Managing a medical practice is getting more and more challenging with each passing year. Higher regulatory burdens, complicated value-based care programs with insurance companies, and increased staff turnover (especially due to COVID burnout) are just some of the factors that are reducing work efficiency. A comprehensive Medical Practice Management service, though, can help independent medical practices free themselves from this chaos. That said, choosing the right practice management provider has itself become a challenging task.
Some companies that claim to offer complete medical practice management don’t really provide the comprehensive set of services doctors need or expect. TRIARQ Health, however, offers services that are truly comprehensive, transforming operations and business functions in a way that gives physicians more time to focus on patient care. TRIARQ is an award-winning Management Services Organization (MSO) focused on maximizing growth and independence for smaller medical practices.
Practice management providers should, ideally, be able to address all current administrative challenges while enabling growth and better patient outcomes at the same time.
The most pressing administrative concerns in today’s healthcare landscape include:
- IT infrastructure and software
- Credentialing with insurance companies
- Overhead costs of staffing
- Negotiating with office space landlords
- Ordering and managing medical supplies
- Integrated billing and accounting platforms
- Compliance with government directives and other regulatory bodies
- Increased competition from hospital systems
Comprehensive medical practice management should encompass everything other than the actual patient examination and diagnosis. All aspects of running a practice, such as financials, human resources, compliance, information technology, operations, and marketing, need to be accounted for. This is exactly what TRIARQ Health provides as parts of a single, all-inclusive service package.
Medical Practice Management Partner Responsibilities
A complete medical practice management partner takes on the responsibilities of:
Recruiting, Hiring, and Firing Employees
Proper management of staff is crucial for the success of any medical practice. An MSO partner handles the most time-consuming aspects of the hiring process, including the initial interview, skills testing, and reference checks. TRIARQ Health has dedicated recruiting specialists who find the right talent solutions that meet each practice’s unique needs and preferences. After an employee comes on board, the management partner also helps with proper credentialing and cross-training that may be required for the role. Finally, if a new or existing employee isn’t a good fit for the practice, the MSO will take care of the termination process and all the legal and administrative burdens that come with it.
IT and EMR Software
Electronic medical records (EMR) systems, practice management software (PMS), and medical billing software are all vital for running a practice smoothly. The right EMR/PM software should have an intuitive interface, e-prescription capability, flexible note-taking, sophisticated billing tools, and patient portals. The TRIARQ Health QSuite offers all these features and more. It comes with customizable reporting and monthly scorecards that take performance management to the next level. This cloud-based solution guarantees unmatched accessibility and industry-leading security. The TRIARQ all-inclusive package bundles software, revenue management services, and value-based tools that simplify daily operations and reduce expenses.
HIPAA and Regulatory Compliance
All digital healthcare systems that include electronic health records (EHR), computerized physician order entry (CPOE) platforms, and radiology, pharmacy, and laboratory systems must comply with HIPAA regulations. Practice management partners understand the nature of compliance-related risks, where they occur, and how to manage them. They are well-versed in HIPAA applicability and can conduct targeted training sessions to avoid unnecessary breaches of privacy. The expert team also ensures that all policies and procedures of the practice are accurately adhered to and organized. The TRIARQ Compliance team brings the experience needed to balance compliance costs against business risk.
Medical Billing and Payment Options
A billing and payment management solution systematically boosts the financial performance of the medical practice. It incorporates all tools needed to avoid costly errors, minimize re-work, and receive payments faster. With the insurance eligibility feature, practices can instantly review the insurance status of multiple patients, improving the scheduling process on both ends. A partner MSO also takes over the management of electronic claim submissions and denials so that practices can achieve faster revenue cycles. TRIARQ’s comprehensive medical billing services come with cutting-edge reporting and collecting solutions and integrate seamlessly with existing workflows. Revenue Cycle Management also includes personalized assessments that help maximize value-based care revenue.
Dealing With Insurance Companies and Periodic Credentialing
Credentialing provides quality assurance within the medical industry, while contracting is the process of gaining participation with insurance plans. As more and more patients become aware of the system, they are refusing to visit practitioners who are not in their insurer’s network. The process of medical credentialing and contracting can be extremely taxing, though, for most smaller practices. TRIARQ’s medical credentialing services help independent practices with the collection, certification, and attestation of various documents needed for verification. Its skilled team also helps practices negotiate with insurance payers to set equitable targets and benchmarks through contracting.
Ordering and Managing Medical Supplies
Inventory is one of the biggest capital investments in the healthcare sector. Proper documentation and reporting of inventory benefit the entire practice by improving patient safety and minimizing liability risks. The expertise of an MSO helps eliminate overstock of supplies and untimely shortage of medicines and equipment. It also helps develop standardized protocols for the storage and placement of special drugs and the disposal of expired medicines in stock. On top of that, TRIARQ Health provides an integrated, accessible platform to generate procurement bills and stock and sales reports. This centralized database results in improved compliance, better equipment reliability, and saved time and revenue.
Buying/Leasing Real Estate and Dealing with Landlords
Relocating the office closer to the patient base is good for business, but medical office leasing often ends up being an exhausting (and costly) process. The fine print in the selling or leasing agreement can have a huge impact on both business operations and revenue. A dedicated MSO partner helps minimize the loss factor (percentage difference between rentable space and usable space), boost the tenant improvement allowance, and lower rent escalation. If it suits the practice, TRIARQ Health also helps structure the agreement as a triple net lease. This ensures that the practice isn’t paying more than its fair share of expenses and has the freedom to operate at full efficiency.
Final Thoughts
Medical practices need comprehensive tools and services to deal with the mounting pressures of growth and management. A complete practice management solution must support efficiency, patient engagement, care coordination, and the transition to value-based payment models. TRIARQ Health delivers in each of these areas and more. Learn more about the solutions and services that TRIARQ offers to help medical practices stay independent.