such as first-dollar coverage for High Deductible Health Plan-Health Savings Accounts (HDHP-HSA) and expanded in-home cardiopulmonary rehabilitation service3. Stakeholders, including the American Telemedicine Association, are actively advocating for the continuation of these flexibilities1.
Cuts to Provider Pay
Unfortunately, the 2025 Medicare Physician Fee Schedule includes a 2.83% cut to physician payments3. This marks the fifth consecutive year of such cuts, which continue to strain the financial viability of medical practices3. Despite advocacy efforts, Congress has not yet taken action to prevent these reductions3. The American Medical Association (AMA) and other healthcare groups are pushing for reforms to stabilize physician payment rates and ensure continued access to care for Medicare beneficiaries3. Medical practices can offset these cuts by renegotiating their payor contracts to ensure financial stability4. The team at The MBa Group Medical Business Advisory is here to help you secure the best contracts possible. Feel free to reach out to one of our team members to get a free initial consultation to discuss our payor negotiation services https://www.bluestonesvc.com/contact-us/.
In Summary
The extension of telehealth flexibilities through September 30, 2025, provides a temporary reprieve for healthcare providers and patients who rely on these services. However, continued advocacy is essential to ensure the long-term availability and expansion of telehealth services. Your The MBa Group Medical Business Advisory Team is committed to empowering your healthcare organization with the latest updates and unwavering support. As we navigate these evolving changes together, we are here to ensure a seamless transition and help you thrive. Trust us to be your partner in adapting to the future of healthcare. Reach out today to discover how we can make a difference for you!
1 Ivanova, J. (2025, March 16). Telehealth Policy Update: What the March 2025 Continuing Resolution Means for Clinicians. Telehealth.org. Retrieved from https://telehealth.org/blog/telehealth-policy-update-what-the-march-2025-continuing-resolution-means-for-clinicians/.Telehealth.org
2 Medicare Telehealth Reprieve: Congress Includes Virtual Care Lifeline Through Fall 2025 in CR. (2025, March 15). Retrieved from CTeL.org
3 Telehealth Policy Updates. (2025, March 15). Retrieved from HHS.gov
4 Strategic Payor Contracting Services – The Medical Business Advisory Group. (2025). Retrieved from The MBa Group
Earlier last month, a bipartisan bill was introduced to “make expanded access to telehealth services permanent,” indicating the important role telehealth plays in the lives of most Americans in a post-COVID environment1. While telehealth has undergone significant transformations in recent years, this trend is set to continue with several key changes on the horizon. These changes are driven by evolving policies, technological advancements, and shifting healthcare needs.
Here is a brief look at what healthcare organizations can expect in the near future, and specifically on April 1, 2025:
New Telehealth Codes
Starting April 1st, the following new telehealth codes will be implemented
98000–98007: Synchronous audio-video visits for new or established patients
98008–98011: Synchronous audio-only visits for new patients
98012–98014: Synchronous audio-only visits for established patients
98016: Brief synchronous communication technology service
The original audio-only telemedicine codes (99441–99443) were deleted effective January 1, 20251.
Extended Telehealth Flexibilities
Medicare patients can continue to receive telehealth services for non-behavioral/mental health care in their homes through March 31, 20252. This extension ensures that patients, especially those in rural areas, have continued access to essential healthcare services.
Regulatory Changes
A 60-day regulatory freeze has introduced uncertainty into the telehealth marketplace, affecting pending Drug Enforcement Administration (DEA) regulations regarding virtual prescribing of controlled substances3. This impacts mental health providers and pain management specialists who rely on telehealth for their practice.
Behavioral and Mental Health Services
Telehealth has proven to be a valuable tool for delivering behavioral and mental health services. Recent policy updates have made it easier for patients to access these services without the need for in-person visits2. This is particularly beneficial for individuals in remote areas or those with mobility issues.
Reimbursement and Financial Planning
The delay in finalizing telehealth reimbursement policies creates uncertainty for healthcare providers who have invested in telehealth infrastructure based on pandemic-era waivers3. Providers will need to navigate this regulatory ambiguity while maintaining compliance and ensuring financial sustainability.
The The Medical Business Advisory Group Medical Business Advisory Team has provided some best tips and best practices on how to navigate and protect your healthcare organization from any compliance or financial repercussions from these upcoming changes.
Audit Current Telehealth Utilization: Identify which services and patients will be affected if the flexibilities expire2.
Train Providers and Staff: Make sure everyone is aware of the new documentation and compliance requirements2. Modality and Location temporary flexibilities will change, meaning services will be more regulated to ensure quality and integrity1. However, there will continue to be certain exceptions, and staying up to date on these exceptions will be critical to ensure your organization remains compliant.
Update Scheduling Systems: Incorporate any new in-person visit requirements into your scheduling processes2. Organizations may want to use the Medicare Telehealth payment Eligibility Analyzer Medicare Telehealth Payment Eligibility Analyzer4 to help determine patient eligibility for Telehealth services5. Additionally, it would be prudent to notify and cancel appointments for any patients who may be affected by the new telehealth rules and who already have appointments scheduled after March 31st1.
Revise Patient Consent Forms and Education Materials: Ensure that all documentation reflects the new requirements and educate patients about the upcoming changes2. CMS Templates of an Advance Beneficiary Notice of Non-coverage (ABN) are available at FFS ABN | CMS6.
Evaluate Telehealth Technology Platforms: Check that your technology platforms can meet the new compliance standards7.
Model Financial Impact: Billing for any services retroactively in the event a waiver is granted after the 31st of March will not be possible1. In addition, the likelihood of commercial payors adopting the same restrictions as Medicare is quite high. Therefore, assessing how the changes will affect your practice financially and proper planning is critical to support financial stability7.
It’s essential for practices to get ready for the upcoming changes in telehealth policies, even though these policies are still evolving. While we advise preparing for these changes, immediate implementation isn’t necessary at this moment. The The Medical Business Advisory Group Medical Business Advisory Team will keep you informed about any updates as they occur, so please stay tuned. However, by taking these proactive steps, physicians can better navigate the transition and continue to provide quality care to their patients.
If you have any specific concerns or need further assistance, do not hesitate to reach out to the The Medical Business Advisory Group Medical Business Advisory Team for guidance on how to adapt and navigate these upcoming changes in the evolving telehealth environment.
The adage “Don’t put all your eggs in one basket” is often used to emphasize the importance of creating multiple streams of income. This methodology helps diversify your sources of revenue, by reducing the risk of relying on a single income stream. By having multiple sources of income in your medical practice, you can better manage financial instability and increase your overall financial security. However, is it right for your practice?
Analysis and Planning
Before adding any new service lines to your practice, perform some of the following:
• Financial analysis and planning
• An extensive risk analysis
• A vendor and equipment analysis
• Payor and Volume analysis to ensure profitability
• Space and workflow analysis
Navigating the compliance and regulatory requirements for operating a medical laboratory can be challenging, but it’s essential for ensuring patient safety and reliable results. Maintaining compliance and hiring certified staff appropriate for the complexity of the tests performed are crucial steps that will greatly benefit you during regulatory inspections. Additionally, understanding the accreditation process will help ensure that your lab is meeting required standards for both regulatory agencies as well as payors.
While there are numerous pros and cons to performing onsite medical testing, being aware of all the regulatory requirements and associated costs can help you avoid costly investment mistakes and ensure the continued financial success of your medical practice.1,2 Additionally, understanding the necessary infrastructure, training for staff, inspection process, and ongoing maintenance needs will further support the smooth integration of these services into your practice, ultimately enhancing patient care and operational efficiency.3
How The MBa Group Can Help
If you’re considering adding medical laboratory testing to your practice but are unsure if it’s the right fit, our team can help you evaluate this investment and guide you through the entire process. With extensive knowledge and experience, we can assist you in successfully completing regulatory inspections and establishing robust policies and procedures for your laboratory.
Contact us today to see if we’re the right fit for your healthcare organization and take the first step towards integrating profitable laboratory testing into your practice. Additionally, we offer ongoing support to ensure your lab operates efficiently and remains compliant with all regulations. Let us help you enhance your practice’s capabilities and revenue potential.
1Zhang, Y. V. (2015, June). Should We Bring This Test In House? Clinical Laboratory News. Retrieved from https://www.myadlm.org/cln/articles/2015/june/should-we-bring-this-test-in-house
2The MBa Group LLC. “Is Your Practice’s Bottom Line Shrinking? Safeguarding Your Revenue – Tips on Best Practices.” The MBa Group, 2024. https://www.bluestonesvc.com/blog/is-your-practices-bottom-line-shrinking-safeguarding-your-revenue-tips-on-best-practices/.
3The MBa Group LLC. “Watch Now: CAP Lab Inspection Q&A.” The MBa Group LLC,
Revenue protection for medical practices keeps you financially stable despite annual reimbursement reductions from CMS and major payors, and it is essential to monitor for any indications of revenue loss or leakage consistently. Healthcare organizations implementing robust systems to identify issues long before they occur are more likely to take action promptly, allowing the practice to get back on track and prevent significant financial repercussions.
Below are a few tips and best practices to help your organization avoid the common pitfall of a shrinking bottom line.
Conduct A Regular Financial Analysis
Conducting audits and financial analyses can be time-consuming and challenging. However, regular assessments enable sound strategic planning and help avoid costly business decisions. Financial success depends on effective planning and budgeting, especially when considering growth opportunities or eliminating underperforming services.1
Identify, Measure, Monitor and Mitigate
To enhance the financial performance of your healthcare organization, establishing strong systems to identify, measure, monitor, and address potential issues long before they become problematic is critical. Delaying a response to a financial crisis can severely limit your corrective options, lead to substantial expenses, and prolong the recovery period, which may negatively impact patient care. Here are just a few key areas we recommend monitoring to ensure your practice maintains its optimal financial health:
Regular Payor Contract negotiations and Payor Performance assessments2
Conduct chart audits to ensure compliance and best practices for coding requirements4
Monitor Provider Productivity
Monitor referrals to evaluate the potential for new revenue streams
Perform an annual vendor analysis to ensure you are receiving competitive pricing
Implementing these strategies and maintaining a forward-thinking approach keeps you agile and responsive to challenges. This will safeguard your revenue and foster a resilient, thriving financial environment.
How The MBa Group Can Create Revenue Protection for Medical Practices
If you are struggling with revenue issues, our team is here to help restore your organization’s financial wellness. With our extensive skills and background, we can assist you in identifying, implementing, and establishing robust financial strategies tailored to your needs. From optimizing contract negotiations to enhancing cost-saving measures, we provide comprehensive support to ensure your financial stability and growth. Contact us today to see if we’re the right fit for your healthcare organization and take the first step towards a healthier financial future.
1 Capko, J. (2010). Secrets of the Best-Run Practices: What Makes Some Practices Stand Out from the Crowd? (2nd ed.). Greenbranch Publishing.
Standardization and following best practices during the credentialing process will help ensure that your healthcare organization remains dedicated to patient safety and also signifies the commitment to providing high-quality medical care.
Implementing standardized procedures and adhering to best practices in the credentialing process ensures your healthcare organization remains committed to patient safety and demonstrates a dedication to delivering high-quality medical care. Organizations that do not thoroughly complete the credentialing process risk jeopardizing patient safety, exposing the practice to litigation, and potentially incurring revenue loss.
Establishing strong policies and procedures regarding the organization’s credentialing process is imperative to ensure adherence to all regulatory agencies as well as adherence to your organization’s own standards.
Providing your credentialing staff with the tools and policies necessary to avoid costly delays, redundancy, and most importantly, quickly identify and resolve any red flags encountered during the credentialing process.
In an era where healthcare organizations are striving to control operating costs, limited staffing resources can make the credentialing process a significant source of pressure for both staff and the practice’s finances.
However, here are a few tips and best practices that can help your organization save valuable time and money when credentialing:
1. Initiate the credentialing process early.
To prevent employee stress and avoid costly errors. Establish a clear credentialing policy that specifies how far in advance to begin the process and outlines a timeline for completion. Although the credentialing process may vary for each provider, setting well-defined goals is essential for ensuring compliance and standardization of your credentialing process.
2. Have a thorough initial application.
Potential providers should start by filling out a comprehensive application detailing their education, training, work history, and any specialized skills.
3. Establish a good training program for your credentialing staff.
To ensure employees are completing credentialing applications accurately, timely, and adhering to best practices. Any delays in the process ultimately equate to a loss in revenue for the practice. Staff who are well-trained, proficient, and knowledgeable regarding your organization’s credentialing policies will help reduce errors and ensure compliance. Furthermore, credentialing staff who are well-versed in the credentialing process will be more likely to spot any deficiencies early on or identify red flags during the process.
4. Collect and verify any documentation right away.
This includes diplomas, licenses, certifications, and proof of malpractice insurance. According to the National Association of Medical Staff Services (NAMSS), primary-source verification is considered best practice and will help ensure your organization remains in compliance. Primary source verification helps ensure your organization remains compliant with state and federal regulations, as well as accrediting organizations. NAMSS states that “healthcare organizations should make every effort possible to primary-source verify all practitioner-credentialing elements whenever possible. If the primary source is unresponsive to material requests, the applicant is responsible for contacting the primary source.”1
5. Get peer references.
Ask each provider to submit names and contact information of those who can attest to the provider’s competency. According to NAMSS, best practice would be to ensure all professional references “be an individual from the same professional discipline and/or license type.”1
6. Know when to outsource.
Credentialing is a time-consuming process, and many practices do not have the time or resources to commit to credentialing. Outsourced accounting services from an organization that has experienced staff to handle all of your credentialing needs may be the best and most cost-effective means of managing provider credentialing. A third-party vendor will be able to help your organization by managing all the documentation requirements of credentialing while tracking the application status. In addition, credentialing maintenance can be even more time-consuming and arduous. An experienced, efficient, and highly organized credentialing organization can help prevent the costly mistake of preventing expired credentials. These organizations also have the staff and resources to keep updated on any regulatory changes and best practices in the industry.
7. Stay updated on credentialing process requirements.
If your organization prefers to handle credentialing in-house, ensure your staff stays updated on state and federal changes to credentialing requirements. This will help avoid delays and, most importantly, maintain compliance. In addition, have your credentialing staff regularly review and update the provider’s credentials to ensure they remain in good standing.
Failing to credential or properly maintain provider credentials can have significant financial repercussions for the practice and may needlessly expose it to scrutiny by regulatory agencies.
The substantial administrative burden of credentialing can greatly affect a healthcare organization’s financial performance. For medium to large-sized practices, improper credentialing, delays in credentialing maintenance, or unresolved credentialing issues can lead to annual losses that easily surpass hundreds of thousands of dollars. Additionally, these inefficiencies can strain staff resources and negatively impact patient care quality, further compounding the financial and operational challenges faced by the healthcare organization today.
How The MBa Group Can Help
The Medical Business Advisory Group Service’s Medical Business Advisory Team is here to help you streamline your credentialing processes with medical outsourcing. Don’t leave valuable revenue dollars on the table with an unoptimized credentialing process. Contact us today to get started on improving your credentialing process.
The benefits of interim practice management are many. Hiring the wrong person into a senior leadership position is one of the most damaging and costly mistakes an organization can make.
Due to the nature of medical practices, doctors and their staff cannot fully commit to run the practice at an optimum level of performance with a key position vacant. As a result, anxiety over the length of time that’s often required to find the right candidate can lead to the temptation to “settle” for someone who’s almost right for the position. Then your practice may find you are back to square one in 6 months, or your team continues to run not as efficiently as it should.
One solution for your practice is using an interim practice manager while conducting the search for a permanent senior leadership candidate.
Why use Interim Practice Management?
Using an interim practice manager can prevent your organization from falling into this dangerous trap and making a costly mistake. Consider all these good reasons why an interim practice managemer may be right for your practice:
Instant access to highly qualified professionals. Most interim practice managers can be brought on board within 10 – 15 days.
Interim practice management allows flexibility during periods of change: available on a contract, as-needed basis.
Interim practice management can provide bridging capability to provide coverage until an executive search can be completed, thereby reducing staff stress.
An Interim manager buys time to clarify the position specification and genuinely find the right person.
Focusing on key priorities: Interim practice managers require little or no supervision and are focused on achieving agreed-upon results. They are less likely to get caught up in the day-to-day demands of operations.
Neutrality: interim practice managers are generally less political, more objective, and goal-oriented than longer-term, permanent employees, and can provide a neutral, objective perspective.
Position the new hire for success by serving as a mentor and helping with onboarding.
An outstanding value for the cost: usually more experienced yet less expensive than consultants from large consulting firms.
Obviously, there are a variety of situations and circumstances working together that will determine whether or not interim practice management is useful for your practice. Frequently, however, employing an interim practice manager in the right position at the right time can help your organization move forward in significant ways. With the expected number of leadership transitions rising due to upcoming retirement projections of existing leadership and the continued growth of the sector, it may very well be that an interim practice manager is the solution your organization determines is necessary at a particular time.
How The MBa Group can help
The MBa Group specializes in providing comprehensive interim practice management solutions tailored for healthcare organizations undergoing leadership transitions.
Whether facing the retirement of a practice manager, difficulty in finding a replacement, or needing an interim practice manager, The Medical Business Advisory Group’s Medical Business Advisory team brings extensive experience in practice management and administration.
