2015 User Conference Billing Survival April 23, 2015 Presented by: Aimee Heckman OP15 Billing Manager PM Session Billing Survival ▪ ▪ ▪ ▪ Surviving on your own Is joining an ACO your best option? What are your other options? Monitoring the health of your practice 2015 Office Practicum User Conference Surviving on your own ▪ “Did I go to med school for this?” ▪ What you’re up against - ACOs, ACA, ICD-10 ▪ How can you focus on patient care without losing sight of the “business of medicine”? 2015 Office Practicum User Conference Is joining an ACO your best option? ▪ What to consider ▪ Who owns the ACO? ▪What are the risks of joining and not joining ▪ ▪ Shared risk within ACO Risk losing referrals if not in ACO ▪Which partnerships will you gain or lose? ▪ ▪ ▪ Hospitals Payers Buying Groups 2015 Office Practicum User Conference What are your other options? ▪ ▪ ▪ ▪ ▪ Micropractice Concierge Buying Groups IPA Vendor Partners ▪ ▪ ▪ ▪ ▪ Compliance IT Legal Credentialing Billing 2015 Office Practicum User Conference Monitoring the health of your practice Whichever way you choose, you must be engaged in monitoring the financial health of your practice as diligently as you are in caring for your patients. 2015 Office Practicum User Conference Monitoring the health of your practice ▪ Where are you today? ▪ Assess current state ▪ Where do you want to be? ▪ Define desired state ▪ How will you get there? ▪ Create a plan ▪ Who will help you? ▪ Identify key personnel 2015 Office Practicum User Conference Monitoring the health of your practice ▪KPIs - Key Performance Indicators ▪ ▪ ▪ ▪ ▪ Net Collection Rate - >95% Average Days in AR - <40-45 days AR over 120 days - <12-15% Days from Service to Bill - <3 days, 24 hours ideal Claim Denial Rate - <3-5% ▪Using only one or two measures to gauge financial health can provide a false sense of security 2015 Office Practicum User Conference Private practice may not be what it used to be, but it is possible to not just survive, but THRIVE! 2015 Office Practicum User Conference Thank you for joining us at the 2015 Office Practicum User Conference! 2015 Office Practicum User Conference We want your feedback! 2015 Office Practicum User Conference