A Management and Consulting Corporation
NetMD Business is a management and consulting corporation specializing in the Healthcare industry. We provide management services for physician groups and hospitals that cover a wide range of operational needs, including: scheduling and hiring providers; managing hospital relationships; ensuring complete record documentation; and billing and collecting professional service fees. We also provide legal counsel with regard to corporate transactional work, compliance with federal and state regulations, and risk management. In addition, our consulting services target relevant issues in the healthcare industry, such as patient throughput and revenue cycle assessment of hospitals to improve record management, payor billing, and collections. NetMD Business provides unique solutions that allow physicians and hospitals to be more efficient and profitable in running their businesses through the blending of clinical and practice capabilities with software and technology expertise.
NetMD Business is a privately held company, headquartered in Livonia, Michigan. Since our founding, we have focused on a mission: “To be the leader in developing and implementing innovative healthcare solutions to meet the needs of an evolving marketplace.” To achieve this mission, our business is founded on a platform of three core values: a partnership with our customers, quality and safety in healthcare delivery, and operational excellence.
Our staff consists of a veteran team with varying skills, capabilities and expertise. Two additional characteristics round out NetMD’s expertise – technical proficiency from a staff of highly qualified IT professionals, and a dedication to effective and efficient process management. We are committed to providing customers with strategic data driven solutions to take their business to new levels.
Decreased Risk, Increased Revenue
A physician practice that utilizes both the practice management and financial management services offered by NetMD Business allowed us to study medical chart documentation trends across the group to identify improvement opportunities. We identified specific areas for improvement, and worked with the providers to implement change. The physicians group saw a tremendous decrease in downcoded charts, changing from an 8% downcode rate to less than 0.5%. This documentation improvement decreased risk for the practice group, and produced a significant uptick in collections.
Identifying the Root Cause
NetMD Business completed a revenue cycle evaluation for a hospital system of 4 acute care hospitals with 185,000 emergency room visits each year. Our comprehensive evaluation differed from traditional revenue cycle audits in that it identified root cause of failure points within the system such as chart reconciliation issues and coding consistency issues. The assessment also identified achievable process improvements. It was determined that by addressing the identified root causes and implementing process improvements, the client would net an estimated $14 Million dollars a year in increased revenue.
An Award-Winning Program
NetMD Business designed and administers a risk management program for one of our physician practice clients. The program was developed in response to a client concern that clinical documentation was a contributing factor to the practice’s risk profile. NetMD Business created a chart auditing program to monitor documentation on high-risk patients, and to identify areas of concern. The program was the recipient of the T-System Client Excellence Award for Risk Mitigation 2012.