New Practice Setup
Setting Up Your New Practice
Establishing a robust medical billing system is crucial for any medical practice. It ensures timely reimbursement, minimizes billing errors, and maintains compliance with healthcare regulations. A well-designed system streamlines revenue flow, enhances financial stability, and fosters patient satisfaction by providing accurate and transparent billing processes.
At Midsouth Healthcare Management, we offer comprehensive assistance in setting up new medical practices. From credentialing and enrollment to revenue cycle management, we guide clients through every step, ensuring compliance, efficiency, and financial stability from the outset, tailored to each practice’s specific needs.
Areas of Focus
Financial Setup
This includes determining the location of the practice based on its specialty and population demographics, setting up the legal structure of the new practice, work with you to secure loans or financing, work on the purchase or lease of a suitable clinic space, and more.
Operations and IT
We help setup the clinic for operations, IT and telecommunication infrastructure, and implement systems for EHR/RCM.
Revenue Cycle Management
Streamline billing processes, maximize revenue, and minimize claim denials through our comprehensive revenue cycle management solutions tailored to your practice’s needs.
Credentialing Services
Ensure smooth provider enrollment and credentialing with insurance networks, reducing administrative burden and accelerating the onboarding process for new practitioners.
Denial Management
Expertly handle claim denials, identify root causes, and implement strategies to minimize future denials, safeguarding your practice’s financial health and efficiency.
Accounts Receivable Recovery
Efficiently recover outstanding accounts receivable, minimizing revenue loss and improving cash flow for your practice with our proven recovery strategies and expertise.
Medical Coding Optimization
Enhance accuracy and efficiency in medical coding processes, reducing errors and improving reimbursement rates while maintaining compliance with coding guidelines.
Compliance Consulting
Stay up to date with ever-changing healthcare regulations and standards. Our compliance consulting services help mitigate risks and ensure adherence to industry guidelines.
Training and Support
Hands-on training and ongoing support for your staff to ensure they are proficient in billing procedures and equipped to handle challenges effectively.
EHR Integration
Streamline workflows and improve efficiency by integrating billing processes with various Electronic Health Records (EHR)
Let’s Work Together
Whether you just need a nudge in the right direction or a full range of services to get your practice running smoothly, we’re here to help. Book your discovery call today!
FAQs
What is revenue cycle management?
Revenue Cycle Management (RCM) is the financial process used by healthcare providers to track patient care episodes from initial appointment or encounter through to the final payment of the balance. It involves the identification, management, and collection of revenue associated with patient services. RCM includes tasks such as insurance verification, coding medical services, submitting claims, processing payments, and managing denied claims. A strong RCM system helps ensure timely reimbursements, reduces billing errors, and improves the financial health of a medical practice.
What are some major things I need when starting a medical practice?
When starting a medical practice, several key components are essential to ensure smooth operations and compliance. First, you’ll need to establish a legal business structure (like an LLC or corporation), obtain medical licenses and credentials, and secure malpractice insurance. You’ll also need to lease or purchase a clinic space, outfit it with appropriate medical equipment and technology, and implement an electronic health record (EHR) system. Hiring qualified staff, creating a billing and revenue cycle process, setting up patient intake procedures, and ensuring HIPAA compliance are equally important. Thankfully, we help with a lot of this. Check out our services here.
Can you help me open my own practice?
Yes, we can! All of our offerings can be started when you’re just getting started, too.
How much new practice training do you provide?
As much training as you need. We are here to help you set up your medical practice, and that includes getting your staff (and you) accustomed to billing software, virtualization, document management, and even network security.