Healthcare Management Solutions
Healthcare Management Solutions That Maximize Efficiency
Services provided by Insight Management are listed below and are customized to meet each of our client’s specific needs:
When situations require rapid intervention to deliver significant change in a short period of time, Insight Management professionals assume interim management roles to provide the critical leadership required to accelerate results.
Insight Management’s extensive operational experience and proven capabilities enable our senior professionals to add valuable support to the performance improvement process, and immediately filling critical leadership vacancies, and other top executive roles, while shortening the lead-time for implementing specific performance improvement initiatives.
We are fact-based, and seeking to rapidly improve financial and operational performance through carefully targeted interventions. To quickly achieve results, we specifically focus on four critical dimensions: financials people, leadership and systems.
Our experienced team delivers insight and analysis, coupled with high-functioning management and advisory skills. When taking interim engagements, we are able to effectively develop permanent solutions, often actively managing the process of identifying and recruiting long-term replacements.
Insight Management assigns one of its principals as a part of its interim management team so that clients always receive high level individualized attention.
Our interim management structure ensures accountability for performance, including the ability to provide financial incentives for its interim executives based on mutually agreed to objective results.
The costs of the permanent executive management, including salaries, benefits, and other related expenses are significantly reduced while Insight Management provides its interim management team as a part of its management fee.
Following the interim management engagement, Insight Management is available to provide continuing assistance, if required. In fact many clients have retained Insight Management to provide continued monitoring, in order to maximize the gains achieved during the interim management engagement.
Insight Management offers a long term management option through a five year -year management services agreement (MSA).
Under this arrangement, he following services are included:
- Comprehensive operations assessment
- Billing, collections, accounts receivable and accounts payable management
- Identify opportunities to maximize cash flow and diversify revenue streams
- Access to capital
- Review and ongoing maintenance and development of policies and procedures
- Analysis of patient services and marketing
- Coding and compliance analysis
- Review of Management Information Systems and Electronic Medical Records- Vendor selection, negotiation and implementation
- Management reports
- Materials Management-review of purchasing and equipments acquisition and pricing
- Onsite management-personnel management, payroll & facilities management
- Recruitment of personnel
- Budgetary and financial preparations and reporting
- Marketing, promotion and advertising
- Key Advantages of Long Term Management
The practices will benefit from a cohesive team of local senior healthcare executives.
Insight Management’s MSA ensures accountability for performance, including the ability to provide significant incentives for local management staff based on mutually agreed to results targets
Insight Management is responsible for revenue cyclemanagement, employee management, recruitment, salaries and benefits, professional development, facility, new business development, compliance, marketing and payroll administration.
Executives and Clinicians are attracted to a model that provides industry knowledgeable oversight and support in making and implementing challenging initiatives, and participation in the Insight Management incentive plan.
Insight Management provides timely reporting so that management can be proactive in responding to indicators of deteriorating performance.
The long term management agreement provides for renegotiation at the beginning of year five, at which time options would be available to the client to either:
- Terminate the agreement at the end of year five
- Terminate the agreement at the end of year five and retain Insight Management employees upon payment of a one-time recruiting fee; or
- Terminate the agreement with 120 days notice at the end of year three and pay an Early Termination Fee (equal to two month’s retainer) and/or recruiting fee if Insight Management employees are retained
Revenue Cycle Management Analysis-Maximize Cash flow and Diversify Revenue Streams
Revenue cycle management includes assessment from initial patient contact and registration through check-in, services provided, check-out, follow-up appointment, referrals and the procedures and policies of billing and collections.
Staff and workload benchmarking, along with a review of the structure and tools supporting the revenue cycle, are essential components of the analysis.
Unlike any other firm we not only look at the existing operations to achieve efficiency but we identify new revenue producing opportunities for clients by looking at their referral patterns and ancillary services utilization, which is why Insight Management revenue cycle engagements consistently provides a strong return on investment.
Insight Management consulting assessments addresses every element of the revenue cycle beginning with the establishment of an appropriate fee schedule, the patient appointment and pre-registration process, insurance verification, arrival and registration process, through the clinical visit, follow-up appointments and referrals to specialists and ancillary services, We also look at charge capture, coding, billing, collections, accounts receivable management and reporting.
Every assessment concludes with a recommended detailed action plan. Insight Management stands behind its findings, recommendations and action plan by offering to lead the implementation.
Centers of Excellence Development
In healthcare, Centers of Excellence are preferred places of care. They have the best outcomes, the finest operational standings and the best patient care. In short, they offer patients the most services and deliver the best results.
Furthermore, Insight Management knows that healthcare organizations recognize that focused attention on clinical service lines yields big dividends–more patients, higher margins, and funds to support continued growth.
One of the keys to developing a Center of Excellence is patient volume. The more patients with the same type of illness or requiring the same procedure, the better physicians and staff become at diagnosing and treating that illness or performing that procedure.
Centers of Excellence create profitable business lines for many healthcare organizations.In structuring and executing our Centers of Excellence services strategy, we ask the following questions:
- How broad and deep should our offerings be? What aspects of care are areas of distinction for our clients?
- How can we expand into new markets, deepen penetration of existing markets, and defend current markets?
- How can we carve out a distinctive position in what we are looking to provide and, potentially, one that creates a niche for the overall organization?
- How can we bring unique technological, staff (medical and other clinical), facility, financial, research, education, or other capabilities into the program to support its growth and development?
Centers of Excellence require creating a larger and broader referral network, formalizing product development efforts with a focus on certain subspecialty/niche areas, and making rapid quality gains to stay ahead of the competition and maintain its competitive advantage.
The Management team at Insight Management has extensive experience in having developed centers of excellence in the following areas:
- Cardiovascular Surgery
- Physical Medicine and Rehabilitation
- Pain Medicine
- Ambulatory Surgery
- Sleep Disorder
Physician Practice Management
Increasingly, healthcare systems are finding that they need to recruit physicians in order to satisfy their physician staffing requirements.
Insight Management has the knowledge and expertise to design and implement new medical practices for long term growth.
Insight Management provides the following services to start-up physician practices:
- Corporate, governance and management structure design
- Physician practice management information systems and Electronic Medical Record selection, design, installation and implementation
- Physician compensation models and implementation
- Professional fee revenue cycle management development
- Financial reporting development, including dashboard designvof key indicators of physician practice performance
- Policy and procedure development
- Recruitment, and retention
- Interim Management
- Long Term Management
Management Information Systems and Electronic Medical Records-Vendors Selection, Negotiation and Implementation
Insight Management works closely with clients in the selection, installation and implementation of practice management information systems and electronic medical record in order to to develop an infrastructure to improve quality, reduce costs, and protect privacy.
Insight Management constantly focuses on optimizing the performance of the physician practice. and provides timely reporting through a customized a dashboard of key indicators so that management can be proactive in responding to changes of declining performance.
Insight Management also works with clients to determine their readiness for EMR and facilitate selection of the most appropriate EMR solution tailored to the needs of the practice and determine funding sources.
Insight Management assists clients in hiring and training key staff as well as identify stakeholders who become experts in the use and implementation of the physician practice management information system and EMR .
Group Purchasing and Materials Management
Insight Management has extensive expertise in revenue enhancement and cost containment activities for healthcare clients and will identify and document where savings may be realized and revenues enhanced based upon reviewing the following:
- Supplies and Expenses-medical/surgical,pharmaceuticals,group purchasing
- Equipment purchases, leasing and maintenance contracts
- Inventory Management
- Contracts proposed by vendors while the project is underway
- Employee benefits
- Major capital equipment as well as expenses associated with their operation
- Staffing, Salaries and overtime for appropriateness
- We also work closely with vendors to develop creative ways to finance capital equipment and marketing programs