Adapting to Challenging Trends in Urology with Practice Management
The right software may help urology groups extend capabilities and increase value
Urology practices are facing a pressing need to streamline operations. As external challenges evolve, practice owners must adjust internal processes, workflows and expenditures. Balancing these shifts with an unwavering commitment to patient care takes strategic acumen and tailored solutions.
Here, we’ll look at the challenges urology practice owners may confront and explore how practice management systems can help close operational gaps and reduce financial risk.
Economic factors may constrain operational investments
Inflation, potential profit constraints and other economic factors can affect the overall financial well-being of urology practices in the short and long term.
These stressors may even limit a practice’s ability to invest in tools that could help accelerate growth or restore stability.
Research from Bain and Company indicates that in 2023, approximately two-thirds of surveyed providers across health systems, hospitals and practices needed to streamline the number of software solutions in which they invested.
Additional research from McKinsey indicates that the rising costs of labor, supplies and services may put up to half of profit pools at risk. But on the plus side, up to $1 trillion in savings or additional profits may be available to practices that redesign their organizations around productivity improvements and other factors.
One takeaway from these studies is that software needs to accomplish numerous objectives to meet the demands that today’s urologists may experience.
So how can you streamline software and unlock cost efficiencies? An integrated practice management system is essential as it uses automation to speed-up scheduling, document management, billing, reporting and office workflow.
When part of an all-in-one system, it can also help you centralize your data, helping to eliminate silos and facilitate communication.
Another benefit is the elimination of stitched-together solutions and the extra effort they require to manage. Replacing multiple log-ins with a single username and password may improve usability for teams.
When combined, the benefits may mean less manual work, helping everyone get more done in a shift.
Staff shortages may threaten productivity and growth
Empowering staff to do more may become imperative for urology practices.
An Oracle study projects that if US workforce trends continue, more than 6.5 million healthcare professionals will permanently leave their positions by 2026. Only 1.9 million will step in to replace them, leaving a national industry shortage of more than 4 million workers.
In urology, shortages may already be a challenge. The American Urological Association (AUA) reveals that in 2018, the US had 3.89 urologists per 100,000 people, which it notes is a severe specialty shortage. Additionally, the urology field may be hit by a wave of retirement soon.
A practice management system could relieve staff burdens and help increase efficiency for a variety of roles. Tools that use automation to help speed up scheduling, check-ins, eligibility verification, billing and more may also allow practice owners to reallocate resources to further mitigate the impact of staffing shortages.
For example, having a practice management system with an included clearinghouse solution can save valuable time for medical staff. Unlike systems that require manual contact with payers, a built-in clearinghouse can automatically verify insurance eligibility and scrub claims. This automation may also improve accuracy by sidestepping the potential for human errors or confusion.
Additionally, auto-posting and auto-allocation can also help streamline billing and payments.
With labor-intensive tasks handled automatically, you may be able to extend your practice’s capabilities without worrying about hiring during a shortage. This may also let practice leaders reallocate existing staff hours more efficiently.
Acquisition opportunities may be decreasing
According to AUA News, urology practices may be attractive to investors, due to their high procedural volume and affiliations with revenue-generating services. For example, investors may be particularly interested in urology practices with radiation centers, surgical centers and pathology labs. Additionally, some investors may prefer to acquire smaller practices to increase geographic market presence to help secure bargaining power with suppliers, payers and physicians.
However, as consolidations achieve economies of scale, the opportunities for mergers and acquisitions (M&A) narrow. Recently, Becker’s Hospital Review cited a report from KPMG, stating that “the number of healthcare mergers and acquisitions continued to decline in the second quarter of 2023, with the volume of deals at the lowest level in three years.” The publication notes that the “total of 245 deals in Q2 this year [2023] was 7 percent lower than deal volume in Q2 of 2022 and 41 percent lower than Q2 of 2021.”
As a result, strategic buyers may plan second or even third acquisitions, and sell them in portions to increase the sale prices for remaining fractions over time.
For this strategy to pay off, investors may need to understand how a practice’s value may increase over time. In this context, the operational efficiencies and reporting capabilities of practice management software can help medical practices be more productive and show their value.
Integrate Practice Management at your locations
Our Practice Management software can help urology practices save time and be more productive. The solution is designed to help practice owners navigate economic challenges, combat staff shortages and help extend practice value. And it connects seamlessly with EMA®, the #1-rated urology-specific EHR by Black Book™ in 2024, to support operations and streamline workflows.
Ready to leverage operational efficiency in your urology practice? Book a demo.
This blog is intended for informational purposes only and does not constitute legal or medical advice. Please consult with your legal counsel and other qualified advisors to ensure compliance with applicable laws, regulations and standards.
