Large physician group with 20 different practices sought help with 2 practices (12 providers) that were not achieving expected financial performance. Health system hoped that the knowledge gained would also be applicable to the other practices. One practice was acquired in prior year; loses were increasing and unsustainable though productivity remained at pre-acquisition levels. Hospital strategy involved more acquisitions but it could not continue to repeat losses with additional groups.
Health Intersect conducted a thorough analysis of practice operations (clinical and business), financial performance (expenses and revenue cycle), contracting and billing, and physician compensation. This included time spent on-site in observation comparing stated practice policies with actual practice performance. All stakeholders were interviewed and their input into the problems and solutions solicited (staff, physicians/providers, managers, hospital executives, patients). A comparative analysis was conducted to ascertain performance among same specialties in similar markets.
An action plan with assignments, timeframes, and goals was provided. Additionally, an Impact Analysis was prepared for management to understand the tangible improvements that would result from implementing each action plan, totaling a reduction of 64% in practice losses.
To ensure buy-in by management, staff and providers, the health system and Health Intersect collaboratively conducted multiple meetings with relevant stakeholders to present detailed written and oral presentations of findings and recommendations, and to assist in planning their implementation.
Hospital has successfully implemented or in the process of implementing the recommendations and has a blueprint for applying similar solutions to its other relevant practices.