PracticeMax
Maximizing Revenue Cycle by Advanced Collection System

In today’s rapidly changing regulatory and payer environment, the need to ensure compliant and accurate billing processes while effectively managing the revenue cycle has climbed up the priority list for healthcare organizations. “The industry is moving towards a retail centric engagement with patients and buyers, with high-deductible health plans shifting more of the financial burden directly to the patient” says Bill Carns, CEO, PracticeMax.

As a result of these emerging realities, healthcare providers need more sophisticated tools and reporting systems to drive better outcomes, reduce costs and enhance decision making to improve patient care. With an aim to address these challenges, PracticeMax provides a comprehensive suite of services and technology that enable providers to maximize their clinical, operational and financial performance while optimizing the revenue cycle.

As a national firm with regional offices throughout the country, PracticeMax clients have access to resources and capabilities not found in smaller organizations. “We provide a full continuum of integrated revenue cycle services and products that support various sized practices in over 42 specialties and sub-specialties,” states Carns. The company’s billing services and expertise span the inpatient, outpatient, emergency department, urgent care and medical group settings.

MaxIntel, the company’s advanced business intelligence and data visualization platform, enables clients to understand, digest, and take action on data. “Unlike traditional reporting systems, MaxIntel facilitates dynamic review, oversight and analysis of a wide range of critical benchmarks, giving our clients the information they need to improve operational and financial performance,” asserts Carns. The system facilitates efficient information exchange from multiple data sources, with intuitive dashboards that allow users to dynamically transform raw data into actionable metrics.

Clients can watch performance improve over historical results in key areas against peers regionally and nationally, and also see forward looking projections. The solution also facilitates timely and meaningful provider feedback regarding documentation and coding while collecting and combining other information from various sources, giving the practice increased control over day-to-day operations.

In addition to billing and collections, PracticeMax’s services include credentialing and provider enrollment, contracting, coding, payroll, HR, marketing and research services. “We provide a sophisticated satisfaction research service for the patient and provider experience, which helps improve the delivery of care,” says Carns. “We enable decision makers to increase satisfaction which also improves collection of medical receivables.”

The company prides itself on its technology optimizing skills for better results. “Our unique combination includes proprietary collection tools and expertise that set us apart from the competition,” claims Carns. PracticeMax improves client’s performance by giving them a full suite of services that work together to improve patient satisfaction, streamline operations, reduces costs, and ultimately maximize practice revenue.

MaxIntel facilitates dynamic review, oversight and analysis of a wide range of critical benchmarks, giving our clients the information they need to improve operational and financial performance

For instance, PracticeMax helped one of its clients to strategically shift their business and change their model to improve and maximize financial performance. In another instance, “we helped a large medical group switch from a larger national competitor to our system,” states Carns. “Within the first year, the client experienced increased revenue of 19.8 percent in net collections, thanks to our improved processes and systems.”

Moving forward, PracticeMax plans to continue expanding its national geographical footprint. “We will continue to innovate and expand our product offerings, including new patient payment tools that will provide better financing options for patients,” concludes Carns.