When it comes to the business of healthcare, anesthesiology is arguably one of the most challenging sectors. Running a successful practice requires more than skilled clinicians. It demands outstanding coding, billing, and collections services to navigate reimbursement complexities, plus business insights drawn from experience in the field’s nuances. Yet in many cases, these demands exceed the resources available within most practices. Fortunately, anesthesia business consultants, like abeo, provide a comprehensive solution. Let’s take a closer look at how these services help grow profits, lower costs, and bring value to your practice.
Most anesthesiology practices rely on a third-party service provider to manage coding, billing, and collections. Available options are typically limited to basic billing firms or full-service companies that also provide some practice management services. Should you require more advanced support for contract negotiations, strategic planning, and other key functions, the practice must engage an additional partner at an increased cost.
Anesthesia business consultants, however, help simplify operations with access to a range of advanced services through a single provider. Clients can customize support to include any of the following:
By choosing only the services you require, you’ll streamline operations and increase value while lowering costs across the board. You’ll also gain the invaluable experience of a company that understands your revenue challenges, compliance requirements, and other industry-specific factors inside and out.
Accounts receivable represents one of the greatest challenges facing anesthesiology practices. Too many groups accept large balances, slow payments, and excessive write-offs as an unavoidable aspect of doing business. Those who do raise questions and expect improvements often find their billing company has few answers and takes little action. As the problem grows, profitability falters.
Fortunately, anesthesiology business consultants allow you to take control of billing without dedicating valuable practice resources to micromanaging accounts receivable. They can assess your current collections practices, identify areas for improvement, and help ensure a more predictable revenue cycle – even with the complexities of anesthesiology accounts receivable in play.
Reimbursement often lags for anesthesiologists and other hospital-based specialties. Coding these services is increasingly complex, with the ICD-10 revision adding 8x more diagnosis and provider codes to existing standards. When errors occur, more claims are denied, and the path to payment slows considerably.
With next-generation technology and customized solutions for your practice’s billing cycle, anesthesia business consultants reduce these errors to improve efficiency and eliminate the delays that slow reimbursement. Not only will your practice receive reimbursements more quickly, but you’ll also improve overall cash flow and revenue while lowering compliance risks associated with these errors.
The value-based care model, which links reimbursement to your practice’s quality and efficiency of care, is gaining traction throughout the medical industry. Contracts for anesthesiology providers are increasingly subject to this approach due to the high cost of their services. To find success, practices must become more efficient and effective while maintaining low operational costs.
Practice management services provided by anesthesia business consultants play a key role in finding success in value-based care contracts. Your consultant will help find ways to control costs, optimize the value chain, reduce your administrative burden, and access other improvements that ensure compliance, improved care, and lower costs, all while growing revenue.
Does your vision for the future include more lucrative contracts, expansion into new hospitals and health systems, and other growth? While a billing company can provide accurate, dedicated service, they won’t be able to guide you through the challenges of sustainable growth, from optimizing your revenue cycle to making staffing more efficient.
Partnering with anesthesia business consultants provides the strategic insights needed to cut costs, enhance reimbursement opportunities, and win more valuable contracts. No matter your current approach, their experience, and data-driven planning can help your practice grow and thrive for years to come.
From improved collections to strategic guidance, abeo’s anesthesia billing, practice management, and other services have helped countless practices increase revenue and optimize operations. Contact us today to learn more about how our services help clients add value and overcome the unique business challenges facing anesthesia providers.
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.