This is the final part of a three-part series on the importance of independent specialty practices in America. Part 1 explains why consolidation is not the promised cure-all solution. Part 2 describes the challenges associated with running practices to meet the expectations of modern healthcare. This part explains why the right specialty practice management partner can make all the difference.
Medicine today requires too much of independent specialty practices. Instead of being able to focus time and energy on patients, you’re stuck managing the business side of your practice–an ever-increasing burden.
You’ve worked hard to build your practice to what it is today, but keeping up with all the policy changes, paperwork, and business operations while also taking care of your patients is no longer sustainable. Specialty practice management has become increasingly challenging. The good news is you don’t have to take it all on alone, and you don’t have to submit to the corporate pressures of consolidation.
The corporate pressures to succumb to consolidation are strong, especially as the burdens of running a practice on your own continue to increase.
But you don’t have to do it alone – we recommend finding a specialty practice management partner to help your practice succeed in the market while remaining independent.
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You Need a Specialty Practice Management Partner…
…Who Can Uncover the Metrics that Matter
Doctors know that documentation is key for reimbursement, but the volume of metrics associated with a practice is often overwhelming. There are metrics about your patients and their outcomes, metrics about you and your performance within a facility, and even key benchmarks that PE expects you to hit. Ultimately, although important, these metrics are typically focused on profits instead of patient care. The right partner will help you uncover the critical KPIs that actually impact your practice and help you optimize them to strengthen practice operations.
A lot of medicine is based on metrics – but do you know which critical KPIs actually impact your practice’s success?
…Who Can Provide You with Specialty-Specific Expertise
The future of your practice hinges on critical partnerships with payers, patients, and referring providers. While you’re an expert in your practice, we can provide enhanced support with a comprehensive view of what is happening across the industry and within your specialty. We can help you cultivate these partnerships in a way that will continue to support your practice. We can help you answer critical practice questions to help support these relationships like:
- Are you using your practice metrics to negotiate favorable payer agreements?
- Have you considered implementing alternative payer agreements?
- How efficient are your prior authorization, claims, and other practice processes?
- Where are your referrals coming from?
- Do you know if payers are sharing your performance data with other PCPs in your market, and do you know what that performance data looks like?
Do you know how to answer these critical questions?
…And Support Your Practice So You Can Focus on Patients
High-quality, affordable healthcare is supported by specialty independent practices that provide patients with more choices as to where to get their care support high-quality, affordable healthcare. It’s important that these doctor-patient relationships are maintained and enhanced rather than lost to the pressures of consolidation. It’s not easy, but specialists who can build and maintain the right partnerships will not only survive but flourish in this new environment.
Are you ready to strengthen and future-proof your practice?
TRIARQ: Your Ideal Specialty Practice Management Partner
At TRIARQ, we’re dedicated to protecting specialty independent practices from the threats of consolidation. We want you to be able to provide your patients with the highest level of care without having to stress about the operational or financial side of your practice. We’ve built a specialty toolkit specifically designed to support practices like yours. We work with you to develop a strategy that:
- Solidifies payer relations
- Maximizes profitability
- Closes gaps in patient care
- Improves reputation and practice positioning
- Optimizes operational and financial performance
- Streamlines administrative management
Your Clinical Expertise + Our Specialty Practice Management Expertise
Your practice is unique, so you have unique challenges and goals. While you’re an expert on all things clinical, we can provide additional support with expertise across the business side of your practice. We have the resources, data, and insights needed to keep up with market demands and advise you on the steps to take to strengthen your practice moving forward. We deeply understand the operational requirements to run a successful practice and work with you to prepare for the future. This includes things like:
- How payers work
- How risk contracts are becoming more available
- How these opportunities create flexibility for providers to deploy clinical pathways
- How to support adherence to clinical pathways through clinically integrated networks
- … and more.
We work with you to combine your clinical expertise with our business expertise to develop a custom strategy to strengthen and future-proof your practice.
Our unique position gives us a comprehensive view of what’s happening across other specialty practices and within the healthcare industry. This allows us to provide you with the same policy, revenue, insights, and strategic planning capabilities that Big Health is using against you… but adapted to meet your practice needs.