Think tank groups are very effective ways for professionals to take steps toward workable solutions in their fields, especially when held at least once per month. Establishing a regular think tank promotes trust and a stable rapport between sharers. It is recommended that specialized groups meet at least once per month with sectioned off topics to be addressed, then save the last 10-15 minutes for general topics.
To establish the dynamic of your professional group meetings right away, set a key topic that will draw all available anesthesiologists, such as ways to help with billing solutions that will increase and generate more income.
Groups that have started with just these three topics alone, have improved hospital-anesthesiologist relations, and improved their billing solutions and revenue:
What is the greatest cause for low revenue and high down time in hospital anesthesiologist’s profession?
The answer is an inefficient operating room schedule. The good news is that anesthesiologists have the unique position to take the lead in driving their solutions to the problems, such as improving OR efficiency. The fact that surgeries are responsible for over 66 percent of most hospital incomes gives your group a very rare commodity, leverage to be heard.
Hospital administrations are pro-actively looking for professionals on their staff to identify and help improve their most critical revenue generators. As anesthesiologists, you already have the untapped credibility to work on several improvement opportunities.
In fact, anesthesiologists who have increased the effective utilization of their own OR’s by just 10 percent above typical monthly performance percentages can see an increase in their own monthly compensation by at least 25 percent per month.
Here are ways other hospital anesthesiologists have improved their standing with their hospital administrators:
Hospitals from all around the country reveal these solutions will improve a typical OR performance of 65 percent or below. If your think tank focuses on an increase of efficiency to a benchmark performance of only 75 percent, you can expect to see a 25 percent pay increase.
How ‘Tight’ are your Billing and Collection Services?
An anesthesiologist should keep net collections at 94 percent or more each month. Receivables should never extend longer than 45 days. Review your revenue cycle metrics. If you have a hired anesthesia billing company, be sure you contract for these standard billing guidelines, you might consider finding a new billing and collection service. Just adhering to these monthly standards will again raise your income another 10-15 percent per month.
Your group could be losing significant income from deductibles and uncollected co-insurance payments. Ask your administrators to cover anesthesia fees during all pre-surgical financial interviews.
This is a good time to task your professional think tank to be sure the group is being paid acceptable rates. Delegate some time to optimize your contracts and keep them current. Monthly meetings for think tanks and exchanging ideas between professionals, such as anesthesiologists, can make a direct impact on solving problems such as fair billing and best rates practices.
abeo Management Corporation (abeo) serves as a leading source of revenue cycle management and practice management with a specialization in anesthesia. The company leverages its people, processes, and software to serve independent practices, surgery centers, hospitals and healthcare systems with a scope of services that include billing, coding, transcription, practice management, and business consulting.