Medical practices today are increasingly challenged to control costs, improve cash flow and still take care of patients. However, for many physicians and healthcare leaders, there is not enough time, resources and funding to offset reimbursement reductions, regulatory audits and technology advances to deliver high-quality, patient-centered care.
Nexus Practice Solutions provides turnkey oversight for independent group practices handling a broad scope of administrative tasks including: revenue cycle management, business and clinical operations, financial management, and human resources management.
Independent medical groups are confronted by roadblocks that have implications on financial results, productivity, and customer experience. Nexus Practice Solutions is committed to helping our clients meet their financial goals through smart business improvement and management solutions.
Our goal is to create a leaner, more effective operational structure that streamlines the path to your goals. We will work closely with healthcare leadership to uncover problem areas and implement solutions that bring better patient service – and better financial benefits – to our clients.
Nexus Practice Solutions delivers a full suite of operations management solutions to our clients, including:
- Office policy and procedure management
- Clinical process improvement
- Staff allocation and supervision
- Payroll and benefits administration
- Marketing and practice promotion
- Compliance program management (HIPAA, OSHA, etc.)
- Provider credentialing and contract management
- Provider recruitment
We take a detailed, comprehensive look into current performance, and use this as our guide to streamline effectiveness and profitability. Our goal is to help our clients meet financial goals, improve customer relations, and achieve long-term success. With a critical approach to your challenges, we apply problem-solving that guarantees these goals are met.
With more than two decades of expertise in the healthcare industry, Nexus Practice Solutions team has on-the-ground knowledge that will help your facility achieve superior operational performance.
Whether you need to enhance billing performance, add staff or increase management resources, Nexus will develop and implement billing and collection improvement strategies that are designed to minimize accounts receivable days, reduce denials and maximize collection results.
- Accounts receivable and denials management
- Patient billing and collections
- Claims submission and remittance posting
- Financial reporting and benchmarking
- Payer negotiations and contracting
- Education and training on coding and documentation
- Clinical documentation improvement programs
Nexus Practice Solutions offers a financial team that deals exclusively with the medical profession. We have proven performance in revenue cycle management and consistently provide a strong return on our professional fees. We understand the challenges our clients face and help keep them abreast of the financial health of their business by providing the following financial management services:
- Bookkeeping and accounts payable
- Budgeting and forecasting
- Cash flow management
- Financial statement preparation and analysis
- Physician compensation
- Pro forma analysis of new providers and /or service lines
We also provide medical office management and consulting assessments that are key in defining practice needs and in positioning your physician network’s revenue cycle for long-term financial sustainability. Our comprehensive assessment includes evaluation of:
- Accounts receivables management
- Billing and collections
- Coding and charge capture
- Fee schedules
- Financial counseling
- Financial policies and procedures
- Insurance verification
- Management information system
- Patient registration
- Reporting structure
- Scheduling process
- Staff knowledge and skills
If we identify any problems, we will work with your team to develop a performance improvement plan and assist with implementation, if so desired.
If you’re not quite ready for comprehensive management services, or would just like to know where you currently stand, Nexus can provide independent consulting services for defined, short-term needs. Below are some examples of projects we have overseen.
- Billing evaluation and recommendations
- Financial analysis and recommendations
- Clinical operations analysis and recommendations
- Electronic Medical Record (EMR) selection and implementation
- New service line analysis and implementation
- Practice startup or relocation
- Provider retirement/practice closure