By Shaun Szkolnik, for the Tribune
TRUSSVILLE – As Trussville grows, it seems likely that partners in that growth will be high-tech businesses and innovators looking for a home. One such business is already here.
Practice Logic LLC offers services for every aspect of a Medical Practice’s revenue cycle.
“Many practices are skilled in some areas of revenue cycle management, but due to the increasing regulatory burdens, we have found quite a few groups that are reaching out for assistance,” said Practice Logic CFO Wendall Gibson. “There are clients who wish to implement a new practice management system that has been compliant in every aspect of the Health Information Technology for Economic and Clinical Health (HITECH) Act. We have rigorously researched this area of ambiguity and come up with better solutions for our clients. There are groups that have difficulty with collections, high Accounts Receivable and high denial rates. Our team consists of highly skilled medical billers, coders, and payment posters who notice negative trends immediately and seek to fix them. We also help our clients report quality initiatives, whether through commercial insurance or government insurance. We educate our providers on compliance and assist them with cumbersome payor audits. We assist in IT support, credentialing, hosting and a variety of other ancillary medical services necessary to the overall health of the practice.”
This is a service that many in the medical profession can make use of.
“We serve the physicians in private practice, hospital-owned practices and multi-specialty groups,” said Gibson. “We provide billing services to institutions such as small hospitals, nursing facilities, assisted living and rural health clinics.”
In fact, it was a demand for this service that led to the creation of Practice Logic in the first place.
“The demand for revenue cycle management increased dramatically, and we answered the call for a better product.” Said Gibson.
When scouting a location to place the business, Trussville just made sense.
“A Trussville location allows us to travel easily to Birmingham, Huntsville, Montgomery, Tennessee, Mississippi, Georgia and Louisiana,” said Gibson. “The cost of running a business in the Trussville area is very competitive as compared to other major cities that are relatively close. Our savings allow us to pass on these benefits to our clients and employees. We also see Trussville as a thriving community with year over year growth. We felt that it was an excellent area in which to grow our business.”
This also makes for a benefit to Trussville medical businesses that can use the resources of Practice Logic LLC and thereby drop their input costs to take advantage of a division of labor that decreases their opportunity costs and increases their productivity.
“Outsourcing coding, billing and compliance relieves the practice of a tremendous financial burden,” Gibson said. “The monthly pay of employees, employer paid taxes and benefits, tangible and intangible expenses of the practice in-house revenue cycle are costly. All of this is assumed by our business. Our competitive rates and ability to increase collections allows practices to thrive.”