At LBMC Physician Business Solutions (LBMC PBS), our experts save you energy, expense and aggravation by providing critical business processes that take precious time away from practicing medicine. Our revenue cycle services are unique in the industry as they provide a comprehensive solution that includes payor enrollment, credentialing, billing, A/R management and robust reporting that work in concert with other managed service organization (MSO) service lines.
Medical Practice Management Services
MSO healthcare companies, such as LBMC, offer pain-free solutions for physicians and mid-level providers. Our laser-focused experts save you energy, expense and aggravation by providing fundamental business processes that take precious time away from growing your organization and practicing medicine.
As a partner in LBMC’s Managed Services Organization (“MSO”), we offer a turnkey or a la carte arrangement with access to comprehensive services run by award-winning professionals who support your practice in the most efficient and cost-effective way. As a MSO healthcare company, our MSO services are unique in the industry as they provide a comprehensive solution that includes revenue cycle, HR/PEO, accounting services, procurement, IT support and medical practice consulting–all outsourced.
You get seamlessly integrated support – all conveniently outsourced. Plus, extra time to focus on patients and other medical matters.
Managed Services Organization (MSO)
Independent medical practices and hospital/health system-based medical providers are in need of greater support, resources and expertise. LBMC’s Single Source MSO is laser-focused on the basic services that healthcare organizations need to be successful. We offer a full suite of outsourced resources, educational products and services to meet your practice needs efficiently and effectively.
Our clients will receive an MSO service package tailored to their specific needs. Practices can select from a turnkey or a la carte menu of business solutions to include billing, HR/PEO, accounting and consulting. LBMC Single Source MSO also provides a wide array of additional services to include tax, growth strategies, wealth management, IT consulting, and other related matters.
Healthcare Single Source MSO Services Include:
- Financial & Accounting Services
- Human Resources: HR Outsourcing (HRO)
- Human Resources: PEO Services
- Physician Practice Management Consulting/ Administrative Oversight
- Physician Practice Revenue Cycle Solutions
- Procurement Services
- IT Support Services
Additional MSO Consulting Services Include:
- Coding & Compliance
- Information Security
- Merger Planning and Facilitation
- Practice Startup/Development Services
- Practice Structure & Governance consulting
- Strategic Planning and Practice Assessment
- Tax and Accounting Services
- Technology Solutions
- Wealth Management Services
Medical Practice Revenue Cycle Management Services
Nothing frees physicians, mid-level providers and their staff by partnering with LBMC PBS and handing over the time-consuming revenue cycle management procedures (claims processing, denial/AR management, patient billing , etc.). With our in-depth healthcare experience and expertise, we handle the arduous tasks of claims processing, end-of-month functions, patient billing and payment processing, to name a few. Our comprehensive partnered services are performed by highly accredited professionals and customized to meet your needs. Equally cost-effective and efficient – these services save you time, energy and aggravation. And you’ll enjoy the freedom to be able to focus on medicine and other important matters.
Revenue Cycle Management Services for Physician Practices
- Third-party Claims Processing, Denied Claims Management, A/R Follow-up and Patient Responsibility Billing Services.
- Payor Enrollment, Credentialing Maintenance and Licensing Services.
- Monthly Reporting and A/R Closeout Services.
LBMC PBS understands the frustrating but necessary process of credentialing, health insurance enrollment and licensing requirements for healthcare providers when managing a practice, setting up a new practice and/or bringing on a new physician or provider. As a participating provider in a third-party insurance company’s preferred network, you will have the opportunity to grow your practice and expand your patient base. Credentialing is a time-consuming, redundant, and frustrating process and can create additional headaches should any mistakes be made in the process. We can handle any and all commercial and governmental payors no matter how complex.
While a busy medical practice staff could process the paperwork or try to hire a staffer who is familiar with health insurance enrollment and credentialing, save yourself time, money, and headaches by partnering with LBMC PBS, a professional credentialing service. The credentialing service experts at LBMC PBS become part of your team through our partnership with you thus enabling you and your team to focus on your patients and growing the practice rather than worrying about paperwork and deadlines.
Our credentialing service experts know the health insurance enrollment and credentialing process requirements in most US states, making us highly efficient and effective at providing this service. We also provide on-going credentialing maintenance and licensing services to maintain provider in-network status thus reducing any impediments that might create cash flow issues.
- Payor Enrollment
- Credentialing Maintenance
Administrative Oversight for Physician Practices
We have in-depth experience in the healthcare industry, with medical practices being our specialty. We consolidate our talents from LBMC Family to fulfill your every acronym––from RCM to MSO to HR to IT to EMR. All delivered efficiently and cost-effectively with an eye to your bottom line. To give leadership a competitive edge, our Administrative Oversight services assess operations and provide on-call access for issues that arise. We’ll put out fires, run numbers and provide technical, financial or other expertise when you need it most. It’s comprehensive and customized support that cares for physicians like no one else can.
Administrative Oversight Services
- Administrative oversight services to support practice leadership
- RCM and Credentialing services
- Corporate compliance including education and training
Five Traits of a Better-Performing Practice
What sets successful medical practices apart in the global health care industry from the others who may be falling behind? In this ever-evolving industry, providers share the common goal of helping patients have a better quality of life. To achieve that goal, it’s necessary to focus on quality patient care and the bottom line. When reviewing practice resources, your most limited resource is time. There are only so many hours to see patients, so it’s essential to maximize that time. Here are five areas that successful practices focus on.
1. Strategic Planning
A strategic plan involves developing a vision for the practice and determining how to achieve that vision. These plans outline procedures, priorities, and action items that will help a practice meet those goals. But the plan itself isn’t enough. Better-performing medical practices take the time to evaluate the plan and to follow it. Strategic plans should be updated annually as well.
2. New Affiliation Models
Resources should be dedicated to staying abreast of new affiliation models. This research can be done through internal resources or consultants. It’s important to stay on top of the newest models in horizontal (single specialty) and vertical (hospital and health systems) spaces. The industry is seeing a lot of single specialty roll-ups via private equity firms and consolidation in the market, as well as collaborative care modeling via joint ventures with hospitals and health systems. Keeping up-to-date with what is happening in the industry is vital.
3. Outsourcing Opportunities
Successful practices are seeing greater ROI from outsourcing some of the core service functions like billing, credentialing, finance/accounting, human resource management, procurement, and revenue cycle. This approach allows them to access experts who are solely focused on enhancing the overall operational and financial performance. The job outlook for support roles like medical billing and coding specialists are growing at a rate of 11% a year. Outsourcing these fundamental services lets the physicians concentrate on caring for patients, enables leadership to focus on practice growth and strategic initiatives and leaves the back office functions to the specialists.
Medical practices that exhibit a culture where both physicians and staff are more productive and provide incentives for optimal productivity, compliance and quality initiatives tend to achieve better financial performance. Hiring (or outsourcing) the very best staff will provide a solid foundation for growth and patient satisfaction. These practices are seeking to continuously improve and update their compensation models to reflect the aforementioned key components in addition to enhancing their ability to recruit/retain new providers. They also tend to create attractive incentive and rewards models for practice leadership and staff. A successful practice maintains a culture focused on compliance and improvement of all aspects of the organization (best practices, team, technology, facilities, and advisors). It invests in the resources needed to optimize quality, compliance and productivity. This kind of culture is not achieved by a simple yearly meeting, but a focus on implementing these ideas as a culture shift and focus.
5. IT Solutions
Technology has been a key focus in medical practices for years, and it’s only getting more important. Successful practices proactively utilize IT solutions to meet demand. Most practices successfully pivoted to Telehealth technology to continue providing care during the pandemic. Further, the IT environment enables most ancillary equipment to be interfaced with the Electronic Medical Records (EMR) system. Any time a practice can automate a manual function (i.e. printing a spirometer study report that will need to be scanned into the EMR), it enhances the overall efficiency. IT brings constant opportunities for improvement to medical practices, and the most successful ones keep up with the latest technology.
The health care industry is changing rapidly. New innovations in technology, best practices, and operations open new doors that allow medical practices to better serve patients in a timely and productive manner. High-performing practices focus on key areas of opportunity and growth in order to stay on top of the newest trends, remain organized, and maintain a culture of quality and compliance. These practices think, organize, and operate efficiently and strategically.
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We’re happy to answer any questions you may have on what our Physician Business Solutions experts can do for you.