Luanne Yeley, MHA, CMPA is a high impact, results oriented healthcare operations and revenue cycle executive who is fluent in managing multiple, large scale business functions as well as implementing the corresponding technology, tools, and change management to achieve sustainable results.
Medical practices of all sizes, specialties and geographic locations should undergo an assessment of their operations at least every 3 years. Unless your practice is having specific problems, a practice assessment is often put on the backburner.In reality, scheduling regular assessments will actually help your practice avoid problems in the future. It’s a proactive way to keep your practice moving forward and growing in all areas of your business. By having an objective third party audit different aspects of your practice, report their findings and make suggestions for improvement, you can focus an eagle eye (rather than turn a blind eye) on areas that may be falling short in both patient care and administration.Sparkle Mentality Consulting has extensive experience in providing this assessment by interviewing key stakeholders, reviewing policy and process, observing operations, analyzing benchmarks and financial metrics, and reviewing the management of information systems and reporting to provide a written summary of all findings and recommendations.
The continued transition to Value-based care means that our payments are also tied to our delivery of care and the quality of care provided. Patients do not answer satisfaction surveys based on clinical outcomes but on the quality of care they perceive that we have delivered
Sparkle Mentality Consulting will work with your team to review opportunities that streamline scheduling, appointment confirmation, referrals, no shows, registration and insurance confirmation, etc.
Creating an exceptional patient experience which nurtures not only a clinical relationship but also the financial relationship with our patients requires customer service that goes beyond paychecks and policy but inspires a human connection between the healthcare team and or patients that will engage them throughout their care event.
Sparkle Mentality Consulting will provide training, tools, accountability metrics and benchmarks, and policy that provides exceptional service to your patients that cultivates patient loyalty, drives market share, and increases revenue
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Many medical practices have office managers with limited practice management experience or formal education. They may have worked in a front-line role and worked their way up to an office manager, or they may have a business or management degree with no medical practice experience. Our management development program is designed to support on-the-job training with basic management theories while incorporating best practice management principles for medical practices. Combining personal experience with our training helps these managers learn to optimize medical practice performance success.
Are You Maximizing the Value of Your Medical Practice or Physician Network?
· Do your revenue cycle performance metrics fall outside of best practice?
· Are you reviewing these performance measures on a monthly basis? What are you doing to improve them?
Medical networks today are facing greater cost-containment pressures and fluctuating industry dynamics in their constant challenge to maintain a strong revenue cycle. Leaders must remain vigilant in looking for ways to speed cash flow, reduce the cost-to-collect, maintain regulatory compliance and respond to new and emerging payment models. We must adopt more effective approaches to optimizing revenue cycle management in order to provide maximum and timely collection.
Our work will spotlight opportunity to close the gap on the money you are leaving on the table. Our passion is to educate and connect with clients to "optimize and increase the value of every technology, process, and employee"
You agree that it's time to dig in, review, and make some key decisions that will raise your practice to the next level. But where do you start?
The approach we offer and strongly recommend at Sparkle Mentality Consulting, is to check your financial temperature at least annually—if not quarterly—by contracting with an outside resource to perform an audit of your receivables and an assessment of your revenue cycle operations. When performing this “revenue cycle check-up”, we will begin by calculating metrics and key indicators. In addition, we interview key stakeholders and observe operations and process. This allows us to use our subject matter expertise to review critical areas and compare them to best-practice targets and workflows. We will then present a detailed evaluation with recommendations and strategies for addressing issues brought to light during the data review and operational assessment.
This revenue cycle evaluation is a fast and easy way to use metrics to track performance, highlight areas of concern and identify opportunities for improvement. Although the metrics are linked to revenue cycle components, the results can be very telling regarding the health of your practice in many areas. Making these connections will help your team focus on the root of the issue to maximize the value of your receivables.
Maybe you use a billing vendor for your back-end processes? Most vendors appreciate this approach as this external audit also helps confirm that service commitments are delivered. In addition, proper accountability for point-of-service collections, data verification, and other practice reception desk factors will also be major drivers of success in managing the revenue cycle.
“When you want real answers about financial performance, don’t keep sticking your toe in the water to check the temperature. Jump in! Your greatest opportunity for performance progress may be submerged in your data.”
If you would like assistance in conducting a revenue cycle audit, please submit your contact information below
If you’re not monitoring metrics, you’re leaving money on the table. And not just a few hundred dollars.
One example of a revealing metric is the adjusted fee-for-service collection percentage. When we find that a client has not been monitoring this metric, we perform the calculation and often discover that they are leaving hundreds of thousands of dollars on the table.
Audits shine a light on these neglected areas of potential revenue—which are abundant, particularly if you haven’t been reviewing each revenue cycle metric on a routine basis. But that’s not the only benefit. These metrics also highlight challenges or deficiencies in other areas of operation, such as governance, compliance, processes, and staff training and education.
Revenue cycle audits are an industry best practice, and hardwiring the audit process with an external firm provides an unbiased way to monitor the health of the physician network. In today’s fast-paced industry, where administrators are juggling competing priorities and responding to multiple industry changes, it is hard to keep everything in focus. A quarterly Revenue Cycle Check-up of key metrics and best practice is a low-cost way to add tremendous value and to bring revenue cycle best practices to the forefront.
After years in healthcare, I’m still amazed that you can learn so much about a physician network by reviewing key revenue cycle metrics. Remember, the greatest opportunity for network optimization might just be submerged in your data!
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