With aggressive acquisitions since 2012, the chance of holding onto your independent anesthesia practice becomes more challenging each day. Besides the nagging potential of acquisition, the complexity of coding, billing, and other administrative needs is one of the main reasons most practices outsource their anesthesia practice management.
Imagine completing an overnight shift and then going home and stressing that you still have to check your books to verify that the payments from the previous weeks were completed. This is an unhealthy scenario for you and your practice – you should be focusing on providing care, not wasting time checking your financials.
Maintaining your practice’s independence requires working with the right partners to keep everything running smoothly.
Outsourcing practice management is just one way to simplify your life while holding onto your independent practice.
Find out how you can better secure your independence in our eBook.
Anesthesia Practice Management
The emergence of many medical practice management organizations over the past 10 years has made it more difficult to sort out what should be included in an ideal anesthesia practice management services package.
Fusion Anesthesia has been providing anesthesia practice management solutions for 45 years. Our expert coders and billing staff will handle all of your claims filing and reconciliation needs while our other staff will handle bookkeeping and accounting tasks. Our comprehensive services allow us to act as your back-office staff and eliminates the need for you to hire multiple vendors for various services.
Anesthesia Practice Management Services: The Basics
Here are the basic anesthesia practice management services you should be looking for from a management partner:
- Billing and revenue cycle management
- Practice management
- Accounting, tax, and payroll
- Compliance services
Those are just the basic services your management partners should offer. For truly comprehensive anesthesia practice management services, ask your vendor or prospective vendor if they can help you with the following:
- Payor contract Negotiation: Walking into a contract negotiation meeting armed with data about the services your practice provides is key to negotiating a favorable contract. Find a partner who can support your discussions with insightful practice metrics plus national and regional information about the current anesthesia environment.
- Facility Negotiation: It’s important to work with facilities to understand and consider payor mixes, facility utilization rates, etc., as these things will impact contract specifics. Find a partner who can help you deep dive into how these metrics impact your practice finances and who can back you up with historical data, projections, and industry averages so you can have the best contract while meeting all facility-imposed requirements.
- Reporting: If all your vendor does is provide you with a cryptic “analysis” of your practice, then you better consider looking for another. Your partner should provide clear practice metrics like reimbursement rates, payor mix data, future monthly projection, and collected vs. expected data so you can make informed financial decisions.
- Credentialing management: Dealing with mountains of paperwork, deadlines, and submitting fees should be the last thing on your to-do list, but these tasks are inevitable. Your anesthesia practice management services partner should handle and manage all of it for you.
Data helps you make educated decisions about where you want to take your practice in the future and informs where changes need to be made.
Anesthesia Practice Management
Services Should Include Comprehensive Support
Although the services described above are vital in your practice, it doesn’t mean you should have to worry about handling any of them. Finding the right partner that provides all of these comprehensive services not only takes the boring stuff off your plate, but it can also have a huge impact on your overall revenue.
At Fusion Anesthesia, we have over 45 years of experience helping anesthesiologists manage their practices. From billing and revenue cycle management to contract negotiations – we do it all. We know exactly how to optimize your practice operations to increase revenue.
Want to see how we can help improve your practice with comprehensive anesthesia practice management services?
Our service to over 400 anesthesiologists helps us have a more comprehensive insight into how anesthesia practice management solutions can eliminate hassles on your end and increase your take-home revenue by 5-15%.