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How Medical Practices Increase Productivity – Kory Razaghi

August 12, 2016

A medical practice is more than just seeing patients. It is a business, and like all businesses, it has monthly bills to pay, and employees who want their pay checks. There are many different aspects to medical practices across the country. 
A medical practice relies heavily on reimbursements from insurance companies to fulfill their financial obligations. However, filling out insurance claims for hundreds of patients each week can be very time consuming. The whole process can be a very frustrating experience.

A physician must either hire someone to perform this task, another expense that can be eliminated, or do it him or herself. Either way, it can be a gruelling experience for the person filling out the forms. Often, filing the forms is another headache that can leave the person feeling a huge amount of stress. Or hire a medical practice consultants like Kory Razaghi.

If the forms are not filled out properly, the insurance company will reject them and the whole process is started all over again and often these claims are added to the stack of claims that are pending. This can cause financial hardships for many practices, especially small ones. Even when the claim is accepted, it can take several weeks or months for the insurance company to send the reimbursement check. 

Many medical practices have found that by using a medical billing company, they have increased the efficiency in their office. The staff can concentrate on other areas of office work. Medical billing services have fast and secure methods of submitting claims to insurance companies electronically. This means that the claims are no longer lost in the mail or sitting in a stack on someone's desk waiting to be put into the system. 

When a claim is filed electronically, it is either accepted or rejected immediately. The billing service then will make the necessary changes and re-submit the claim. Because the claim is accepted electronically, payment is sent within days instead of weeks or months. 
Another benefit to using this type of company is that the personnel are highly trained in all aspect of medical billing. They are familiar with all of the rules and regulations and when they are updated or changed. 

The medical billing services will also track each of the payments to make sure that the transaction is completed and that a check was sent. They will contact the insurance company and follow up on each claim that is not processed. 
This gives physicians the time they need to treat more patients and to concentrate on them and not worry about when they will receive their payments. 

Any type of medical facility can use medical billing services. It does not matter how big or small, the benefits are the same for all. 

Many physicians are skeptical about using this type of service, especially small ones, however, the benefits of these services far outweighs any fees that they may charge because the reimbursement time is quick and the success rate of submissions is over ninety percent. This makes it very cost efficient for any medical practice.

Looking for someone to help you or guide you in your medical practice then turn to Dr. Kory Razaghi led Attentus Corp. We bring a comprehensive array of resources that provides critical support for our clients. Let us position your organization for growth and improved performance.
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A Medical Office Manager's Technology Policy

July 29, 2016

(Kory Razaghi) Technology today is ever growing; and to keep up with it requires constant learning and dedication. For instance, the computer software is just one thing to learn for your medical office staff; but now we have smart cell phones, smaller smarter computers, social media, and many other areas on which to focus our learning attention. How is this new technology affecting your medical office today?

You may think that technology is a slowly invasive means to an end with healthcare reform and adapting an EHR (Electronic Health Record). However, it could actually be creeping in on you in unsuspecting ways such as texting on phones, internet gazing, apps for phones, and the whole arena of social media communication going on right under your nose.

If you have internet connection at your medical office then you will be facing the challenges with preventing viruses to your computers from downloads. You will also most likely be installing firewalls and possibly private secure networks to protect patient data and information. Some medical office managers go as far as installing monitoring software on office computers so that employee activity can be monitored throughout the day.

How will you control the use of digital devices that use applications, texting, social media and other new software within your medical practice? Are you aware that there are smart pens that record audio and written material? Oh yes, technology could be coming into your practice at a much more rapid rate than going out it appears.

The importance of up-to-date policies and procedures cannot be stressed highly enough for the medical office especially. You will need to create a policy for internet usage, cell phone usage, and other similar devices and software. Knowing exactly what your practice needs will help you determine the correct policy limits for this type of situation. Your policy needs to include acceptable behavior which is clearly defined. It also needs to include a clear definition of unaccepted behavior and the consequences for breaching the policy.

Lastly, you will be required as the medical practice manager to implement and enforce the policy within your practice. How do you enforce a new policy? Most office managers will hold a meeting to distribute and discuss the new policy information, and provide time for questions and answers. It is also a good idea to have employees initial or sign acknowledgement of the new policy with its clear effective date.

Revisit your policy from time to time to make sure it is current and covers up-to-date material and situations. As we all well know, new gadgets are added to the mainstream every day and will soon find their way into your practice. It is just part of our life, like it or not.

Kory Razaghi provides due diligence services on alternative investments for Atomi Financial Services such as non-traded REITS, DSTs, BDCs, and other alternative investment products. Consult Kory Razaghi led Attentus Corp a healthcare consulting firm providing corporate finance, management, and operational turnaround services to healthcare organizations including community, children’s, government/public, and critical access hospitals, as well as physician groups, and healthcare sector focused private equity firms.

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Kory Razaghi - Privately Insured See 37% Increase in Out-of-Pocket Costs for Hospital Visits

July 16, 2016

(Kory Razaghi) It's happened to almost everyone. You're sitting in your doctor or dentist's chair, the office manager presents you with an estimate of what the work you need done will cost, and there's little more than faith most people use that these estimates are accurate
A University of Michigan study found out-of-pocket costs for hospital visits for privately insured individuals increased 37 percent from 2009 to 2013, Bloomberg reported.

The study was published in JAMA Internal Medicine and included data from 50 million Americans between the ages of 18 and 64 with insurance plans through Aetna, Humana and UnitedHealthcare. Roughly 98 percent of individuals studied purchased employer-sponsored health plans.

The study found while employers used high-deductible health plans to lower premium costs, their employees' out-of-pocket costs raised an average 6.5 percent annually, as overall health spending rose 2.9 percent annually.

Overall, out-of-pocket rates grew at a faster rate than the 5.1 percent increase in premium costs shouldered by employers.

Out-of-pocket payments include copayments, deductibles and coinsurance. Throughout the five years of the study, the average out-of-pocket cost for hospitalization was $1,000, Bloomberg reported. Deductibles rose 86 percent and coinsurance increased 33 percent, while copayments and the number of plans charging them decreased.

Individuals with "consumer-directed" plans, or high-deductible coverage paired with personal savings accounts, saw an average out-of-pocket cost of $1,200, which was $600 less than individuals with private plans, Bloomberg reported.

Dr. Kory Razaghi is a health care consultant heading Aptus Corporation specializing in improving profitability and quality. Mr. Razaghi provides hospitals and other health care providers with services including data analysis, cost reduction, quality improvement, process improvement, benchmarking, outcomes measurement and physician profiling.

Training of Healthcare Finance - Kory Razaghi

July 9, 2016

Healthcare training programs assist the participants in familiarizing themselves with the latest procedures of accounting and their application in this industry. Such programs are also helpful in keeping the individuals abreast of different funding options existing with medical institutions.

Purpose: A fully fledged training program assists the participant to learn and understand generally accepted accounting principles (GAAP) useful in this sector. In addition, you can learn through and accurate statements confirming the rules of GAAP.

Procedure of Training: You can obtain information through logging on one of the websites and receiving relevant modules related to your course. You can even attend seminars by FDA (Food and Drug administration). If you desire to visit seminars, then you need to attend training sessions from various corporate houses.

Topics of the training: It is essential for you to understand that the topics in the training may vary, as they depend on company and industry. For instance, if you are into a hospital training program, then you may have to focus on financing strategies on the short term as well as long term basis. In the same manner, other industry may differ from hospital training program.

Expert insight: If there is a case where the course is extremely tough or the employees do not have proper experience, then the course supervisors of healthcare finance training have to take the assistance of external individuals or specialists. In most of the cases, supervisors take help from some certified CA (Chartered accountant) or public accountant. These accountants explain difficult topics or enlighten students in the field of healthcare finance.

Benefits of this training: The medical facility receives maximum benefits from these training programs. The participants get intensive knowledge of their fields and they are abreast with new ideas and techniques, so that they can perform overall operations of the organization. You need to go for this training, as it can give you considerable amount of knowledge on this field.

Attentus LLC a healthcare consulting firm headed by Dr. Kory Razaghi.
Under the leadership of Kory Razaghi Attentus LLC is providing corporate finance, management, and operational turnaround services to healthcare organizations including community, children’s, government/public, and critical access hospitals, as well as physician groups, and healthcare sector focused private equity firms. Since 2006, Attentus has provided practical solutions to the myriad of challenges faced by its healthcare clients to enable sustainable growth, profitability, and long-term competitive advantage.

How to Become a Good Healthcare Consultant: Kory Razaghi

July 1, 2016

Healthcare is proving to be one of the widespread industries in the business world. Due to the growing population and the awareness about the various threatening aliments, healthcare techniques are in great demand.
There are much advanced healthcare centers and different kinds of therapies of treating the grave illnesses. Moreover, the growth in the industry has led to the involvement of notable size of the population into the streams that have planned to take it up as a profession.

The healthcare industry has many job opportunities, preciously there was the misconception that only doctors or trainee doctors are paid a descent pay pack, however, with the latest developments in the field the thinking has changed and now there are many other post under the healthcare stream that are opted as a career by many. One such posting under the healthcare department that is in great demand is the healthcare consultant. A healthcare consultant is a person, who is properly qualified to provide suitable advice to the head of healthcare centers and hospitals.

Following are some of the tips by Kory Razaghi head of Attentus LLC for becoming a good healthcare consultant.

Obtain the mandatory certification: Initially, after the completion of the course, you need to get yourself certified with all the essential documents by the concerned authorities in order to practice legally. These certificates are of utmost importance, as without them, you may not practice as a healthcare consultant and if anyone tends to do so, they are liable to face the punishment accordingly.
Perfect the skills: Having accurate knowledge and practicing for the sake of getting experience is not worth to make a mark in the field. Along with these, the person must have good communication skills that help in understanding the problems of patients in a better manner. The person is required to have a matured frame of mind, confidence and proper problem solving skills.

If you need a Healthcare Consulting company to help you improve the service you offer to patients, Attentus LLC a healthcare consulting managed by Kory Razaghi can help. Kory Razaghi Attentus LLC is a healthcare consulting firm providing corporate finance, management, and operational turnaround services to healthcare organizations including community, children’s, government/public, and critical access hospitals, as well as physician groups, and healthcare sector focused private equity firms.

Since 2006, Attentus has provided practical solutions to the myriad of challenges faced by its healthcare clients to enable sustainable growth, profitability, and long-term competitive advantage.
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Kory Razaghi - Debt to Equity Ratio in Capital Management by Companies

June 23, 2016

Bankruptcy is a kind of a topic that does not suit many companies if they have to work their way up from the deep financial issues. Many companies do not know how to avoid bankruptcy unless they search for good alternatives. Similar is the case with debtors who have no information on the concept of bankruptcy and its issues, nor on the debt help alternatives to it.

If only they all log on to different IVA forums, bankruptcy forums, debt management blogs etc, they would know how easier it is to avoid filing bankruptcy and get out of financial issues in no time through different debt help alternatives like debt management companies, DRO, IVA, trust deeds, debt consolidation etc.

How companies finance their businesses
Different companies have 2 ways of financing their businesses. They use
1) Equity
2) Debt

Many combinations of capital structure are also used and then if the debt is larger than the capital and equity, the companies face financial losses. Different ways have been identified to measure one company's financial leverage, and the status of its financial health. Financial advisors and gurus have identified formulae to see how one company can work well in financial caliber. The most important of all ratios D/E or the debt to equity ratio is explained as follows:

Debt/equity ratio
The debt to equity ratio defines the capital structure based on the combination of debt and equity. Its ratio is defined by the formula:

D/E = Total liabilities/ shareholder's equity
Sometimes, only long-term debts are used in place of the total liabilities. It depends on the circumstances faced by companies. A person to his personal financial issues can also apply this. It is that is why known as personal ratio for debt to equity as well.

Values for D/E
If this ration is higher, this means that the company is growing on the basis of financing its business through debts. High earnings can be maintained from the relatively higher interest rate. If a company through debts starts new operations, it can increase its business and earn more rapidly as well. The industry in which companies work, also matter while the debt to equity ratio is concerned. Capital-intensive industries like auto industry, FMCG etc need a ratio value of above 2, means that they can grow with an advantage in earnings if the ratio has this value. Other than that, personal computers and small industries tend to have a value of D/E lower than 0.5 to be successful.

To know more on this subject, many other financial ratios can define how companies can work to success in the finance field and they all utilize this knowledge through financial experts to upgrade their financial health every year.

Kory Razaghi heads the Healthcare practices at Attentus LLC (a healthcare consulting firm). The company has one simple objective: to enable your organization to achieve your strategic goals and milestones. 
And work alongside your existing team to augment their efforts in attaining meaningful results, be it financing a new facility, developing new service lines, or improving existing operations. 

The chief Kory Razaghi has over 15 years of transactional and executive management experience including hospital operations, strategic planning, turnarounds, and financial management for a variety of healthcare organizations. Mr. Razaghi has a demonstrated track record of turning around for profit, and not-for-profit, healthcare organizations through the design and implementation of critical initiatives.
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How to Finance a Growing Healthcare Company? Kory Razaghi

May 11, 2016

Owning a healthcare business or practice can be very profitable and very challenging at the same time. Having to wait up to 90 days to get paid by insurance companies, HMOs and Medicare/Medicaid can wreak havoc on your company’s cash flow. This problem can easily be compounded if you have regular periodic expenses, such as rent and payroll, which must be met.

Going to the bank may be of some help, especially if you are a doctor, are willing to personally guarantee a loan and own a medical office. If you run any other type of healthcare business that bills insurance or Medicare you may be out of luck. Banks almost always require significant collateral and three years of audited financials. To make things more complicated, most bank financing has maximum limits. Much like a credit card maximum, once you reach it, that is the end of the line. But what if your business is growing? 

Medical factoring allows you to finance your business by using your slow paying insurance claims as collateral. In effect it reduces the time it takes you to get paid from up to 90 days down to a few days. You can use the financing to pay rent, meet payroll and pay suppliers. You can also use it to grow your business.

As opposed to other financing tools, factoring has no arbitrary maximum limits. Your maximum amount of financing is solely determined by how much you invoice. The more you invoice, the more you can finance. Factoring enables you to grow your business and eliminates having to wait to get paid by insurance companies and by Medicare/Medicaid.

Medical factoring is easy to qualify for. It works equally well for new and for established healthcare companies. If you cannot afford to wait up to 90 days to get paid by your insurance carriers you must consider factoring as a solution.

Kory Razaghi heads the healthcare practice at Attentus. Attentus LLC is a healthcare consulting firm providing corporate finance, management, and operational turnaround services to healthcare organizations including community, children’s, government/public, and critical access hospitals, as well as physician groups, and healthcare sector focused private equity firms. Since 2006, under the leadership of Kory Razaghi Attentus has provided practical solutions to the myriad of challenges faced by its healthcare clients to enable sustainable growth, profitability, and long-term competitive advantage.

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Healthcare Strategic Innovation for Accelerated Improvement by Kory Razaghi

July 23, 2015

Hospitals and Health Systems typically engage in an annual process of developing or updating a Strategic Plan.  This article suggests a new approach that is far from any "traditional" approach to strategic planning…much more robust and participative - resulting in actionable plans that have the "fingerprints" of all key stakeholders from beginning through results realization.

In Kory Razaghi view, what is referred to as "Strategic Innovation" is more in touch with today's leadership and management realities.  It is a continuous process…a different way of thinking and decision making… which results in a unique approach to leveraging the knowledge, experience and requirements of multiple participants.  This results in a more relevant reflection of realities of managing in today's complex healthcare environment.

The Strategic Innovation process begins with the assembly of a comprehensive fact base regarding the organization’s competitive environment, organizational strengths and weaknesses, historical track record in executing against plans, and financial characteristics.  During a three to four week period existing information is compiled, and a facilitator meets with key Sponsors and Stakeholders to discuss your organization’s strengths, weaknesses, threats and opportunities.  During these discussions the key strategic "themes" facing your organization are identified and an initial draft of the key strategic "planks" around which the planning process will revolve is developed.

The second key step in the Strategic Innovation process is to conduct a two to three-day Decision Accelerator.  The Decision Accelerator is an organization effectiveness approach that reduces the risk of poor execution by increasing the speed, quality, and durability of business decisions.  It is for business leaders who need to quickly close on complex, cross-organization issues that have a significant impact on business success.

Unlike time-consuming approaches in which teams attempt to "walk-around" complex decisions, the Decision Accelerator brings together 30 to 60 critical participants to work concurrently to a swift conclusion.  Rather than relying on team members to organize and facilitate these meetings, the Decision Accelerator allows you to focus on your team's work while an independent professional facilitator works with your team to leverage your leaders experience and capabilities to define an effective and implementable strategic direction.  The final step of the Decision Accelerator is to develop Strategic Work Groups, which we call SWiGs.  Over the next 60 to 90 days, these SWiGs transform the strategic direction established during the Decision Accelerator into an actionable Strategic Plan that will lead your organization to breakthrough improvement.

The SWiG begins by developing actionable tactical plans and measurable milestones for each identified strategic plan. They socialize these tactical plans and milestones into the core of your organization to fine tune direction and to build broad organizational understanding and consensus.  It develops an implementation process management approach to insure continuous process of your hospital management towards goals and allow for mid-course adjustments.

At the conclusion of this accelerated Strategic Innovation process, your organization will have an actionable and measurable plan for creating sustainable strategic advantage for your organization.
Attentus LLC is a healthcare consulting firm managed by Kory Razaghi providing corporate finance, management, and operational turnaround services to healthcare organizations including community, children’s, government/public, and critical access hospitals, as well as physician groups, and healthcare sector focused private equity firms. Since 2006, Attentus has provided practical solutions to the myriad of challenges faced by its healthcare clients to enable sustainable growth, profitability, and long-term competitive advantage.

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