The Healthmonix Advisor

Practice Sustainability in the time of COVID-19

Posted by Lauren Patrick on April 19, 2020

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Physician practices are confronting new operational and business challenges as a result of the COVID-19 pandemic. There is a mounting financial and administrative toll this pandemic has placed on practices, forcing all to adapt in a variety of areas.  Much of the conversation around COVID-19 has appropriately focused on addressing the pandemic and treatment of COVID-19 patients, however, we are also keenly aware of the other impacts on practices. 

 

As a result, we, at Healthmonix, have shifted focus.  While we are still here to assist with quality tracking and MIPS reporting, we are also assisting practices sustain their businesses.  We will also be here to support moving forward, in what we are sure will be an evolving new normal. 

 

In addition to keeping you updated on the changing landscape, and providing experts to answer questions around specific topics (financial, regulatory, practice management, telehealth, etc.), we are launching a tool that can assist you in evaluating and optimizing your revenue stream.

 

Healthmonix has been working for over a year with Medicare to bring you actionable data to drive your practice decisions.  We provide detailed claims data, showing you the total spent for each of your patients inside and outside your practice, where those patients are going to receive care, and the revenue you may be missing.  Tools are available to allow you to optimize your patents’ risk scores to achieve additional revenue.  The data underlying our new system has not been available to your practice until 18 months after the fact.

 

As practices move forward, detailed analyses of revenue stream can help find ways to increase revenue and/or decrease cost.  Some examples include aligning services to those most utilized by your patients, both inside and outside your practice; reducing variation in practice and coding; optimizing care patterns for patients based on primary diagnoses or other factors; and determining where best to continue to utilize telehealth, to name a few.

 

While all these activities may have been available in the past, with the pandemic’s effects, these could provide the difference between just sustaining your practice in the long term and thriving and adapting as we come out of the pandemic. 

 

Hope to continue to see you in our webinars, and if you’d like to discuss our new tool and see a demo, contact us for dig into what it could mean for you.

Topics: Cost Performance Category, ROI, COVID-19