Physician groups in US, numbering approximately 240,000 have grown and changed significantly in terms of team compositions, employment contracts and management in last two decades. The proportion of physicians in solo and two-physician practice have decreased significantly from 40% to 30%. Today, more physicians work in the group practices, often specialized single specialty groups. Kaiser Permente, Cleveland Clinic, Mayo Clinic, Mercy Clinic and Northwell Health are the major five groups that account for over 14000 physicians amongst them.
Administrative hassles and patient financial management are major challenges that US Physician groups face. A Wharton School survey mentions that Physician groups understand their current models won’t get them to where they need to go and the impediment to change was mostly internal. The typical challenges faced by the Physician groups are –
• Outdated or ineffective IT infrastructure
• Uncertainty about reimbursements
• Revenue leakages
• Increase in denials
• Administrative burden
• Poor patient experience
Adopting appropriate technological and administrative changes is key to positioning Physician groups for future success. Deploying smart analytical solutions exists to glean the insights from tons of data. Analytics help identify root causes and fix the leakages. Ineffective and poorly designed process cause revenue leakages, affect patient experiences, rework and delays. By conducting a thorough process audit, one can identify which steps add value, which are the steps that are redundant and what are the inefficiencies built into the system. Process improvements can happen through standardization, elimination of redundant steps and automating the complete process to completely eliminate manual errors. Smart solutions like RPA or BOTs are increasingly being deployed to fortify process and scale higher efficiencies.
With standardization and automation, a Physician group may witness elimination of duplicate work, reliable routines, and higher-quality outcomes besides opening up the channel of communication between healthcare providers, staff and patients. Specialized workflows and functionalities built into the system must be intuitive and should have easy-to-use interfaces.
Exdion has been supporting healthcare providers by providing customized solutions using their proprietary eRCMM framework and RPA techniques led by competent and certified practitioners. Through Exdion’s consulting solutions, Physician groups can assess their current systems and processes, identify gaps and recommend appropriate changes to evolve and sustain as strong businesses. Exdion’s recommendations not only include administrative and management changes, but also the right mix of technology enhancements for a robust revenue cycle management.