In the current healthcare environment, it seems every-other news article announces a new consolidation or group buyout. When peers and other groups are succumbing to buyouts or agreeing to consolidation, it can feel like an uphill battle to hold onto your independence.
Remaining independent is possible, AND beneficial.
The good news is – you don’t have to navigate it alone.
We have laid out 5 steps to secure Anesthesia Independence:
5 Steps to Securing Anesthesia Independence
Step 1: Find a Partner – You do not have to approach independence alone. We have previously gone over the aspects of attempting to do in-house billing that can easily lead to lost income and emotional/time consuming burnout, all while increasing your liability and risk. The right financial partner will help you optimize operations, resulting in increased revenue and financial stability. A financial partner, like Fusion Anesthesia, will support you with services such as:
- Anesthesia Billing
- Revenue Cycle Management
- Practice Management
- Contract Negotiation
- Schedule and Efficiency Analysis
The proper billing and management company will increase your revenue, while also freeing you from the daily stress and hassle of trying to do the financial side of your practice on your own. The peace of mind and increase of income is vital to maintaining long-term independence.
When you have peace of mind, increased revenue, and financial stability, the right resources and overall confidence in your team, it is much easier to maintain independence.
Step 2: Collect Data and Gain Insight – With the right financial partner, they can provide data and insight to how other anesthesia practices are doing. This will allow you to compare your practice to others, see data metrics and fine tune your own operations.
Step 3: Establish Strong Group Governance – A strong internal group governance with a strong supportive culture is also imperative for long-term success. A strong core group reduces internal conflicts, while also effectively making critical decisions. Take a look into your internal core group. Who has authority? Who are the decision makers? What is their support system? What can you do to find tune the core and enhance group communication? It is worth the self-reflection and time it takes to strengthen your group for continuing success.
Step 4: Grow the Business and Increase Operations – As healthcare has evolved, anesthesia groups have to provide cost-effective and high-quality care. Look back at the data metrics from Step 2 and see what opportunities there are for growth. Small groups can consider single-specialty mergers to increase job security while maintain their anesthesia independence. Is your group able to expand to other locations, hospital systems or facility types? This would allow you to improve your payor mix and increase your revenue numbers.
Step 5: Strategic Goal Planning – Sit down with your core group of people and discuss your goals. It might be tedious, but it will help you determine the future of your practice. Come up with short term goals (1-6 months), medium term goals (12 months) and long-term goals (5-10 years), and write these goals down. Make sure the goals are measurable and trackable. For example, a goal of “I want to increase revenue” is not measurable or trackable. Instead, the goal should be something like “Increase revenue by 5% in one year, and then another 5% each year after that.”
Under each goal, create an action plan to achieve those goals. Your whole team will be on board with these goals and work towards them. Track progress and make sure everyone is taking the steps necessary to reach the goals. You can even create fun rewards for each goal that the whole team can participate in.
The concept of maintaining independence in your anesthesia practice may seem overwhelming, but you do not have to do it alone. Partner with Fusion Anesthesia and we can help you understand how your practice compares to others in your region or even nationally. We will provide insightful data metrics, help guide you to improve operations, increase your revenue by collecting more of what is owed to you, and provide additional services to keep everything running smoothly.