Goal: Practice consistently uses sound business practices, managing budgets at both the practice and department level (if applicable); return on investment calculations are factored into decisions on new programs and these are factored into budget projections.

Strategy

• Consider third party business intelligence tools
• Use relations with payers to access claims data
• Estimate costs of hospital and emergency department care saved through utilization reductions
• Train appropriate staff on interpretation of cost and utilization information
• Use available data regularly to analyze opportunities to reduce cost through improved care
• Institute a fake appointment into your EHR to track how many ED visits you eliminate with enhanced access
• Transparency with the entire team re: total cost of care
• Educate staff about factors impact total cost of care
• Use state professional association to collaborate with payers (American Academy of Pediatrics, American Academy of Family Practice, etc.)
• Partner with the care continuum, especially small federated model
• Ask staff to identify opportunities to manage cost to facilitate understanding
• Know your visit costs and track and understand different components

Resources

Financial Management Tools

MIPS Action Plan