PractiSource: Maximizing Reimbursement for Specialty Healthcare

PractiSource: Maximizing Reimbursement for Specialty Healthcare

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Markus Muhlhauser, CEO, PractiSourceMarkus Muhlhauser, CEO, PractiSource
Many physicians and medical practice managers believe that they are “different” from other medical practices, that their billing situation is somehow unique. While some specialties such as Radiology and Anesthesiology stick out for obvious reasons and have entire industries dedicated to them that cover everything from billing to dedicated systems, often the similar needs of other specialty healthcare practitioners go unnoticed. Nonetheless, their needs are unique indeed, with special requirements that simply do not fit in the traditional medical practice mold. Providers in such practices often serve patients in post-acute and long-term care environments such as nursing homes or in certain cases - visiting more than one nursing home in a given day. This creates a unique set of circumstances, which must be taken into account when it comes to billing, EHR, and process workflow management.

Amidst many lab management solutions focused on billing and revenue cycle, PractiSource is the one that stands for incorporating efficient transfer of billing information methodologies for its clients. Based on its understanding that like every patient every practice is different, the company tailors its solutions to the specific needs of each individual healthcare practices. “Healthcare has become more and more dynamic. It’s ever-changing and more confusing for all types of medical providers,” comments Markus Muhlhauser, the founder, president, and CEO of PractiSource. He further adds, “Specifically, we noticed massive changes to the traditional revenue models in both the clinical laboratory and physician practice spaces, making it harder to get paid for medical services providers.

So we leveraged our experience in the healthcare field to develop a suite of services and technologies that would allow our clients to not only survive but thrive in the changing paradigm of revenue models.”

The solution offers its clients with electronic claims, claim tracking, denial tracking, claim to scrub, and rules-based, insurance-specific follow-up engines to maximize their reimbursement. PractiSource can work with client laboratories to create scalable, easy, and comprehensive billing and system solutions. The company can develop imports or interfaces with specific Laboratory Information System (LIS) to its billing and financial management systems. This eliminates much of the paperwork associated with outsourcing clients’ billing and streamlines the laboratory billing process. Furthermore, PractiSource provides the clients with complete access to financial business intelligence tools and reporting to let them have control over their revenue system.

For more efficiency-oriented practices, the web-based solution PractiSource System has the ability to directly interface with healthcare-specific EHR systems. For example, PractiSource has collaborated with gEHRiMed, a leading LTC EHR system. Through this partnership, providers can utilize the gEHRiMed system and the billing information is transmitted electronically to PractiSource for processing. This allows providers to concentrate on patient care, while PractiSource takes care of the rest. Apart from the billing service, PractiSource System provides its clients the ability to manage appointment scheduling, patient data, financial reporting, and more.

Also believing that while the company’s service is a perfect match for most of the healthcare practices, it may not be the right fit for others, PractiSource offers a free billing and A/R management consultative analysis of its prospective clients’ practices. Even if any business is not particularly opting for PractiSource’s billing services, they can still check how their billing practices stack up and how they can improve the revenue performance.

With its footprint growing, PractiSource is currently serving clients all across the United States. Consequently, the company is forecasted for exceptional growth in 2019. “For 2019 we are expecting a lot of new opportunities on our way and we want to be perfectly prepared to grow along with our clients,” concludes Muhlhauser.