Rx for the Pain of Mergers and Acquisitions
Mergers and acquisitions are not usually the subject of conversation in medical circles. In general, the merger or acquisition of a healthcare practice with another is almost always a grueling and tedious process; however, it doesn't have to negatively impact your staff or your reimbursements.
Addressing the Common Pitfalls Associated with Mergers and Acquisitions, Payor Enrollment Services
Enrolling providers in state, federal and commercial payor plans all take time, but the faster you get providers enrolled the sooner your organization will be reimbursed. Sound simple? Unfortunately, it isn't.
Not only does each company/entity and/or provider have to complete a multitude of forms, attach required documentation, and attest before submission; but they have to do this all while continuing to see patients. And if there is the smallest mistake on form completion or execution; it may delay enrollment for weeks if not months costing your organization money.
Fortunately, there are professionals to help with navigating enrollment associated with mergers and acquisitions as well as help you mitigate bad debt due to untimely delays.
The Obvious Benefits
Payor Enrollment Services (PES) consultants are experts at fulfilling the requirements of healthcare payor plans. In particular, a PES consultant can facilitate the completion of all paperwork related to the newly created company/entity and the required paperwork to ensure practitioners are credentialed correctly with all payors. The importance of these steps cannot be overstated. First, a review of the providers status with the healthcare payor plan and relevant paperwork to prepare for such types of business transactions will lend towards ensuring all required documentation is secured successfully for filing with payors . Secondly, the timely submission of all appropriate paperwork means that you will experience less cash flow disruption and can begin collecting payments in a timely manner.
The Soft Benefits
The vast majority of people who enter the medical profession do so in part for humanitarian reasons. Of course, these healthcare professionals understand the need for paperwork, but typically have not been educated on these business requirements while in training. Removing much of the paperwork associated with medical care will leave you and your staff more motivated, less stressed and, ultimately, able to provide superior healthcare services. The effects on your bottom line include faster reimbursement, higher productivity, fewer mistakes and a lower employee turnover rate.
A Final Thought on Mergers and Acquisitions
The decision to merge with or acquire another healthcare company is ultimately based on business factors. There is no panacea for the hoops and obstacles placed before you. Still, the staggering amounts of paperwork should not negatively affect this important decision as PES, offers an affordable, reliable, and relatively painless way to accomplish this portion of the task.
About Patrick Birmingham
Patrick Birmingham is General Manager and Senior Vice President for Payor Enrollment Services at symplr. As a healthcare industry veteran, Patrick has with over 23 years of experience in management and executive roles and a wide range of experience in hospital, managed care, payor and physician practice operations management. At symplr Patrick is responsible for managing operations across all our product lines – Credentialing, Provider Management and Payor Enrollment. Prior to joining symplr Patrick was Chief Operating Officer at MedKinetics, a leading SaaS provider credentialing company, and the founder of Payor Enrollment Services, the industry’s leading solution for accelerated and accurate payor enrollment. Previously, Patrick was National Director, Credentialing and Enrollment Services at HCA Inc., and Director of Managed Care at HCA Physician Services. Prior to HCA Patrick held senior roles within hospital administration, and national PPO and HMO organizations.