No two healthcare organizations are alike — and the same goes for appraisal firms. When selecting a healthcare valuation expert, the expert should not only be highly competent, but also reflect the character and values championed by your organization. Selecting an appraiser typically begins with filtering for experience and skill level, but your search shouldn’t stop there. Just like a physician’s bedside manner can impact a patient’s experience, an appraiser’s attitude when working with your organization (or an acquisition target) makes a difference. When selecting an appraiser, consider: ✅ Level of accessibility and professionalism ✅ Emotional intelligence — their ability to navigate the egos, personalities, and other stressors ✅ Openness to input — an ability to adapt to change as they work ✅ Manner of speech — how they communicate complex information to those who may be less familiar ✅ Integrity — a willingness to do what’s right, even when it’s not the desired outcome Different circumstances may call for different qualifications in your appraiser, but shared values and cultural fit should be non-negotiable. Have questions about healthcare valuation? Feel free to reach out to me directly on LinkedIn. #healthcarevaluation #valuation #healthcareadvisoryservices #advisoryservices Root Valuation
Jason Ruchaber, CFA, ASA’s Post
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"Numbers are soulless. It's the stories behind them that matter." That's what my father, a small-town accountant, told me on my first day as an RCM analyst. I thought he was being sentimental. Turns out, he was giving me the key to revolutionizing healthcare finance. In a world obsessed with metrics and KPIs, my father's wisdom has been my secret weapon for over two decades. Here's how it transformed my approach to RCM: 𝟏. 𝐓𝐡𝐞 "𝐇𝐮𝐦𝐚𝐧 𝐀𝐮𝐝𝐢𝐭": For every 10 claims I review, I pick one and trace it back to the patient's full story. It's not just about efficiency; it's about understanding the lives we're impacting. 𝟐. 𝐓𝐡𝐞 "𝐄𝐦𝐩𝐚𝐭𝐡𝐲 𝐃𝐚𝐬𝐡𝐛𝐨𝐚𝐫𝐝": I developed a tool that shows not just denial rates, but the potential impact on patients. Suddenly, a 5% denial rate wasn't just a number—it was 500 families facing financial stress. 𝟑. 𝐓𝐡𝐞 "𝐒𝐭𝐨𝐫𝐲-𝐃𝐫𝐢𝐯𝐞𝐧 𝐓𝐫𝐚𝐢𝐧𝐢𝐧𝐠": I revamped RCM training programs to include real patient narratives. Billing accuracy improved by 23% when staff understood the faces behind the figures. 𝟒. 𝐓𝐡𝐞 "𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐉𝐨𝐮𝐫𝐧𝐞𝐲 𝐌𝐚𝐩": Instead of just tracking days in A/R, we mapped the emotional journey of patients through the billing process. It led to a complete overhaul of patient communication strategies. 𝟓. 𝐓𝐡𝐞 "𝐁𝐨𝐚𝐫𝐝𝐫𝐨𝐨𝐦 𝐑𝐞𝐚𝐥𝐢𝐭𝐲 𝐂𝐡𝐞𝐜𝐤": Once a quarter, I bring a real patient to executive meetings to share their billing experience. It's amazing how quickly priorities shift when decision-makers hear firsthand accounts. ........... This approach hasn't just made me a better consultant—it's driven real results. One hospital saw patient satisfaction scores jump 40% while reducing bad debt by 35%. Remember, behind every spreadsheet cell is a human story. Never lose sight of that. What's the most impactful lesson you've learned from a family member? Share below—let's honor the wisdom that shapes us. #heathcare #humanity #lessons #father #RCM
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Part 2 of this series focuses on the analysis of the financial results and key performance indicators of a medical practice against industry standards… This allows business owners to highlight areas to improve practice profitability and performance. If this this analysis is deferred, business owners could be left directing efforts based on sentiment rather than the numbers. Learn more about how to avoid this here: #MedicalPracticeManagement #FinancialHealthInsights
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Maximizing your practice’s profitability through contract optimization isn’t just about better rates—it’s about setting your practice up for sustainable financial health. When contracts are optimized, they align the true value of your services with fair compensation, even as industry trends shift. Strategic credentialing also plays a big role: more than an administrative task, it expands your reach to new patients and supports a smooth revenue stream. Effective negotiations backed by a clear understanding of your practice’s strengths can secure terms that better fit your financial goals. With regular contract reviews and a pulse on industry changes, your practice stays adaptable and profitable, even as the landscape evolves. Proactive contract management can be a powerful driver of long-term success. #DentalPracticeManagement #ContractOptimization #PracticeProfitability #HealthcareBusiness #DentalSuccess #Credentialing #FinancialHealth #PracticeGrowth #LongTermSuccess #DentalIndustry #HealthcareFinance #DentalConsulting
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𝐅𝐞𝐞 𝐌𝐨𝐝𝐞𝐥𝐬 𝐖𝐢𝐭𝐡 𝐚𝐧𝐝 𝐖𝐢𝐭𝐡𝐨𝐮𝐭 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐅𝐞𝐞𝐬 This is an interesting topic. I remember quite some cases where our Clients initially were not so much convinced of their own Claims potential and favoured a success fee. However, when we did a due diligence of the case and discussed our view with the Clients they continued with a model without Success Fee. What is your experience with these models? Feel free to comment! #TheNextGenerationExperts
𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐅𝐞𝐞 𝐌𝐨𝐝𝐞𝐥𝐬 𝐟𝐨𝐫 𝐂𝐥𝐚𝐢𝐦𝐬 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭𝐬: 𝐖𝐢𝐭𝐡 𝐚𝐧𝐝 𝐖𝐢𝐭𝐡𝐨𝐮𝐭 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐅𝐞𝐞𝐬 🏅 Navigating the world of claims consulting can be complex, especially when it comes to understanding the different fee models available. Two common approaches are fee models with success fees and those without. Let’s break down the key differences: 𝟏. 𝐅𝐞𝐞 𝐌𝐨𝐝𝐞𝐥𝐬 𝐰𝐢𝐭𝐡 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐅𝐞𝐞𝐬: 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞-𝐁𝐚𝐬𝐞𝐝: Consultants earn a percentage of the recovered amount, aligning their incentives with the client’s success. 💼 𝐑𝐢𝐬𝐤 𝐒𝐡𝐚𝐫𝐢𝐧𝐠: Clients may pay a lower upfront fee, with a (smaller or bigger) part of the consultant’s compensation coming from the success fee. 💰 𝐌𝐨𝐭𝐢𝐯𝐚𝐭𝐢𝐨𝐧: This model can drive consultants to maximize recovery amounts, as their earnings are directly tied to the outcome. 🚀 𝟐. 𝐅𝐞𝐞 𝐌𝐨𝐝𝐞𝐥𝐬 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐅𝐞𝐞𝐬: 𝐅𝐢𝐱𝐞𝐝 𝐨𝐫 𝐇𝐨𝐮𝐫𝐥𝐲 𝐑𝐚𝐭𝐞𝐬: Consultants charge a predetermined fee, either as a flat rate or based on hours worked. 🕒 𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Clients have a clear understanding of costs from the outset, with no variability based on the claim’s outcome. 📊 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐏𝐫𝐨𝐜𝐞𝐬𝐬: Consultants are compensated for their time and expertise, regardless of the claim’s success, which can lead to a more process-oriented approach. 🔍 𝐂𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐌𝐨𝐝𝐞𝐥: 𝐂𝐥𝐢𝐞𝐧𝐭 𝐍𝐞𝐞𝐝𝐬: Consider the client’s financial situation and risk tolerance. Success fee models can be attractive for those looking to minimize upfront costs. 💡 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭’𝐬 𝐄𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞: Experienced consultants might prefer fixed fees to ensure compensation for their time and effort, while newer consultants might opt for success fees to build their reputation. 🌟 Both models have their merits, and the best choice depends on the specific circumstances of the claim and the preferences of both the client and the consultant. What are your thoughts on these fee models? Have you had experiences with either approach? Share your insights in the comments! 💬 We at NGX are open to both models and all variances, of course, depending on the specifics of each case. #TheNextGenerationExperts #FeeModels #SuccessFees
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In the dynamic world of medical practice and revenue cycle management, staying on top of financial health is crucial. 📊 Our recent client onboarding revealed a gap in regular billing financial reconciliations and practice performance reviews, sparking a conversation about best practices for Monthly Financial Analysis for Medical Practices. How does your medical practice stay financially fit? Do you: ✅ Perform monthly reconciliations, financial analyses, and benchmarking. 🗓️ Conduct quarterly reviews with the billing team. 🔍 Review financial data as needed. 🚫 Forego financial analysis altogether. Your insights are invaluable. Share your approach in the comments below! #MedicaBillingEfficiency #MedicalPracticeManagement #HealthcareFinance #MedicalPracticeManagement #MedicalPractice #RCM #MedicalBilling #BestPractices
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𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐅𝐞𝐞 𝐌𝐨𝐝𝐞𝐥𝐬 𝐟𝐨𝐫 𝐂𝐥𝐚𝐢𝐦𝐬 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭𝐬: 𝐖𝐢𝐭𝐡 𝐚𝐧𝐝 𝐖𝐢𝐭𝐡𝐨𝐮𝐭 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐅𝐞𝐞𝐬 🏅 Navigating the world of claims consulting can be complex, especially when it comes to understanding the different fee models available. Two common approaches are fee models with success fees and those without. Let’s break down the key differences: 𝟏. 𝐅𝐞𝐞 𝐌𝐨𝐝𝐞𝐥𝐬 𝐰𝐢𝐭𝐡 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐅𝐞𝐞𝐬: 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞-𝐁𝐚𝐬𝐞𝐝: Consultants earn a percentage of the recovered amount, aligning their incentives with the client’s success. 💼 𝐑𝐢𝐬𝐤 𝐒𝐡𝐚𝐫𝐢𝐧𝐠: Clients may pay a lower upfront fee, with a (smaller or bigger) part of the consultant’s compensation coming from the success fee. 💰 𝐌𝐨𝐭𝐢𝐯𝐚𝐭𝐢𝐨𝐧: This model can drive consultants to maximize recovery amounts, as their earnings are directly tied to the outcome. 🚀 𝟐. 𝐅𝐞𝐞 𝐌𝐨𝐝𝐞𝐥𝐬 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐅𝐞𝐞𝐬: 𝐅𝐢𝐱𝐞𝐝 𝐨𝐫 𝐇𝐨𝐮𝐫𝐥𝐲 𝐑𝐚𝐭𝐞𝐬: Consultants charge a predetermined fee, either as a flat rate or based on hours worked. 🕒 𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: Clients have a clear understanding of costs from the outset, with no variability based on the claim’s outcome. 📊 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐏𝐫𝐨𝐜𝐞𝐬𝐬: Consultants are compensated for their time and expertise, regardless of the claim’s success, which can lead to a more process-oriented approach. 🔍 𝐂𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐌𝐨𝐝𝐞𝐥: 𝐂𝐥𝐢𝐞𝐧𝐭 𝐍𝐞𝐞𝐝𝐬: Consider the client’s financial situation and risk tolerance. Success fee models can be attractive for those looking to minimize upfront costs. 💡 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐧𝐭’𝐬 𝐄𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞: Experienced consultants might prefer fixed fees to ensure compensation for their time and effort, while newer consultants might opt for success fees to build their reputation. 🌟 Both models have their merits, and the best choice depends on the specific circumstances of the claim and the preferences of both the client and the consultant. What are your thoughts on these fee models? Have you had experiences with either approach? Share your insights in the comments! 💬 We at NGX are open to both models and all variances, of course, depending on the specifics of each case. #TheNextGenerationExperts #FeeModels #SuccessFees
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Great article that serves as a reminder just what the purpose is of your revenue cycle team, processes and technology. It is not: ❌ “the billing department” ❌ out of sight, out of mind teams and processes, standing on fragmented technology and outdated infrastructure ❌ broken or non existent feedback loops to input points It is: ✅ maximized technology for the cleanest claims, fastest payment cycle and low need for manual intervention ✅ data driven with timely insights to potential revenue traps, losses and leakage ✅ a shared organizational culture that the revenue cycle is everyone’s job A healthy revenue cycle that delivers value and demonstrates purpose: 💰Has a seat at the executive table or very strong executive sponsorship and support. 💰 Embraces, budgets for and invests in technology at every step. Sometimes your EMR and practice management system won’t be enough. 💰 Looks inward at continuous process improvement. Making the right RCM decisions as a key part of your organization’s strategic plan will always be worth the time and investment. #revenuecyclemanagement #excellence #hfma
RCM accelerates cash and secure financial health
healthcarefinancenews.com
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Triage Analysis: A Fast Track to Financial Improvement The Triage Analysis is a rapid method for uncovering significant financial opportunities within your reach. It leverages existing client and vendor data to pinpoint areas for quick and easy cost savings. These opportunities are designed to be readily implemented, requiring minimal investment of capital and management resources. Typically lasting four weeks, a Triage Analysis can identify savings opportunities that represent 1-2% of your Net Patient Revenue. That's a substantial gain achieved through a streamlined process! Here's what makes Triage Analysis so valuable: Speed: Get results quickly within a four-week timeframe. Efficiency: Leverages existing data, minimizing additional legwork. Low Cost: Requires minimal investment of capital and management resources. High Impact: Targets significant savings opportunities representitave of Net Patient Revenue. By focusing on readily achievable improvements, Triage Analysis offers a fast track to financial health. Click the link belwo for more information and how GlideNet can assist.
Triage Assessment - Glidenet Healthcare
https://glidenethealthcare.net
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Are you a physician considering selling your practice to private equity or some other strategic or financial buyer? Like selling real estate, before you ever go to market, it’s essential to “get your home in order” and plan appropriately. It’s why we at Root Partners have developed our Cultivate® Transaction Readiness Assessment (TRA). Based on our years of experience with physician practice transactions, most practices are simply not prepared for what will likely be one of, if not the most, grueling diligence processes a practice will need to endure. Our step-by-step assessment prepares our physician partners for a transaction and typically includes: ✅ Identifying the “why” and making certain any transaction aligns with established goals and objectives ✅Assessing your practice’s financial health through a detailed multi-year review and the identification of and adjustment to revenue and expenses, as necessary, to make certain that the financial statements accurately reflect the “normalized” operations of the practice ✅ Preparing multi-year projections (i.e., off of the normalized financials) that clearly identify and quantify current and on-going growth initiatives ✅ Managing pricing expectations through an assessment of the current environment for similar transactions ✅ Identifying information “gaps and weaknesses” and devising a detailed action plan to resolve these before going to market There is no need to rush into a transaction unprepared. Learn more about Cultivate® TRA and contact us to start your journey with confidence: https://lnkd.in/eCxPyKvz #healthcareinvestmentbanking #healthcareprivateequity #physicianpracticesale
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Assessing the effectiveness of Revenue Cycle Management (RCM) transcends mere financial oversight; it embodies a strategic imperative for organizations seeking to thrive in the dynamic healthcare arena. The utilization of Key Performance Indicators (KPIs) as navigational compasses within this intricate landscape empowers stakeholders to dissect the intricacies of their financial health and operational prowess with acute precision. Delving into Days in Accounts Receivable (AR), organizations gain deep insights into the temporal dynamics of payment collection following service delivery. This KPI acts as a mirror reflecting the efficiency of billing workflows; lower figures herald fluid billing processes, while elevated numbers signal potential bottlenecks demanding remediation. The Net Collection Rate emerges as a critical gauge of revenue realization efficiency, quantifying the percentage of collectible revenue materializing into tangible income streams. A high Net Collection Rate not only signifies effective billing and collection protocols but also unveils areas ripe for optimization in revenue capture mechanisms. Navigating through the labyrinth of Claim Denial Rates unveils a trove of essential information, elucidating the frequency and underlying causes of claim rejections. By dissecting and rectifying these denial rates, organizations can catalyze revenue flow augmentation and streamline operational efficiencies. The Cost to Collect metric, as a percentage of total revenue, lays bare the financial burdens incurred in payment collection processes, stipulating the correlation between cost containment and sustained profitability as a cardinal tenet of financial viability. While oftentimes overlooked in financial assessments, Patient Satisfaction Scores emerge as a nonpareil asset in the holistic evaluation of RCM. Patient contentment not only engenders timely payments but also fosters enduring patient-provider relationships, thereby fortifying the financial bedrock of healthcare entities. By ingraining these pivotal KPIs within the fabric of operational paradigms, organizations can disentangle the webs of financial complexities, benchmark performance against industry standards, and chart a trajectory towards optimized fiscal health and operational resiliency. This concerted focus on data-informed decision-making not only fortifies the foundations of financial sustainability but also heralds a new epoch of operational excellence in the dynamic landscape of healthcare finance. #RevenueCycleManagement #KPIs #HealthcareFinance
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Retired Health Care Professional
2wGreat advice