Med Solutions: Case Study

As the Chief Executive Officer (CEO) of Middlefield Hospital, I am providing a detailed report of my strategies and recommendations to increase the financial performance and meet budgetary forecasts of our healthcare organization. These recommendations are for increasing our market share and make us a more competitive healthcare system.

According to Wikipedia Meditech (Medical Information Technology) “is a medical software based company located in Massachusetts. The company was founded by Neil Pappalardo in 1969.” The company was founded when Mr. Pappalardo graduated from MIT and while he was there he created a software/program which we would later referred to as MUMPS. MUMPS later became the industry standard language for most of the software used in medical field. He started his company MEDITECH out of curiosity when he saw that the medical field has too many errors when it came to handling paperwork’s in the industry. The focus of this paper is going to be on the HER software that Meditech is using on their end. Since Mr. Pappalardo worked on the software back in 60s

There are many ways for a health care organization to obtain positive results, in the case of Sutter Health; they incorporated new management revenue software that allowed real time information on key metric indicators. The staff was able to measure performance quicker and have accurate numbers. The ability to create detailed reports in minutes allowed receivables managers to isolate and analyze data for each payer (Medassets.com). This resulted in “faster problem resolution and increased leverage in negotiations (Medassets.com)”. The central billing office was able to detect errors in days versus weeks. This allowed Sutter Health to improve its cash position.

If the organization is still concerned with internally handling billing, an outside service can assist by providing proper software, such as EMR (Electronic Medical Records), packaged billing, and practice management. There are companies that provide appointment reminders, electronic eligibility verification, patient follow-up, coding, consulting, and data reporting.

In the case of the Suburban General Hospital, consultants, Carla who manages emergency shelters and clinics and Kent a technology consultant are in conflict over the new patient billing software that Kent developed and wants implemented in the hospital’s clinics and doctor’s offices, for he feels the software is ready and will be widely accepted by the physicians.

The current focus of Meditab is on producing software solutions that provide EHR management, patient portal, care management, and integrative imaging and communications between specialists and practices.

Technology plays a vital role on the overall productivity of a medical practice. Electronic medical records (EMR) are commonly used by both large and small practices. They offer practices an efficient mean of storing patient data; furthermore, the government offer incentives for meaningful use of electronic medical records. Generally when it comes to implementing an EMR, it is necessary to choose the right vendor. EMRs usually fall into three vendor systems: single-vendor, best-of-breed, and best-of-suite. The single-vendor strategy offers the most cost-effective strategy for a small single-specialty practice because it combines both the administrative and clinical aspect of the practice; thus, allowing for a single contract with the vendor (Naleef, Ozcan, and DeShazo, 2012). The other two vendor strategies, while offering more flexibility, tend to require increase staffing, which may be too costly for a small practice.

According to Tom Daykin, from the Milwaukee Journal Sentinel, Medovations helps improve the community by more than just their equipment. Daykin stated in his article, “But companies such as Medovations that hire workers from poor neighborhoods can play a big role in raising living standards for low-income people,” (Daykin, 2016).

The steps in the medical billing (revenue) cycle consists on a variety of steps. In order for the revenue cycle to function, it must flow directly and fluent. These steps must be regulated and followed in order to have sufficient revenue. One main step is to check the patient’s information such as verifying the patient’s name, birthdate, insurance number, etc., as well as making sure that everything is up to-date. Helping out patients to make an appointment is a step. Scheduling should be accurate and on time. The process of making an appointment can better be known as appointment scheduling. Checking for the insurance eligibility verification from the patient is another step to follow. Submit any claims to superior personnel. Receive and

The healthcare industry is always working to find innovative ways to make care affordable while delivering an acceptable level of medical treatment. The cost of medical care is constantly on the rise therefore difficult to create a foolproof system that can competently provide care at a reasonable price. Manage care programs were designed to handle these issues simultaneously yet they have yet to create a perfect system that will be appropriate for everyone. The U.S. healthcare system needs an overall to find a technique that will be suitable for its consumers. Even with managed care service in place the industry still falls short of being able to satisfy the majority of the people.

A healthcare facility with enough finance can invest the finance to improve the service through the purchase of new technology equipment and hiring highly qualified experts to improve the patient experience. Consequently, effective financial management plays a great role in ensuring that better financial decisions are employed in healthcare to enhance organizational performance and budget for its functions. Within the healthcare sector, the financial management aspect was initially viewed in a basic manner, but today it is given a keen look, because it involves planning, acquisition of equipment, and usage of the funds to improve the organizational performance (Cleverley, & Cleverley, 2017). For that reason, an organization with an effective financial management strategies can use the experience to deliver efficient and effective healthcare services, henceforth have a competitive advantage over

Since they genuinely care about their patients, they want to offer them quality healthcare at an affordable price. To do so, they offer a variety of financial plans to best suit individualized needs and budgets. After working with an employee to create a prioritized plan, you can pay in a variety of ways, including:

The health care services industry is in very nearly a serious condition of transition with not a single end to be found for a long time to come. Our medical triumphs drive this "condition for change." Advancements in medicinal care, pharmaceuticals and therapeutic innovation, alongside the mass exchange of data, have made a superior human services results for patients who years prior, would have been taking a glance at far different results. While it is difficult to see this improvement and the speed at which we keep on progressing as an issue, the newly created environment we have strived to create has made new

Medtrak has plenty of great key features from patient registering to billing that makes it a great system in the medical office. Medtrak saves a ton of time and money by working itself in with the practices normal while also being made for people who understand medicine and not just computer programs.

The rapid growth of managed care is the response to limited financial resources and the demand for healthcare services to be affordable. Economic viability is a crucial aspect of health care. Managed care plans were developed to provided health care services, but also to be a method to collect payment for services. There are different types of managed care plans. For example, health maintenance organization (HMO), preferred provider organization (PPO), and point-of-service (POS) plans. For brevity of this paper the HMO managed care system will be discussed along with the relevance of the role of the advance practitioner practicing in HMO setting.