My friends from the Pediatric Management Institute (PMI) put on another great practice management conference in Las Vegas last January.
The content was excellent, thanks to the fabulous faculty PMI brought in.
The topics varied from customer service principles to fundamental changes happening in the health insurance industry and how those changes are – or soon will be – affecting doctors’ financial bottom line.
Below are a few highlights and notable points that resonated with me.
ANCILLARY SERVICES | INCOME DIVERSIFICATION
Dr. Jeanne Marconi presented an account of how her practice diversifies income streams by incorporating ancillary services into her practice.
Admittedly Dr. Marconi’s comprehensive – almost overwhelming – plethora of services (they even offer in-house exercise training programs for children with high BMI) is probably too much for the standard practice to implement.
But for me, her talk wasn’t an invitation to follow her footsteps, but instead, provide insight into what is possible, what can be done and what is available to practices.
Dr. Marconi dished out several challenges to the physicians in the crowd. But the one that resonated with me the most was her call for pediatric practices to challenge the status quo, expand their minds, think creatively (or to use a cliche, think outside the box) and begin to think about ways to diversify practice’s revenue streams.
HOW HEALTH INSURANCE COMPANIES ARE PAYING DOCTORS
Susanne Madden arrived in Vegas with her extensive knowledge and expertise of the health insurance industry.
She presented attendees the sobering reality of how health insurance companies are adjusting, changing – even experimenting in some cases – with their models to continue delivering value to “their” shareholders. And by value, she means lower cost and higher profits.
Susanne underscored the importance of implementing quality measures such as P4P, HEIDIS, PCMH into our medical practices. But not for the reasons you might think.
While many of these health insurance programs are currently in place as rewards (e.g., enhanced or incentive payments) for medical practices that achieve quality measures thresholds in patient care, Susanne highlighted that these programs will soon become a requirement for practices.
What does this mean exactly? Insurance companies will soon stop offering enhanced payments programs to practices for achieving PCMH level III certification (or other types of incentives). Instead, they will reduce payments to doctors don’t meet PCMH certification.
As if that wasn’t bad enough, she added that many payers are evaluating providers based on how much the provider costs the company in benefits payouts.
How is that different than what they do now?
The difference is that they are not looking at the practice as a whole, but rather evaluating each provider individually.
The implications are that if you have physicians in your practice that don’t adhere to designated quality standards, payors can potentially pay each doctor in the practice different amounts.
HOW MUCH CAN WE AFFORD TO PAY AN EMPLOYED PROVIDER?
PMI’s very own Paul Vanchiere gave two of his hallmark presentations. The first one focused on customer service using the acronym KIDS (Kindness, Integrity, Dignity & Service).
His second talk was my favorite. Why? Because Paul took a complicated, MBA, executive consulting level exercise (determining how much can your practice afford to pay an employed provider) and distilled it into an easy to follow, step-by-step, process, which only requires one to understand a few financial concepts and enter value sets into a spreadsheet.
BROADEN YOUR CODE REPERTUAR
Dr. Rich Lander went over the fundamentals of proper coding. In addition to reviewing the differences between coding Level 2, 3, 4 & 5 for a sick visit, Dr. Lander stressed the importance of documenting “time” correctly in a patient’s chart.
Dr. Lander shared multiple clinical scenarios that we often encounter with patients. But some of the codes he suggested I wasn’t all too familiar with. I couldn’t recall if we used them.
So I wrote down a reminder to myself to check how well (or not) providers at Salud Pediatrics were using the full scope of codes available.
NO PRESENCE, NO INFLUENCE
Dr. John Moore – a new PMI faculty member – brought us up to speed with some of the new social media trends (Are you familiar with SnapChat and how kids are using it?)
One of the points that Dr. Moore articulated that I appreciated the most was the importance for pediatricians to embrace social media.
He said something that I’ve been saying for a long time; which is, had pediatricians adopted social media at a faster clip, the pro-vaccine vs. anti-vaccine arguments would have been balanced. Moreover, there was the potential to stifle the anti-vax movement.
CHANGE IS THE NEW STATUS QUO
You can always count on Chip Hart to deliver great wisdom and insight. Chip also gave two talks.
I’ve heard Chip speak many times, but this time, I felt his talks were different. Chip’s talks had a subtle, tough-love tone to them.
While addressing the challenges practices are facing today, he stressed that pediatricians have faced similar challenges before. He mentioned that during all previous tectonic shifts (aka industry changes) naysayers shouted out the demise of private practices. Much like many are shouting today.
Chip eloquently argued that not only are the doomsayers wrong, but that pediatricians are actually in a better situation than most think.
Chip wasn’t disregarding the challenges or downplaying the potential threats. We are indeed going through tough times. But these tough times were an opportunity to transform and reinvent our practices, he argued.
My takeaway was: If the plan is to defend the status quo and hedge the long-term success of your business on account that you have the initials MD after your name, thus somehow inoculated from change, the end is certainly near for you.
MEETING, CONNECTING, NETWORKING, SOCIAL LEARNING
Attending a seminar like this to learn from the speakers is certainly worth the price and the time. But more often than not, the icing on the cake, at least for me, is the immeasurable, intangible value I glean from networking.
The people who attend these events are the smartest and brightest in my opinion (and I’m not talking about the faculty, although they are good too).
Whether attendees are veterans in managing practices or opened their first private practices last week and believe they have no clue what they are doing, the truth is, there is opportunity to learn from everybody.
The faculty makes the trip worthwhile. But I would say the attendees make the event special.
Next year I hope to see you there. Especially if you didn’t get a chance to attend this year.
Place: New Orleans
Dates: Jan 27-28th 2017