Happy New Year! A new year is a natural time to look ahead and think through goals and we have spent the first week of the new year planning out what we want Altus to stand for in this new year. 2016 will be a year centered around the financial aspect of the independent medical practice. Here are our goals.
1) Financial understanding for everyone.
We have been working with a lot of practices lately that have little visibility to the financial health of their practice. The people we have worked with who have billing companies aren't getting information about what their company is and isn't doing for them. If they are lucky (or if they have demanded it), they may get some canned report on a monthly or quarterly basis that shows what was collected, but doesn't provide any insight into the numbers.
For those practices with an in-house billing team, providers simply don't have time to make sure they are getting enough information about the billing and collection practices, the state of collections and what things are written off and why.
This means that one of our goals for 2016 is to make sure that current clients really understand the robust reporting we are giving them - we work hard to make it actionable with practice improvement suggestions and feedback on how to improve operations.
This isn't limited to current clients, though. We also want to give financial understanding to anyone who asks. A review of past performance can help anyone in private practice understand where they can increase revenue, so I want to provide analysis and help for those practices who aren't looking for a billing service so they get the insight they need for their practice.
2) Increase revenues of new clients by 35%.
We spend a lot of time analyzing practices. We look at what their insurance contracts are paying them, how they are coding visits and immunizations and what their collections practices look like. We provide data and strategic insights to help practices and, even though Altus works on everything from regulatory compliance to HR concerns, the most immediate impact we provide for a new client is the financial one.
3) Increase revenues of existing clients by 20%.
A practice's first year with Altus is when the biggest financial boost is delivered, but we can't be complacent. We are taking time in 2016 to look for continuous financial improvement for every practice we work with and 20% increase in revenue is a big goal, but one we know will pay off. This is going to be fun - each practice is unique and comping up with strategies for a particular practice to be more financially successful is one of my favorite things.
2016 is going to be a great year!