Reasons A Cardiology Practice Should Consider A Management Services Organization
Cardiology is a crucial medical field that keeps people healthy and safe. Independent cardiologists help patients but often struggle under the increasing weight of regulatory and compliance issues. Healthcare administration continues to balloon and challenge medical professionals who want to avoid selling to a hospital or private equity firm.
With a cardiology management services organization, though, a cardiology practice can retain its independence. It can also get help with the crushing weight of administrative tasks. TRIARQ Health helps cardiology medical practices with a wide array of administrative services. This allows the medical team to focus on patient care and outcomes rather than time-consuming background issues. Let our team help you manage your practice.
Tools to Help Cardiologists Manage Their Practice
A management services organization is the best way for cardiologists to deal with administrative challenges. It offers a wide range of services that help manage the practice.
Using these services allows independent practice owners to focus on patient care. It also results in a reduction in operations costs. It allows a physician to manage the economy of scale because an MSO is handling these tasks for many different practices so they’re sharing the team’s cost with other physicians.
Instead of creating and paying for individual systems that govern only their practice, a cardiologist can hire an accomplished team to manage these tasks.
Tools a management services organization offers to help include, but are not limited to:
HIPAA Compliance and Regulatory Challenges
HIPAA has strict and complicated requirements a cardiology office must follow. Consequently, protecting patient privacy is a high priority for independent medical practices. A breach may result in fines, litigation, and damage to the practice’s reputation.
HIPAA compliance is tricky, however, without the assistance of an MSO. An MSO partner knows how to handle these issues and avoid regulatory violations.
Healthcare regulations constantly change. A doctor needs time to focus on patient care, though, not trying to follow the ever-changing landscape of healthcare law. An MSO handles these issues and ensures that the office remains compliant.
Medical Billing and Patient Payment Options
Patient care is a top priority, but a medical practice is also a business. A cardiologist deserves compensation for the difficult and specialized work they do.
A dedicated payment and medical billing system boosts the financial performance of a cardiology practice by:
- Minimizing missed payments
- Providing detailed invoices and accounting information on each patient
- Facilitationg electronic claim submissions and fixing rejections and denials
- Providing cutting-edge collecting and reporting solutions
- Helping with collection directly from patients
Assistance with Insurance Companies
Working with insurance companies continues to get more difficult. They fight claims and constantly question a cardiologist’s medical choices. A great deal of time and effort is spent fighting with insurance companies rather than focusing on the patients.
An MSO makes this process simpler and takes it out of the doctor’s hands. TRIARQ’s medical credentialing services assist cardiology practices with attestation, certification, and collection of insurance documents. The MSO team can even help negotiate with insurance payers. Many other MSO providers fail to provide this level of service.
IT and EMR Support
Federal law requires electronic medical records. Many independent practices think this is enough to modernize their practice. In reality, compliance issues and the expectations of patients mean this is not enough. Patients expect a technological solution to their problems, including patient portals and much more.
Handling these software concerns is difficult for individual medical practices. They are not IT experts, and they shouldn’t have to be. Luckily, an MSO can handle IT administration and electronic medical record support.
Medical Supplies and Inventory Control
A cardiology practice must manage its inventory and medical supplies on hand. This is often a tricky and costly part of the practice. Many independent cardiology offices over-purchase or fail to purchase the right amount of equipment or supplies.
This can make it impossible to provide quality care or could even lead to malpractice in certain situations. Instead of trying to document, order, and manage inventory themselves, cardiologists can trust a dedicated MSO to handle these administrative tasks instead.
Assistance with Staffing and Human Resources Concerns
Cardiologists must manage their staff well to run an effective practice. This involves more than just people skills. It requires time-consuming interviews, skill testing, background checks, and much more.
TRIARQ Health utilizes recruiting specialists to get the right staff through the door. As an MSO partner, we help onboard the right staff to help you run your office efficiently and effectively. We can even assist in termination and other human resources issues when they arise.
How a Management Services Organization Can Help a Cardiology Practice
A management services organization can do a lot to help a cardiologist run their independent medical practice. The right MSO partner is key to helping with the business aspects of the practice. It can handle complicated administrative tasks and the other non-medical needs of the business.
An independent medical practice often faces unique administrative challenges. Unlike practices associated with large hospital systems or private equity firms, these independent cardiologists do not have access to major systems. An MSO helps keep the practice independent while providing the administrative help it needs to flourish in a competitive medical market.
Helping With Administrative Issues in Cardiology Practice
Many MSO companies fail to offer truly comprehensive services. At TRIARQ Health, though, we make sure we help with all aspects of a cardiology practice’s business. This can include:
- Regulatory and legal compliance (both state and federal)
- Billing and accounting software
- Overhead and staffing costs
- Leasing or purchasing office space from landlords
- Fighting back against competition from big hospitals
- IT and software help
An MSO will help a cardiologist focus on patients and their outcomes. They can help cardiologists leave behind the stressful and time-consuming business aspects and focus on what they love — helping patients.
Let TRIARQ Health Help Your Cardiology Practice
TRIARQ Health is a management services organization that helps cardiologists manage their business.
The healthcare industry continues to become more complicated every day. There are new regulatory rules, compliance requirements, and much more that challenge an independent practice’s success. We, though, take pride in helping independent practices stay independent.
We offer human resources, billing, and other tools to help you succeed financially and clinically. We consult on a wide variety of topics to help with patient engagement, data management, and office workflows.
Let us help you, starting today.