Stryker Performance Solutions (SPS) launched Practice Excellence™ to support U.S. orthopaedics practices as they drive profitability, efficiency and quality outcomes. The program is designed to alleviate administrative burdens arising from management of insurers, contracts, U.S. reporting requirements and patient demands, and help practices become more profitable.
Practice Excellence begins with financial and operational analysis of a practice, then design of a plan based on three "value tracks":
- Revenue Cycle Management: focusing on denial prevention, revenue recovery, physician documentation coding, payment reform and analytics, etc.
- Practice Redesign: efficiency through on-site LEAN workflow mapping, optimized use of resources to manage patient visits
- Ongoing Data Analytics: to track and analyze clinical, financial and operational performance so the whole organization can make smart decisions and drive sustainability
SPS, a unit of Stryker's Reconstructive Division, partners with hospitals and healthcare providers to support improved quality outcomes, patient satisfaction and profitability in the orthopaedic segment. Practice Excellence follows SPS' 2016 service launches, the digital JointCOACH™ patient engagement/education platform and Episode Performance Manager™, a digital tool to translate raw claims data provided by Medicare into dynamic reports.
Sources: Stryker; ORTHOWORLD Inc.