In the last few years, private equity firms have been actively backing healthcare companies, including ambulatory practices. From 2013 – 2016 alone, private equity firms purchased 355 practices, which included 5,700 physicians and 1426 facility sites. This trend has proven profitable and has changed the dynamic in the medical community. Anesthesiology practices were the most popular acquisitions, followed by emergency physicians, although several specialties and general practices have been affected. These purchases have only increased in the last few years especially with groups choosing NextGen EPM due to its flexibility.
Private equity-backed practices are making a significant impact on health care, much of it positive. Frequent mergers and acquisitions have driven a need for more standardized processes across the organizations. A standardized practice management and EHR system across the portfolio can help reduce complexities and make data-driven decisions to improve care and profitability. The skilled consultants at TempDev, in conjunction with NextGen EPM & EHR software, offer private equity-backed organizations the solutions they need to manage their enterprise. They understand how you differ from other healthcare clients and develop unique solutions to your particular challenges.
TempDev Solutions for Private Equity Groups with NextGen
TempDev delivers many services that are especially helpful to private equity-backed organizations. They have an array of existing private equity clients and understand the unique client needs. As a result, they have customized their approach to better support your business sector. These specialized consulting services include:
Best Practices for Migrating to Accrual-based Accounting
Private equity tends to prefer accrual-based accounting methodologies; however, most acquired physician practices they use cash accounting. There are strategies for how to configure contracts and close your month that are crucial to accurate accrual accounting. If NextGen EPM is misconfigured, it could have significant downstream impacts on your revenue cycle team, which ultimately will increase your days in AR. The TempDev revenue cycle consultants can help you make that transition smoothly and efficiently.
Contract Audits & Maintenance Custom Development
Maintaining and managing contracts with multiple payers across a large enterprise can be an overwhelming process. By defining the contract maintenance methodology and then propagating it across all the practices in your enterprise, organizations are able to realize the power of NextGen EPM fully. Once contracts are appropriately maintained, organizations can audit their contracts to ensure the accuracy of payor payments. TempDev’s development consultants have created numerous NextGen contract reports and BI solutions to assist in contract management. They also have developers multiple custom SQL scripting solutions to mass update contracts as needed.
NextGen EPM General Ledger Interfaces
Interfacing NextGen EPM to your General Ledger allows for more accurate tracking of income and expense. Accounting teams appreciate the extra insight into the data to analyze and predict future profit & loss.
This solution also eliminates costly mistakes and delays in your accounting procedures.
Private Equity partnered NextGen Business Intelligence
Trending financial & clinical data is key to a healthy practice and the best way to do that is by integrating NextGen EPM & EHR with a business intelligence solution such as Microsoft Power BI, Domo, or Tableau.
Maintaining and increasing revenue streams are priority one. Once BI software is implemented, you can assess your financial picture more easily, even with hundreds of doctors and multiple sites involved.
NextGen EPM & EHR Data Conversions
Moving acquired practices on a single NextGen EPM & EHR platform is crucial to running a well-integrated organization that is more easily managed. Performing demographic and clinical NextGen data conversions will increase implementation speed, so your newly acquired practices are all on NextGen. You won’t lose time and money on data abstraction and have more accurate data. Partnering with TempDev on migrating your data into NextGen is key to utilizing a single-platform and improving your ROI.
Strategic Planning for Mergers & Acquisitions
Private equity groups are consistently working on mergers and acquisitions, which can be particularly complex in the healthcare field. A strategic plan for how you’re going to handle newly acquired practices is key to your success. The strategic consultants at TempDev can help you plan and execute how you’re going to integrate the technology and revenue cycle teams together. You can prevent many unnecessary delays and costly, preventable issues with the right plans.
NextGen Practice Merges & Splits
Dependent upon the private equity group’s strategy with mergers and acquisitions, you may need to do NextGen practice merges or splits. Typically NextGen practice merges happen when you have two practices on either the same database or different ones that need to function in one NextGen practice. A NextGen practice split is when a set of doctors need to separate from their existing practice onto a new one. Partnering with an experienced team such as TempDev will help you smoothly navigate this complex process and help you avoid costly pitfalls.
NextGen Biller Staff Augmentation
Moving to new software systems can be challenging for any group. To help speed up migration time, TempDev offers NextGen biller staff augmentation. You can temporarily use TempDev’s billers to allow your revenue cycle team to finish working the old system’s AR or to allow ramp-up time for them to learn NextGen EPM. You won’t have to overwhelm your staff members with additional tasks. Instead, the TempDev team provides trained temporary billing staff to handle these issues, relieving you of the time-consuming hiring and training process.
The TempDev Advantage
Private equity firms with NextGen have a role to play in the medical industry. Investing in reducing operational costs of healthcare practices benefits the community. The system’s current challenges highlight the integral role that private equity clients can play in providing healthcare services to urban and rural populations while remaining profitable.
Acquiring healthcare practices poses new challenges for billing, contracts, government reimbursement, etc. Running a profitable practice in the current climate is especially daunting. But TempDev solutions can ensure that you keep things running smoothly from the beginning. By relying on their expertise, you will maintain the quality of patient services while ensuring that revenue streams remain robust. Plus, TempDev consultants can advise you on rapid growth and show you solutions to administrative problems. The TempDev staff can offer you the expertise and support required to fulfill your business needs, contact them today at 888.TEMP.DEV.