Consulting firms provide expertise and specialized insight into businesses so that they can leverage it and maximize their efforts and operations. That is where Healthcare consulting comes in. It deals with organizations in the industry transitioning into the most streamlined end efficient versions of themselves. Let’s look at some statistics: as of 2021, there were
- 6,129 hospitals in the United States,
- over 300 million people had some kind of health insurance across the country,
- the largest health insurance company brought in USD 286 billion of revenue
- and The United States was the largest national pharmaceutical market in 2022, making up over 42 percent of the total pharmaceutical spending worldwide.
As these numbers continue to grow, it is easy to see why organizations may need support. In an incredibly competitive and expanding industry, consulting services help medical professionals focus on what matters most: the patients. Therefore, by applying their expertise to optimizing the services offered by practitioners and organizations. See how by reading on.
Types of Services Healthcare that Consulting Firms Provide
Healthcare consulting can take many forms, including:
- Strategy (IS, patient collection, OBP)
- Technology (Coding, EHR system)
- HR & Operations (auditing, Credentialing & payer enrollment, HBC)
- Marketing (DM, Patient engagement)
- Revenue-specific & contract consulting (contracting, RCM, maximizing reimbursement)
Healthcare organizations and professionals can greatly benefit from designing and implementing strategies. These will allow them to work within a highly functional and organized environment. Strategy consulting for the industry focuses, among other things, on:
- Providing technologically-advanced information systems that organize and analyze your data in order to put your practice into perspective and find pathways to improvement.
- Selecting the patient collection tool that best suits your and your patients’ needs.
- Data analysis for Office-Based Practice that provides insight as to how to improve patients’ experience and make well-informed decisions.
Technology in Healthcare Consulting
The COVID-19 pandemic jump started a surge in adoption of healthcare technology, reshaping the landscape of medical operations and delivery in the United States. Providers leverage tools to reduce their administrative burden and improve revenue cycle management. Hospitals and physician networks continue to adopt health IT tools to optimize operations in a challenging macro environment, including:
- EHR systems (CPUMMS, SequelMed, eClinicalWorks, NextGen, Allscripts, etc.) that improve efficiency of processes.
- The aforementioned information systems that systematize data.
HR & Operations
Running an (business) operation is not something that healthcare professionals learn in medical school—and that’s OK, your main focus is your patients. This is where healthcare consulting services come in. From conducting the research needed to meet hospital or insurance credentialing requirements, handling basic provider enrollment or contracting needs, to performing medical audits and streamlining the medical care process for hospital-based care, your medical practice will greatly benefit from the support that consultants provide.
- By performing internal and external reviews, you can identify pain points and areas for improvement. By doing this, your practice can reach the next level. Medical auditing services include RCM audits and Coding audits.
- For new practices, getting the business up and running means sorting through a long list of red tape requirements related to credentialing and payer enrollment with which a consultant can be of service.
- Hospital-based care specialists can boost service efficiency and therefore maximize their revenue with the assistance of a consultant and by implementing a range of services that they have especially designed to suit your HBC needs.
“Master the topic, the message, and the delivery.” — Steve Jobs, Co-Founder, Apple
You have mastered the topic, now is the time to focus on the message and the delivery to effectively engage your customers. Having a consultant by your side can make that happen.
- Stay atop customer satisfaction to better service your patients and attract new ones.
- Cement your online presence with digital marketing solutions, including website development and optimization, a successful SEO strategy, and an online portal.
Revenue-Specific & Contract Consulting
Leading a successful practice can only be achieved by having the necessary financial resources to cover the costs of running it and creating profits to expand it. A healthcare consultant is revenue-savvy and will enhance your systems so that you can maximize revenue and maintain staff satisfaction.
- Developing the right contracting strategy ensures that your practice stays up to date with market rates and everybody is paid accordingly.
- Implementing an effective RCM (Revenue Cycle Management) system is the backbone of leading a smooth operation. To do this, consultants apply their expertise to design the most beneficial RCM system for you. Likewise, they will outline a plan to maximize reimbursement.
Boosting your Business with Healthcare Consulting
As the healthcare industry continues to evolve and grow, staying up to date with the latest developments to provide high-quality care to patients can become a challenge. that is why healthcare consulting experts like Peregrine Healthcare underpin the processes. We help maintain world-class practices so that healthcare providers can offer the best care for their patients.
If you want to stay atop of your medical practice, Peregrine Healthcare can be your guide to success and peace of mind.
Contact us for more information about what we can do for you and how we can tailor our services to your needs.