It can be hard for oncologists to admit they need help when it comes to managing their practice. Many are ambitious and seek to achieve their goals independently. In addition, it can be difficult to trust outsiders to treat their practice with care.
However, partnering with a management solution firm gives physicians time to focus on delivering exceptional patient care. By employing outside experts, your organization can leverage the expertise and resources of a team specifically dedicated to oncology practice management.
Outsourcing operations is an efficient way to add value in nearly every facet of your practice. Whether you are looking to start a new project or could use the opinion of a revenue cycle expert, oncology management solution firms have the insights, resources, and strategies for success.
Here are some signs that it’s time for your organization to hire an oncology management solution firm:
For oncology practices to grow, management must balance daily operations with developing successful long-term strategies. This requires insights, resources, and time that many providers don’t have to spare. Fifty-five percent of physicians report that “too many bureaucratic tasks” is the leading cause of burnout.
Even if staff members have enough bandwidth to manage all their responsibilities, what happens when something falls through the cracks? Failure to properly update patient records, market new services, or establish compliance can stunt practice growth. Stretched resources lead to more stress for your team and limit your available time for what matters most.
Consider consulting with an expert team that specializes in practice management to relieve the operational burden. Oncology management solution firms, like OPS, have the appropriate time, resources, and expertise to back your team up. This sets up your practice for long-term growth while allowing providers to focus on delivering top-quality patient care.
When starting a large project, such as the implementation of a new patient portal or renovation of an existing office, utilizing insights from oncology management solution firms is key. Working with a professional will minimize risk by avoiding slowdowns, missed steps, or forgotten paperwork. Oncology management solution firms that are well-versed in managing many moving parts ensure project completion in a timely manner.
In addition, management solution firms can navigate through many organizational changes, such as adding providers, merging with another practice, or changing physicians. Enlisting a guiding partner gives you a sounding board for new ideas.
Just like any other business, oncology practices must optimize their revenue cycle management to maintain profitability. Organizations need to collect the appropriate payments to pay teammates, order new supplies, and keep treating patients.
Without a business management degree or experience in managing cash flow, physicians have trouble balancing the high costs of service and patient needs. This is where a management solution firm comes in to provide in-depth diagnostic reports and actionable insights. Revenue cycle management provides the most efficient billing processes through decreased costs, reduced denial rates, and increased revenue.
While it’s important to care for current patients, oncology practices must also keep an eye on the future. It is important to continue striving for operational excellence. Being at the cutting-edge clinically and economically ensures that your practice will be able to best serve patients.
If you don’t have a clear idea of how to achieve specific goals, consider partnering with a specialist in strategic planning. Through tested market analysis policies, oncology management solution firms provide actionable insights for future growth. They help you understand key metrics and how they align with your practice’s goals. In addition, management solution firms use their years of experience to determine the nuances of data and what results mean for your future.
Regulations are constantly changing, and oncology practices must adapt to keep up. Failure to coordinate care or comply with government agencies leads to inefficient care, downtimes, and lost revenue. Keeping track of the current best practices is difficult and interferes with important clinical work.
Oncology management solution firms are dedicated to establishing compliance with new Medicare programs and other guidelines. As the healthcare landscape continues to evolve, these experts help your practice navigate changing regulations. Using decades of experience, management solution firms will inform you of any new updates and make sure you stay in compliance. Partnering with an oncology management solution firm that specializes in compliance helps you avoid penalties, stay in compliance, and efficiently treat patients.
It can be difficult to navigate various relationships with hospitals, payors, and staff while keeping everyone satisfied. Effective contracts ensure that each party is earning the revenue that they deserve and integrates services for patients. In addition, 3rd party support implements more effective resource utilization.
Oncology management solution firms help to balance these partnerships as an unbiased party. They can make tough decisions using decades of practice management expertise. To optimize revenue for your oncology practice, these experts efficiently engage with contract negotiations. Strong relationships between insurance companies and healthcare providers ensure value without compromising care.
Oncology practice staff are often too focused on processing visits to implement new services. Adding new capabilities helps you serve a wider base of patients. An oncology management solution firm may be able to highlight new services to add, such as a new office procedure not offered by competitors.
Along with pointing out new services, these professionals will help you research and implement this new program. They understand the nuances in the latest data and can point your practice in the right direction. Using decades of experience, management solution firms will create realistic goals and timelines for the quickest implementation. In addition, they will design marketing plans to communicate the new services to patients.
More and more businesses choose to outsource services to support their growth, and oncology practices are no exception. Expert management solution firms can help fill in gaps in your practice’s day-to-day operation with innovative solutions. Along with managing daily operations, oncology management solution firms can set your practice up for future growth with strategic planning.
OPS provides industry-leading operational support to oncology practices nationwide. Our team uses decades of strategic, regulatory, and business management expertise to fill any administrative gaps. An OPS partnership allows you to focus on delivering exceptional care. We provide wall-to-wall for the greatest financial, strategic, and operational impact.
Our team seamlessly bridges any gaps in resources so your practice can reach new levels of excellence. If you are interested in partnering with our expert oncology management solution firm, contact us.