One Size Doesn’t Fit All: Customizing a Financial Plan for Your Healthcare Practice

Donna White

Donna White

By Donna White, Principal Consultant and Owner of Legacy Consulting Services and Legacy Billing Solutions in Montgomery, Alabama.

In the dynamic landscape of healthcare, managing the financial health of your medical practice is paramount for sustainable growth and effective patient care. Legacy Consulting Services has the proven expertise to provide customized solutions to navigate revenue cycle management. 

The Challenge for Revenue Cycle Management

Healthcare practices face many challenges in maintaining robust financial health. From billing and coding complexities to regulatory compliance, the revenue cycle management process can be overwhelming. 

Many consulting firms adopt a one-size-fits-all, or what we sometimes call a “vanilla,” approach, but Legacy Consulting Services understands that every medical practice/organization is unique, requiring personalized strategies to achieve optimal financial outcomes for your organization.

Tailored Solutions for Optimal Results

We take pride in our commitment to providing tailored solutions. Our team of experts understands that each medical facility operates under distinct circumstances. That’s why we conduct a complete analysis to identify specific pain points and opportunities for improvement.

  • Comprehensive Financial Assessments: Legacy Consulting Services begins by conducting thorough financial assessments of healthcare practices. We often call these “Revenue Cycle Assessments.” This involves evaluating the current revenue streams, identifying billing and AR follow-up inefficiencies, observing team members in action, assessing the effectiveness of existing revenue cycle processes, and providing future-state recommendations. Legacy can also be as involved as needed in the implementation of such changes.
  • Customized Revenue Cycle Strategies: One of the key principles that sets Legacy Consulting Services apart is the development of customized revenue cycle strategies and tools. We tailor our approach to optimize billing, coding, and revenue cycle processes while utilizing accountability tools and data analytics to make recommendations for improvement. Maybe it is policies and procedures or training that is needed or perhaps you need accountability tools for your internal team. Sometimes we find practices or groups are unaware of the revenue cycle key performance indicators (KPI’s) and need assistance with benchmarking and monitoring whether they are succeeding or whether money is “being left on the table.”
  • Technology Integration: In an era of technological advancements, Legacy Consulting Services leverages cutting-edge tools and platforms to streamline financial operations. The integration of advanced technologies ensures efficiency, accuracy, and compliance with ever-evolving healthcare regulations.  
  • Continuous Monitoring and Adaptation: Recognizing that the healthcare landscape and reimbursement are constantly changing, we don’t stop at implementing solutions. Legacy Consulting Services emphasizes continuous monitoring and adaptation, staying ahead of industry changes, and proactively adjusting strategies to meet evolving requirements. It is important to stay informed of billing, coding and reimbursement changes and it is often impossible for the same team that handles the administrative tasks in the office to also be educated on “all things” revenue cycle.  

Emphasizing the Uniqueness of Each Practice

One of the cornerstones of our philosophy is the acknowledgment that “one size doesn’t fit all” in revenue cycle management. Every medical practice has its own set of challenges, strengths, and goals. By understanding the unique aspects of each client, we ensure that our solutions align with the specific needs of your healthcare practice, fostering long-term financial health. We go beyond conventional approaches, providing comprehensive financial assessments and customized strategies to enhance revenue cycle management. 

In an article by Revenue Cycle Intelligence, Revenue Cycle Director Sherry Lewis commented that their “goal is to provide care to our patients. They shouldn’t be worried about prior authorization and things like that, and we shouldn’t be worried either. Caring for our patients is the number one priority, but we’re a privately held company, so we need to have revenue and get paid for our procedures and care. You have to make sure your processes are working.” 

We could not agree more. Patients want to see a good physician. Physicians want to take care of patients. Administrators often end up focusing on customer service, patient flow or the front end, and the revenue cycle is not managed properly. Peter Drucker said “What gets measured gets managed,” which means that if you’re measuring something, then the probability of acting on the information is a lot higher.    Contact Legacy Consulting Services today to learn how we are committed to the long-term financial health and success of your healthcare practice!

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