The fee-for-service (FFS) model in healthcare has been the industry standard for as long as anyone can remember, but it may be on its way out. While FFS is certainly straightforward for medical and dental practices — provide a service, get paid for that service — it fails to address soaring healthcare costs, the quality of outcomes, or patient satisfaction.
Value-based reimbursement attempts to address those issues by tying providers’ fees to the quality of care they deliver. While this has great benefits for patients and healthcare spending in general, it presents new challenges for medical and dental practices, making it more difficult to manage revenue cycles and further complicating clinical decision-making.
Wiss has specialized in providing accounting and business advisory services in healthcare for over two decades, supporting practices through several significant changes in the industry. The transition to value-based care is no different. With its insider knowledge and understanding of the sector, Wiss helps healthcare providers optimize their business to remain profitable under this new model.
Keeping the focus on patients in a post-FFS world
Running a financially successful healthcare practice is about much more than the expertise of the medical or dental professionals who work there. It requires a deep understanding of the ever-changing regulatory environment and fiscal compliance. The added complexity of moving away from FFS only increases the need for expertise in these areas.
To survive and thrive in this context, doctors need to be able to focus on managing their patients’ health to deliver the types of excellent experiences and outcomes that drive revenue under the value-based reimbursement scheme.
With this new model — where financial success is tied to the quality of care — spending time and effort on the financial and regulatory intricacies of running a practice (instead of on patients) could jeopardize the business itself. If that sounds like a Catch-22, you’re not far off. Luckily, Wiss can help.
Simplifying the complex for medical professionals
The experts in Wiss’ Healthcare Services Group deliver innovative and cost-effective solutions tailored to the needs of the medical and dental sectors. They speak your language and understand the particular challenges you’re facing. Even when wrestling with the most technically complex problems and circumstances, they explain the results and recommendations in plain English.
Wiss helps practices optimize their business model under the value-based reimbursement system. Its accounting and auditing services ensure financial compliance and develop ambitious but realistic forecasts and budgets. In addition, process-oriented technology allows for a deeper analysis of the numbers, revealing insights that can translate directly into informed decision-making.
Wiss aims to simplify the complex so that medical professionals don’t have to waste valuable resources worrying about their practices’ financial stability and compliance and can instead focus on what they do best. And in the post-FFS world, that is the cornerstone of success.
Controlling costs through operational efficiencies
Staying profitable in healthcare isn’t just about reimbursements; it’s also about keeping prices down. Wiss can help with that too.
Thanks to over two decades of experience in the sector, its experts have the insight and knowledge to bring to light opportunities for operational improvements and efficiencies. This makes it possible to improve care while reducing costs — in other words, a win-win.
Wiss Business Advisory Services aim to optimize every aspect of your medical or dental practice to ensure its profitability, stability, and compliance through the transition to value-based reimbursement and through whatever future transitions await in the years to come.