hfm Magazine
The recent frenzy of physician practice acquisitions has created a sense of urgency for hospitals and health systems to complete these transactions quickly in order to remain competitive. As a result, these organizations have often focused their initial attention on negotiating contract terms, drafting legal documents, conducting asset appraisals, and assigning vendor contracts, while deferring considerations on how to manage the revenue cycle aspects of physician practices. This article discusses six elements necessary for a professional fee billing operation to be successful: capable management; an appropriate organizational model; consolidated practice management systems; transparency, standards, and controls; an appropriate coding and compliance model; and ICD-10 preparedness.