Practice Management Articles
The following articles were written by the consultants of Wolfe Consulting Group. They focus on assisting you to effectively manage your practice.
Evaluating Investment Opportunities for Ambulatory Projects
In today's competitive business environment, physicians have many opportunities for joint-venture investments in for profit, privately owned medical businesses. Most often, these businesses are centered around the medical procedures done by the physicians in hospital-based facilities. The objective is to move the physician's current hospital-based procedures to an independent outpatient center in which he or she has an ownership interest.
Protect Your Revenue Stream-Manage the Contracts
Physicians frequently complain of not having any control over their business relationship with health plans. They feel that once a provider contract is signed, they are at the mercy of the plan, and are often frustrated with rate changes and collection issues. This article presents practical advice on contracting with health plans by highlighting areas of importance that can effect your revenue streams.
Negotiating Managed Care Contracts
Numerous management books and articles have been published regarding negotiation techniques, and there are as many styles as there are individual personalities. It is not possible to specify one "style" that is successful in all situations, or which will work for everyone. There are, however, several factors which you should keep in mind in negotiating a new managed care contract or renegotiating an existing one, with the key element being that of preparation.
Part II-Negotiating Managed Care Projects
This is the second article dealing with building and maintaining relationships with health plans. The first article presented practical advice on contracting with health plans; this installment addresses issues in negotiating new and existing contracts. It is intended to highlight key areas of importance and define a framework for conducting a negotiation.
Terminating a Health Plan
Physicians frequently ask about the best way to terminate a contract with a health plan, and the steps to take in this process. Few physicians ask what the downside risk to their practice is from such an action, which could result in expensive costs to the terminating physician if it is not handled correctly. This article presents practical advice for the physician on identifying the issues, risks and costs associated with termination, and suggests ways of handling these issues to cause minimum disruption to patient care.
Increase Cash Flow by Managing Accounts Receivable
This is a two-part article dealing with techniques of managing of Accounts Receivable for physician practices. This first part will explain the concept of managing receivables through the use of an Aging Report, and key items to look for in evaluating data. In the next issue, part two of this article will discuss the use of sampling techniques for problem identification and intervention.
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