Improving Revenues Through Financial Efficiency

Implementing a cost-effective staffing model with 100% dependable coverage is just the first step in improving your hospital’s financial efficiency.

The financial solvency of the anesthesia department depends on three key factors:

1. Efficient Staffing Model
2. Expert Managed Care Contracting
3. Advanced Revenue Management

Efficient Staffing Model

Somnia develops an efficient staffing model by collaborating with hospital leadership and key stakeholders to increase OR utilization during peak hours by providing 100% coverage. We continually track and trend anesthesia utilization and fine-tune the staffing model accordingly to improve OR efficiency. 

Expert Managed Care Contracting

A key element of Managed Care Contracting is a comprehensive understanding of the provider’s value in the payor market.  Before entering into an agreement with a Managed Care Organization (MCO), it is equally important to identify and compare the internal and external benchmarks.

As an organization providing services in more than 16 states, we are able to leverage our strength and negotiate better payor rates by as much as 30%.

Advanced Revenue Management

Somnia approaches Revenue Management with tried and true protocols. We understand that the subsidy paid by the hospital, to a large extent, depends on the ability of the anesthesia group to successfully collect the monies from third-party payors. Somnia has achieved 20% to 30% higher collection rates compared to other groups by utilizing our state-of-the art billing software.

Somnia uses IDX Groupcast, the gold standard in the industry. IDX permits us to check patient eligibility in real-time during the charge entry and coding process. Somnia benchmarks its revenue management potential off MGMA data. Several important advantages of our billing services are actually the everyday extras our staff performs. A partial list begins with our detailed reports reflecting production, payments, adjustments, and more. These reports are further broken down by month and year, by insurance classification, and by performer of care. These reports allow quick access to data and provide quick answers to how production and income are being impacted.

Second, the sophistication of our computer system provides immediate information needed to follow up with third- party payors and patients, always with the purpose of asking for payment. Our efforts to collect from insurance companies give patients the feeling that we are working directly for them, thus strengthening the provider/patient relationship. This effort has proven effective with an overall 97% net collection ratio.

These results combine to significantly reduce or eliminate typical stipends paid to the anesthesia groups, and foster an environment for continued growth.