Patients and healthcare providers will tell you that bigger is not always better when it comes to quality healthcare. How can a practice stay independent and increase profitability while acquiring smaller practices? Medical billing solutions services have the opportunity to provide a personalized healthcare experience that is more than what would be expected from larger facilities, thanks to CMS and other value-based care initiatives.

This approach is a good way to ensure your independent practice thrives in the next year. It also helps you plan for 2022. For more information on how to control your revenues and sustain growth, as well as to prepare for CMS changes, see the preparation tips below.

The challenges facing independent, smaller practices

Providers are now facing reduced reimbursement rates and increased competition, as well as the possibility of being absorbed into larger organizations, with the consequent loss of autonomy. Many smaller providers are under such pressure to keep their doors open, they have had to close their offices or join larger healthcare organizations. The number of hospital physicians grew by 14,000 in.

Use the value-based approach to your advantage.

Many physicians are bucking the trend towards joining healthcare conglomerates and setting up their own practice or focusing on what they have, with an emphasis on a personalized value-based approach. Julia Martinez, MD, and Patrick Samora, MD, decided to leave their larger practice to form Family Medicine Partners in Santa Fe, New Mexico. They made value-based healthcare a central part of their practice.

The new practice focuses on patient care and aims to make sure that doctors are not overwhelmed, as it is in many large organizations. Patients receive standard care for all preventive care while being treated acutely and managed chronically. Primary Care First is a CMS initiative that will deliver value-based care. It will start rolling out on January 1, 2022. If you haven’t, plan now to participate – we’ll discuss this more later.

For independent practice success, tools and processes

Understanding the evolving rules and the practice’s responsibilities. Practices need to keep up-to-date with CMS and payer rules. The Department of Human Resources offers training to practices with 15 or fewer clinicians under the Quality Payment Program in order to keep staff and clinicians current.

Technology can be used to improve patient care, engagement, and regulatory compliance. Electronic health records (EHR), and similar technological solutions, can reduce administrative burdens such as verifying insurance, coordinating care, and improving workflow. It also improves patient communication and feedback. It is essential that all systems and related tools are fully integrated to ensure seamless workflow. To ensure everyone has the same goals and focus, set goals that include input from all staff: This includes innovative medical billing solutions and front office personnel as well as nurses and providers.

A checklist to help you prepare for the next year

Diversity is key to the conversation. As previously stated, great planning requires input from all members of the team, from physicians to office staff. What has been the year’s progress? Which projects are doing well? What needs to be completed by year’s end?

What business problems must be solved? And what steps should be taken to solve them? Here are some topics to think about:

• Planning for the workplace
• Personal management and hiring
• Technology
• Marketing strategies and growth
• Financial management
• What are the goals that will guide the practice in the future? Identify three key objectives and steps to address current issues.

Primary Care First officially launches on January 1, 2022. Is your practice ready for it?

Primary Care First (PCF), a voluntary program, offers five-year payment options. It rewards quality and value in the delivery and support of Medicare beneficiaries in 26 US regions. Primary care physicians (PCPs), who are primary care doctors, receive monthly payments (pmpm) per patient and a flat visit rate with performance-based adjustments. Patients can be supported in the office by practices using money, such as adding care managers or telehealth options.

Although enrollment has begun, PCF (not confused with Advanced Primary Care and Comprehensive Primary Care Plus) has several benchmarks that practices can use in order to determine their readiness to join. Are you currently a qualified PCMH (patient-centered medical home)? If you are, then you are already on the right track. Here are some areas you should address if you’re interested in joining.

• Excellent understanding and documentation of hierarchical condition codes (HCCs).
• Access to care is 24×7, along with electronic health records (EHR) real-time access
• Utilize powerful analytics to help providers accurately stratify and risk patients
• Excellent team-based care is already in place
• It is important to have a process that allows caregivers and patients to provide feedback.
• To manage your revenue cycle, partner with a seasoned medical billing service

Partnering with a seasoned medical billing and practice management company is one way to prepare for the coming year. Since 2002, Medcare MSO Medical Billing has been providing independent practices with billing services and associated practice management support. We keep our claims staff up-to-date on all changes in state, federal, and payer policies and regulations. This ensures that your practice receives accurate and complete reimbursement for services rendered. For a confidential assessment of your practice’s growth and management goals, please contact us by phone at +1 800 64 6409 or by email at sales@medcaremso.com.