Our Client Results / Private Equity
Orthopedic Managed Service Organization Amplifies Group Value Across the Board
What Growth Orthopedics Achieved Through Partnering with Medical Advantage
With an understanding that selecting and optimizing an investment is key for any equity partner, our consulting teams – using the power of data – helped Growth Orthopedics successfully scout new acquisitions, execute due diligence, develop standardized dashboards, and resolve operational inefficiencies.
After addressing operational inefficiencies and successfully integrating new practices, Growth Orthopedics saw a steady increase in performance improvements. Because each practice is different – even in the same specialty – having a clear and flexible integration approach helps maximize practice profitability, and patient satisfaction. Medical Advantage assisted in numerous ways to help Growth Orthopedics make its operational aspirations a reality.
More About the Company
Growth Orthopedics is a managed service organization that partners with independent orthopedic offices while ensuring their clinical autonomy and practice independence. Today, with their capital partner Trivest, a private equity firm focused on founder-owned companies, Growth Orthopedics has partnerships with orthopedic practices and surgery centers in multiple states. Their objective is to increase value within the portfolio by lending their expertise and leveraging their trusted suppliers and industry partners when needed. Growth Orthopedics is dedicated to caring for their patients, the comfort and development of their partner physicians, and the growth for all equity stakeholders.
Challenges in Asset Management
Like any specialty practice acquisition, the first task at hand is to identify ‘gaps” in the clinical, administrative or financial operations of the new practice and know when to bring in additional help. With several groups for Growth Orthopedics to manage, there was no time to waste in addressing:
Too many systems tasks completed manually and in need of process improvement, especially with superbills
Multiple electronic health record systems and no efficient way to combine data
Misdirected payments and lack of payment processing verification
Missed revenue opportunities due to current payer contracts
Marketing costs per new patient visit
Lack of system functionality to verify when payments were processed
Lack of aggregate reporting across practices
Insufficient visibility on operational and financial performance across groups posing technical challenges and time-consuming inefficiency
Our Customized Solutions
Once dispatched for a Growth Orthopedics project, our teams get to work to integrate practices by connecting them to the Growth Orthopedics operational and financial dashboard. To date, Growth Orthopedics has had the benefit of having multiple projects handled by Medical Advantage consultants, providing the experience of continuity and a seamless hand off. Knowing the “Growth Ortho” way, Medical Advantage teams have the acuity needed to guide the partner practice on the best way to implement. Other solutions implemented were:
Market analytics in the practice acquisition process that uses public and commercial data to identify the best prospects for partnership
Common operational and financial dashboard for Growth Orthopedics that is source system agnostic
Customized dashboards tailored to organizational goals that best utilize all available data for a variety of critical decisions, reducing time consumption by 90%
Investigation effective in finding changes in data and determining reconciliation through data drill down
Improvement in the definition of data points and quality data input assurance for more accurate reporting to enhance visibility and support transparency with stakeholders
Alignment of operations and reporting practices between groups
Data consolidation from disparate systems to lessen the need to replace EHR systems of partner practices
Full assessments of EHR and RCM to identify opportunities for increased efficiency
Updated workflows for best utilization of EHR applications being used in the partner practices
Strategic revenue maximization from payer contracts (including CMS) involving contract negotiations and identifying when less than the contracted amount was paid on claims
Side by side comparison of group strengths and performance through benchmarking using a variety of datasets
Garnered buy-in from providers to make integration activities successful and to mitigate burnout
Increased utilization of appointment reminders to reduce “no-shows” with the outcome of improving the bottom line
Time savings of 90% with our financial dashboards solution
Medical Advantage Can Help
Medical Advantage is an innovator in healthcare. Our years of experience, data driven strategies and in person approach drive change, improve outcomes, and maximize ROI. Our team has the expertise to provide customized, actionable solutions to decrease the cost of care and improve quality for your practice.
