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Finance

My Financial Rx: See a Specialist

Nearly three decades rooms has different capital deposits and transmit remittance data can biggest changes I have seen over the
ago when I was just start- financing needs than the be combined with revenue cycle manage- years is not in financial products but in
ing in banking, my men- dentist purchasing costly ment platforms to accelerate collection, physicians themselves. Years ago, my
tor encouraged me to imaging equipment and improve velocity of cash flow, reduce clients viewed themselves as small busi-
specialize telling me, instruments. A banker who errors and maximize efficiency. ness owners in competition with fellow
“This is an interesting specializes in healthcare Founding and acquisition: The State of physicians. Today, there is more impor-
time in healthcare.” would understand that while Florida’s 2017 Physician Workforce tance placed on personal work-life bal-
There has never been a the dentist may be seeking Annual Report noted that six in ten physi- ance and collaboration in practice. Many
time that wasn’t true, the larger loan, he or she also cians practicing in Florida are age 50 or physicians express no interest in owning
partly because of long- has a greater percentage of older. Statewide, an average of 15 percent a practice. There is no right answer.
standing pricing and private pay collections. plan to retire in the next five years with Banking products can finance wonderful
billing challenges and, Many financial institutions that number reaching up to 25 percent in vacations as well as physician-owned
today, for more recent offer specialized solutions to South Florida. Bankers with expertise in ambulatory surgical centers.
shifts in the payment BY JIM CRAIG the physician community to the field can explain and facilitate loan Professional referrals: Yes, bankers give
model from fee for serv- meet evolving needs: options for new practices as well as acqui- referrals too. My clients tell me about the
ice to fee for value. Revenue cycle manage- sitions. challenges they face and, while I can be
In the broadest terms, healthcare is the ment: BankUnited is among those that Transitioning to private pay: What was of no help with clinical issues, I can refer
only industry where the service provider offer cloud-based applications that allow once a small movement in affluent zip them to a wide network of qualified
does not set the price which, for the most practices to treat every financial encounter codes, so-called concierge or private pay billers and coders as well as other ven-
part, is determined by the government or the same – Medicare, Medicaid, insurance practices are heading mainstream fueled in dors who can help with non-bank issues.
health plans. and private pay – and then have the collec- part by the increasing prevalence of high- Those of us who specialize in health-
The physician community also has a tions automatically posted to the bills with deductible plans and challenges in co- care are always willing to offer a free
much taller hill to climb than other profes- a lower error rate. Consequently, office pay collections. If a practice has current checkup and will work with you to help
sions in terms of revenue cycle manage- staff is freed from coding and data entry to financing, a shift to this model may be you reach your financial goals.
ment. Invoices are typically paid over a manage the few exceptions. deemed a material change in the terms of
period of time by a number of different Online treasury management: Secure the loan and the lender should be Jim Craig is a BankUnited senior vice
parties in a number of different ways from web-banking platforms offer 24/7/365 informed. A practice may also need to president and practice leader in healthcare.
cash and credit cards to health savings accessibility to view account activity in finance the transition period before new He may be reached at (561) 653-2156 and
accounts. real time and automate many bookkeeping collections begin. jcraig@bankunited.com.
The primary physician furnishing exam functions. Lockbox services that process Entrepreneur or employee: One of the

Specializing in Medically

Complex Patients

Kindred Hospitals are owned by Kindred
Healthcare, Inc., a national network of Long Term
Acute Care Hospitals (LTACH's).

Kindred Hospitals provide specialized, high quality
care for acutely ill patients. For more than a decade,
we have fine-tuned the art of medically complex care.

Our services range from complex catastrophic
illnesses that require intensive care, post-surgical medical
rehabilitation to patients suffering from chronic diseases requiring respiratory and
rehabilitative therapies. Kindred Hospitals provide outcome-oriented
cost effective care for patients with a wide spectrum of
medical conditions.

Admissions to Kindred Hospitals may be
recommended by physicians, acute-care hospitals,
rehabilitation hospitals, managed care providers, case
management companies or by the patient’s family.
In all cases family tours are encouraged.

Kindred Hospital Kindred Hospital Kindred Hospital Kindred Hospital
Fort Lauderdale Hollywood Coral Gables The Palm Beaches
1516 East Las Olas Blvd. 1859 Van Buren St. 5190 Southwest Eighth St. 5555 West Blue Heron Blvd
Ft. Lauderdale FL 33301 Hollywood, FL 33020 Coral Gables, FL 33134 Riviera Beach, FL 33418
954-764-8900, ext. 5136 954-920-9000 305-448-1585 561-904-8451
www.khfortlauderdale.com www.khsfhollywood.com www.khcoralgables.com www.khthepalmbeaches.com

20 September 2018 southfloridahospitalnews.com South Florida Hospital News