Innovative Practice ServicesSM Assists More Than 95 Oncology Practices Improve Efficiency and Increa
Innovative Practice ServicesSMAssists More Than 95 Oncology Practices Improve Efficiency and Increase Revenue, While Providing High-Quality Value-Based Care
Customized business solution helps practices improve financial performance and gain efficiencies
THE WOODLANDS, Texas--(BUSINESS WIRE)-- More than 95 community oncology practices, representing 375 oncologists across the country, have engaged Innovative Practice Services (IPS) since the program launched in September 2011. Offered through McKesson Specialty Health, Innovative Practice Services is a team of professional advisors that works with community oncology practices to increase reimbursement, improve operational efficiencies, and enhance provider-payer relationships.
Innovative Practice Services is a unique, customizable business solution through which expert consultants help practices address barriers to optimal financial performance. Support includes tactics such as providing sound business strategies, optimizing cutting-edge technology and leveraging clinical tools - all of which can improve revenue cycle management, enhance operations and support managed care strategy. Additionally, IPS provides pathways and treatment guideline workflow solutions that allow practices to demonstrate a commitment to evidence-based medicine. Implementing best practice procedures and technology can yield increased workflow efficiency and create the potential to achieve successful, long-term relationships with payers.
"Given today's uncertain economic environment, practices have to be extremely efficient in all aspects of their operation[s]," said Shirley Shuster, chief clinical officer, Commonwealth Hematology Oncology. "We consulted IPS to help us identify areas where we could improve, and we were thrilled with the services and advice we received," she continued. "The team was absolutely professional with strong experience in all aspects of running a successful community oncology practice. Within the first three months of following their recommendations, we decreased our eligibility and referral denial rates by 31 percent, making a huge difference in our cash flow."
Innovative Practice Services' oncology management expertise also provides valuable insight and information that helps practices understand how their operation compares to industry best standards, often identifying areas for improvement such as opportunities to increase revenue, improve cash flow and reduce administrative expenses.
Once potential opportunities are identified, a practice can further engage IPS to provide implementation strategies, tools and resources tailored specifically to help reach its specific performance goals. During the period of engagement, the IPS team of advisors works closely with the practice, keeping all stakeholders engaged and focused to meet goals and achieve higher levels of operational efficiency and effectiveness.
Opportunities identified for practices using the service have ranged from $10,000 to hundreds of thousands in annual benefits to a practice. Following are just a few examples of how IPS has assisted various practices in identifying and capturing new benefit opportunities:
A 12-physician practice is on track to increase patient collections by $110,000 per year and realize an additional $57,000 for Physician Quality Reporting System (PQRS) reporting over two years. The financial gains result from IPS supplying new standard operating procedures for key job functions, as well as setting up the practice to report PQRS measures through Lynx TotalView.SM
A 2-physician practice increased revenue by more than $11,000 per physician for a small payer contract after IPS helped the practice convert their contract to a group agreement with protective language and terms, which included multi-year rates increasing over a two-year period. The same practice is currently negotiating a differentiated fee schedule with another payer that has a potential annual revenue impact of more than $100,000.
An 8-physician practice recently secured a substantial increase in their contracted payer rates with a large payer that is expected to yield an increase of more than $250,000 in the first year of a three year deal. The contract also covers yearly cost increases and includes pay-for-performance bonuses based on compliance with Level I Pathways.
"Innovative Practice Services provided focus, expertise, and excellence," said Shuster of Commonwealth Hematology Oncology. "But most importantly, they've provided tools that I can use every day in my practice to help navigate what is going on in the future, and in the now."
To learn more about Innovative Practice Services, visit www.mckessonspecialtyhealth.com/oncology, call (800) 482-6700 or e-mail firstname.lastname@example.org.
About McKesson Specialty Health
McKesson Specialty Health, a division of McKesson Corporation, empowers the community patient care delivery system by helping community practices advance the science, technology and quality of care. Through innovative clinical, research, business and operational solutions, facilitated by integrated technology systems, we focus on improving the financial health of our customers so they may provide the best care to their patients. For more information, visit www.mckessonspecialtyhealth.com.
McKesson Specialty Health
Claire Crye, 281-863-6783
KEYWORDS: United States North America California Texas
The article Innovative Practice ServicesSM Assists More Than 95 Oncology Practices Improve Efficiency and Increase Revenue, While Providing High-Quality Value-Based Care originally appeared on Fool.com.
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