Paragon Advisory Services
Advisory Services are designed to facilitate the development of potential strategies that may be pursued by a physician practice or health system. Paragon has developed a process for developing viable options, and then selecting the best option that brings the highest likelihood of future success. In addition to developing the best strategies, Paragon offers operational consulting support – such that the physician practice can improve its operation and appeal to potential partners prior to a transaction. Optimizing physician and staff efficiency, improving asset utilization, improving revenue cycle, and similar pursuits are considered.
Performance Assessment, Design, & Implementation
- Assessment: A full review of the practice will evaluate key opportunities for revenue enhancement and expense reduction in order to substantially improve measurable performance.
- Design: Given this full assessment, a plan will be created to implement suggested improvements.
- Implementation: Facilitation of the design through operation of the physician practice.
Compensation design will be based on fair market valuation and alignment with practice objectives and is split into three categories including clinical services, administrative services, and performance based compensation. Performance based compensation is determined by:
- Quality: Compensation associated with the provision of measurable high quality patient care including by low mortality rate, high patient satisfaction scores.
- Cost/Efficiency: Compensation associated with improving efficiency and reducing cost.
- Access: Compensation associated with improving access to clinical services by the patients including opening new clinics, extending hours, expanding capacity, improving efficiency, or developing a referral program, and similar initiatives.
The practice revenue cycle management will be evaluated to determine how to improve the process for more accurate billing and invoicing. The process will be evaluated on several criteria including: provider capacity and scheduling, an analysis of the charge master, review of performance indicators, payer contract review, approach to point of service collection, revenue cycle workflow plan, technology optimization, right sizing of support staff, management of accounts receivable, and sustainable performance logic.
Coding and Compliance
The practices’ current coding accuracy will be assessed and ongoing monitoring will be implemented where needed. A full plan of review will be provided for both practice management and coders to ensure the practice can maximize revenue through smart and compliant coding. Correct implementation of CPT-4 and ICD-10 will be ensured to avoid violation of coding regulations and fines related to incorrect claims.
Physician Office and Practice Management
Paragon can assist a physician practice with interim or project management. An interim management team or individual can be put in place giving the practice time to find a permanent replacement. Physician practices with a management team in place may need extra support for a temporary period with a high project volume. Paragon Health can help them find contracted management executives to add to their force during this period without hiring additional full-time staff.