Although collaborative clinical management is not a novel concept, its significance had never been more relevant. As medical practices, either small clinics or huge hospital setups, try to realign their clinical and operational models to counter the imminent impact of sweeping medical reforms, Mergers seem to be a more viable option. Apart from collaborative advantage for clinical efficiency, mergers – as manifested by other business ventures – carry operational optimization and revenue maximization. Irrespective of the objective – customer or client satisfaction in business ventures: patient well-being in healthcare industry – mergers need to be managed the way they ought to be, with shrewd sense of business acumen.
While people managing healthcare setups have largely been successful in elevating the quality of medical care, the task of orchestrating mergers might seem altogether a different proposition for them – successful management of mergers require bringing together diverse resources, styles, culture, and financial structures into one harmonious unison.
To begin with, a board room resolution amongst intending hospital management needs to be chalked out to pave way for the rest of the merger-process. This might require lot of deliberation and consensus among the vested parties.
Having arrived at a consensus, the merger committee needs to decide on the composition of resources to be availed from each of the participating practices or hospitals. This invariably requires choosing the best of the resources from each of the entities.
Next, there is the important issue that of financial contribution and revenue sharing, which should clearly spell out the parameters for financial contribution and revenue sharing among the merger-pool. The committee, irrespective of financial contribution, may decide to share revenue equally, or according to a pre-set ratio. In any case, there should not be scope for any ambiguity.
Such streamlined approach to forming a merger can eventually pave way for:
- Medical efficiency from diverse pools of competencies
- Operational optimization and revenue maximization from voluminous incidence of patients
- Clinical networking and coordination for enhanced medical research and innovation
- Above all, putting patients at ease with one-stop destination for comprehensive medical care
- But, like in the case of initial transition of any business, hospital mergers too can pose some daunting problems, such as:
Initial investment prompted by realigned medical care model requiring expenditure on resources and technology adoption.
- Considerable workload necessitated by renewed patient base, which, at times, may be demanding for physicians in a new set up.
- Hospital costs, tending to be a little bit higher initially, may not be attractive to patients.
- Medical billing and coding could be too daunting in a complex and voluminous operational model, such as merger and acquisition.
As practices show greater inclination towards such merger-led model, expert opinion from medical billing companies that possess the requisite competencies to stage-manage as complex a model as merger. Medicalbillersandcoders.com, with proven credentials for being operational ally in resolving many a medical related issues, could make Merger Formation less daunting and more efficient. Its ingenious advisory apart from the regular Revenue Management Solution – comprising Patient Scheduling and Reminders, Patient enrollment, Insurance Enrollment, Insurance verification, Insurance Authorizations, Coding and audits, Billing and Reconciling of Accounts, Account Analysis and Denial Management, AR Management, and Financial Management Reporting – should be enough justification of its ability.