The 3 Keys to Thriving as an Independent Practice

webinar

Three Keys to Thriving as an Independent PracticePresented by Laurie Morgan February 22, 2017

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Agenda

2

Agenda

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• Welcome & Introductions• 3 Keys to Thriving as an

Independent Practice• How Kareo Can Help• Your Questions

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How to Participate Today…

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Laurie Morgan, MBA

• Senior consultant & partner at Capko & Morgan

• Has managed start-ups and large scale operations

• Author of new book, People, Technology, Profit: Practical Ideas for a Happier, Healthier Practice Business

• Expert in driving and capturing revenue and operating more efficiently

• MBA from Stanford University

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Agenda

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Agenda

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• Welcome & Introductions• 3 Keys to Thriving as an

Independent Practice• How Kareo Can Help• Your Questions

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Take the Hype with a Grain of Salt

DRT Enterprises

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Trends Support Independence (Too)

• Hospital acquisition hangover• Practitioner burnout• Consumerism• Patient financial responsibility• Technology

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Opportunities for Independents to Stand Out

• Practice personality• Nimbleness • Human touch• Personalized, not routinized: patients aren’t ‘numbers’

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3 Keys to Capitalize on Trends and Opportunities

1. Embrace technology and innovation2. Invest in people3. Continuously improve workflow

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Why Tech-Savviness Is So Important

• Do more with less• Get paid more promptly and reliably• Improve the patient experience• Keep up with – or even surpass – larger organizations

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Large Systems Win at Innovation—Or Do They?

• As organizations grow, change gets harder- Many vendors target smaller organizations first

• In independent practices, fear of being burned looms large- Negotiate terms that protect your practice

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Case Study: Pulmonary Practice (1 of 3)

• “An Overnight Success, 18 Years in the Making”• 20-physician pulmonary practice in TN – determined to stay

independent• The problem: capturing charges during hospital call• Eventually discovered a solution that worked … after nearly two

decades of trying

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Case Study: Pulmonary Practice (2 of 3)

• Physicians spent 70% of their time in the hospital, seeing 25-30 patients- At least an hour each day documenting charges by hand- No convenient access to codes

• Billing staff had to enter handwritten info- Questions, missing faxes, and unavoidable delays and entry errors- Four full-time billers just for hospital charges

• Managers realized duplication, paper tracking meant some revenue loss was built in

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Case Study: Pulmonary Practice (3 of 3)

• Determined administrator and manager became beta site for Palm Pilot software- After lengthy, arduous project, software was discontinued after several

years- Huge blow to team

• Undeterred, practice continued to evaluate new options – including building software of their own- Learned about critical flaws and must-haves

• When the perfect solution emerged, they were ready- Knew what to test- Fast, smooth implementation- Minimal disruption to physicians

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What We Learned from the Case

• Some problems will never be solved without technology- If charges aren’t captured real-time, money is inevitably lost- Not trying is a risk, too

• When technology is the only way forward, learning is valuable- Fits and starts are aggravating, but not all bad- Learning in one area applies to others, too

• Smart, patient leadership is important- Set expectations- Hold vendors accountable- Know your deal breakers

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Not Perfect, Still Worth Trying

• Real-time eligibility• Estimation• Check-in solutions• Payments: e-statements, online payments, mobile payments,

credit-card-on-file• Online scheduling

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Tech Innovations: Lower Risk Than You Think

• Innovation, especially front office, driven by: - Cloud- Real practice needs- Competition

• More targeted, less complex• Both add-ons and PMSs• Add-ons aim to work for many platforms

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Technology Improvement for Practice and Patients

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Invest in People, Starting with Management

• Leadership doesn’t mean doing it all- Who’s minding the store?

• Imagine how much more you can do if a manager helps you:- Understand local market – threats and opportunities- Define and monitor business metrics- Evaluate new technologies- Negotiate with payers and other parties- Avoid legal hassles- Be more productive

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Managers, Invest in Yourselves

• Management in any field is a moving target – especially healthcare

• Make the case for the right goals – then go after them• Stand up for yourself• Stand up for your people

- The more they can do, the more you can do

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Case Study: New Manager Aims to Please

• New manager hired after role vacant for several months• Owner concerned about overtime – “we have to cut costs”• But… data showed practice was understaffed• Manager made immediate cuts to please the physician owner – fire,

ready, aim!• Physician owner’s joy was short-lived• How could disaster have been prevented? What’s the goal inside the

goal?

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People Can Shine Doing What Only People Can Do

• Have crucial tasks been slipping through the cracks?• People elevate:

- Productivity- Service- Image and marketing

• Staff can: - Keep tabs on technology improvement- Help you find and eliminate waste- Solve problems as they happen

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Case Study: Integrated System

• An eye appointment illustrates the advantages and disadvantages of integrated systems

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Spotting Problems and Bottlenecks

• Another reason you need great people• Who’s waiting, and where are they waiting?

- Scheduling can be a bottleneck, too

• Who is empowered to solve problems on-the-spot?

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Why Workflow Matters So Much

• Efficiency leads to productivity• Clunky workflow adds costs and hassles – for your practice and

your patients• Improvements benefit your practice over and over again

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Continuously Improve Workflow

• It will always be a journey, not a destination• New needs emerge all the time• New opportunities to improve emerge all the time, too

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Closing Ideas

• Technology lets you do tasks better, faster – and can be win-win• People make your practice smarter – at the top, bottom, and in-

between• Workflow optimization is never done, always worth doing

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Agenda

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Agenda

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• Welcome & Introductions• 3 Keys to Thriving as an

Independent Practice• How Kareo Can Help• Your Questions

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Awards and Rankings

Growth awards The speed at which

medical practices are moving to Kareo and referring it to other

providers.

Best places to work Happy, engaged

employees stay longer, have more experience and

offer better customer service

Analyst reviews 3rd party recognition,

driven by direct customer feedback,

equals trust and credibility

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Kareo Platform

Kareo Clinical

• Comprehensive dashboard

• Simple charting• Easy ePrescribing• Convenient eLabs• Specialty templates• Electronic Superbill• Integrated Patient

Portal • Secure messaging

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Kareo Platform

Kareo Marketing• Marketing and front

office automation• Online visibility and SEO • Online appt. scheduling • Email, text & voice

recording appt. reminders

• Post visit patient reviews• Practice analytics for ROI• Patient communications

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Discover Kareo’s Role

• PAHCOM has approved 1 CEU credit.• Each attendee will receive an email today

with a link to request certification. Certificates will be mailed within the next few days.

• Attendees must be logged into the webinar to receive credit.

• You’ll be asked at the end of the webinar if you want a CEU certificate.

“…Make Your Practice a Best Practice!”

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Agenda

36

Agenda

36

• Welcome & Introductions• 3 Keys to Thriving as an

Independent Practice• How Kareo Can Help• Your Questions

@GoKareo 3737

How to Participate Today…

Type your questions

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