Want To Have Your Cake And Eat It Too? How Having An Anesthesia Business Consultant Could Make Your Life Easier.
Nobody becomes an anesthesiologist to focus on the nuts and bolts of business. Yet as with any specialty, providing anesthesia care is also a business undertaking. To offload at least some financial operation, most anesthesia groups engage one of two types of partners:
- A basic billing company that manages only the billing function, or;
- A more full-service billing company that provides practice management expertise in such matters as financial management, and payor contracts.
In either case, a group may engage a separate anesthesia business consultant for help with heavy lifting – for example, strategic planning, overseeing a merger or acquisition, navigating contractual arrangements with hospital systems, or planning an overhaul of compensation or staffing models. When a group has already engaged a full-service financial partner, engaging a separate business consultant can needlessly drive up expenses and often not add significant value because they don’t understand the group’s culture and local market dynamics.
Consider abeo, an anesthesia-specific service provider offering both billing and practice management, from which clients select according to their needs. When a group engages our full capabilities, the value-add can more than offset the service cost. For example:
- A client in Oregon initially told us, “We don’t expect you to do any better at billing than who we have now, but we chose you because we need help with our contracts.” We improved both areas, increasing this group’s revenue by 15 percent. It’s now a top reference account.
- On the flip side, another client that is now a top reference came to us initially for practice management, retaining its separate billing firm. We took over this group’s billing as well after two years, and increased its business by 7 percent.
These are just two examples of how blending billing and practice management can deliver benefits beyond the possibilities of separate services.
Something else abeo blends: practice management and anesthesia business consulting.
With abeo, practice management includes having on demand access to seasoned industry consultants in addition to comprehensive payroll and accounts payable services, hospital and payor contract negotiations, M&A planning and facilitation, compliance, operational improvement, governance, insurance services, ad hoc reporting and more. In short, we do more.
Which begs the question: Why would you not want to have your cake and eat it, too?