Practice Management

Simplify & Improve

FPS Medical Billing’s practice management services can simplify and improve the workflow of your practice. Our full spectrum of advisory services is based on research-driven insights, unparalleled industry knowledge and firsthand experience. We have a vast network of resources that we utilize to help meet your objectives in today’s competitive and evolving health care marketplace.

Our Expertise

  • Practice Assessment and Management, including staffing, workflow and operations.
  • Financial Analysis and Services, including revenue cycle management.
  • SWOT analysis.
  • Managed Care Contract Evaluations, including a complete review of your insurance contracts.

Is there room for improvement in your practice? Do you want focus on treating patients, and leave the complication of practice or revenue management to us?

Practice Assessment and Management

FPS will conduct a comprehensive business assessment to review all aspects of your medical practice. Our solutions focus on producing a timely return on investment through the following methods:

  • Streamline patient flow.
  • Improve front desk operations.
  • Simplify scheduling and registration.
  • Ensure policies and procedures are followed through correctly.
  • Make the best of space and staffing.
  • Increase overall productivity.

Financial Analysis and Services

FPS will conduct a thorough financial review of your practice. This will include coding, fee schedule and reimbursement analysis.

We will present you with a comprehensive plan for financial improvements of your practice.

If appropriate, these services include an integrated approach to physician compensation planning, which encompasses base salaries, capitation-based pay, incentives for productivity, medical management, and financial performance.

SWOT

(Strengths, Weaknesses, Opportunities, and Threats)

Strenghts

  • New and/or innovative service.
  • Extraordinary reputation.
  • A primary focus on quality improvement.
  • High-quality medical personnel.
  • Modern medical equipment and a well-equipped facility.

Weaknesses

  • Outdated healthcare facilities and technology.
  • Insufficient management training.
  • Lack of funding and resources to support programs.
  • Poor location that’s not easily accessible for staff and patients.
  • High staff turnover.

Opportunities

  • Collaborate with different healthcare organizations to knowledge share.
  • Develop healthcare programs and initiatives to drive more community outreach and engagement.
  • Increase funding for analytics and researching, including both staff and technology.
  • Create mentor programs.

Threats

  • Economic or political insecurity.
  • Legislative and Regulatory policy reform.
  • Adverse changes in reimbursement.
  • Increased competition.

Managed Care Contract Evaluations

Negotiating effective contracts requires careful planning and a willingness to collaborate.

Managed care contracts are an essential part of a sound financial strategy which represents a significant percentage of a healthcare organization’s revenue. Successfully negotiated contracts can not only preserve revenue but yield additional dollars through new insurance products and models.

A primary goal for any managed care negotiation is to receive fair compensation for services. However, that should not be an organization’s sole objective.

We look at the impact the payer will have on your workflow—items such as how responsive the payer is to problems with claims, implementation of new policies and procedures, and whether the payer allows delegated credentialing.

FPS will evaluate the breadth of products each payer offers. Medicare, Medicaid and tiered networks are ways in which to diversify the level of participation with a specific payer.