Thriving in a Challenging Healthcare Landscape: The Allergy & Asthma Specialists’ Blueprint for Success

Experienced practice administrators like Jean Owen know that in today’s dynamic and competitive allergy industry, financial profitability is a catalyst for sustainable growth and exceptional patient care. In the face of steadily rising costs and decreased payer reimbursement, Owen’s genius has elevated Allergy & Asthma Specialists, PSC to a new standard of success, going beyond traditional income channels to not only tap into lucrative revenue streams that bolster income and ensure long-term success, but also increase patient satisfaction and health outcomes. Allergy & Asthma Specialists stands out as a leader in the allergy industry for a reason. Keep reading to learn how Owen grew a sustainable business that prioritizes innovation and patient care.

The Rising Costs of Running a Medical Practice

In today’s healthcare landscape, overhead costs are rising faster than most practices can generate revenue; in fact, a 2023 MGMA poll found that 96 percent of medical practices reported their costs have increased quicker than their returns, with staffing and labor, medical supplies and IT support ranking amongst the highest expenses. This “cost” problem is no different even for successful practices like Allergy & Asthma Specialists, who face declining payer reimbursement and increased denials from payers. “Staff is a huge cost for a practice, particularly when dealing with payers who refuse to reimburse—requiring your staff to dedicate increasing amounts of time to recovering the money owed to your practice.”

Fueling Organic Growth through Innovative Revenue Streams

Increased overhead costs and down-trending payer reimbursement are shifting healthcare norms, meaning that even the most successful medical practices can no longer rely on day-to-day business to remain profitable. Realizing the need for proactive change, Owen and her team strategically pursued diverse revenue streams that aligned with their practice operations and goals. “Finding and integrating new revenue streams into our practice has not only elevated patient care but also boosted our financial growth, as we provide effective solutions that keep patients engaged and coming back for their ongoing treatment,” said Owen. Here are two innovative ways Allergy & Asthma Specialists have modified their business model to drive additional revenue growth, maintain profitability and enhance patient health outcomes:

Clinical Research

Many healthcare providers are hesitant to commit to clinical research. It’s true that participating in these trials would mean an increased workload for already busy staff, with clinical research requiring meticulous adherence to compliance and reporting requirements. There are several factors to consider before starting a clinical trial:

• Type of trial
• Size of study
• Adequate staffing and space
• Patient recruitment
• Time commitment
• Necessary equipment
• Funding

However, Owen stresses that if practices start off with one study and gradually add more disease states over time, clinical research can become a lucrative revenue stream outside of daily clinic operations. With now over 100 clinical trials under their belt, Allergy & Asthma Specialists have established themselves as leaders in the allergy community, with companies now seeking them out to design and conduct trials for compensation. Owen stresses the importance of this work not only for generating greater reimbursements for the clinic, but also contributing to the development of new treatments and medicines for their “underserved” patients. “Clinical research bridges the gap between innovation and care, empowering medical practices with cutting-edge knowledge while offering patients access to new treatments and a chance for better outcomes.”

Buy-and-Bill

Buy-and-bill is a process where medical practices purchase specialty medications for in-office administration. Rather than the patients working with insurance to receive the medicine from a specialty pharmacy, medical practices assume the role of the “pharmacy” by stocking the drug, managing inventory, collecting reimbursements, and administering the medication. With complete control over the medication’s lifecycle, Allergy & Asthma Specialists have not only created an additional viable revenue stream beyond traditional services, but also ensure their hundreds of patients on this system always have access to needed medications—resulting in the reduced risk of treatment disruptions or non-compliance.

Though buy-and-bill is extremely profitable for Allergy & Asthma Specialists, Owen stresses that its success is contingent upon having well-organized staff to ensure the program runs smoothly. Meticulous attention to detail is a must for successful implementation of this dynamic process. By having a biologics coordinator specifically dedicated to managing buy-and-bill, Owen ensures their efforts remain profitable for both practice and patient.

Looking Forward: Unlocking Greater Returns with Brevium

Allergy & Asthma Specialists are clearly no strangers to adopting unique and diverse revenue streams that not only enhance patient health outcomes, but also drive financial prosperity and sustainable growth. Their future partnership with Brevium is a testament to their dedication to the craft, promising continuous improvement through innovation and creativity. By implementing solutions like Brevium, Owen understands that the software isn’t just a profitable investment for their financial health, but also a commitment to their patients’ well-being and longevity. With around 25 percent of patients lost or overdue from their practice, Allergy & Asthma Specialists look to Brevium’s unique patient reactivation solutions to boost revenue, increase appointment volume and drive organic growth within their practice.

Consider this: You have patients with severe asthma, chronic rhinosinusitis with nasal polyps, chronic hives, IgE-mediated food allergies, or other severe allergic conditions that have been absent from treatment for years, with no current appointment scheduled or pending recall to bring them back. Many of these patients that have slipped through the cracks might remain absent because they no longer believe they need medical care or don’t realize there are treatment plans available to enhance their quality of life. Whatever the reason, patient reactivation software like Brevium’s enables strategic targeting of these high-risk and high-value patients through its patented data mining tools and automated engagement solutions—meaning practices like Allergy & Asthma Specialists no longer must work toward growth in the dark. Using relevant ICD-10 and CPT codes among other unique patient identifiers, Owen and her team can target patients lost to follow up that need essential exams and preventative care, strategically filling their provider schedules with the highest priority patients that will help them achieve their revenue goals while meeting their patients’ medical needs.

But Owen doesn’t plan to stop there. Because Brevium’s data mining capabilities offer unparalleled access to data, customers like Owen can leverage the software in unique ways to address multiple challenges within the clinic—unlocking new opportunities for targeted outreach and engagement. With Brevium’s automated tools reducing the need for manual data queries, practices can free up staff time and enable a more focused and strategic approach to patient care. Though Brevium was designed to improve appointment volume and retention through patient reactivation, its tools could support versatile applications, including provider scheduling analysis, referral management and clinical research. By embracing Brevium as a multi-faceted solution to her clinic’s challenges, Owen furthers her commitment to continuous innovation and improvement.

Conclusion

Allergy & Asthma Specialists’ dedication to diversifying revenue streams is deeply rooted in their relentless pursuit of continuous education and refinement; after all, it’s through these efforts that private practices like Allergy & Asthma Specialists can stay in the business of treating patients. Though adopting these approaches may feel like an overwhelming feat, Owen emphasizes that a diversified financial structure becomes more manageable when the revenue streams serve both the patient and practice’s needs.“When revenue streams are designed to meet both patient and practice needs, the complexity becomes not a burden, but a path to greater sustainability and growth.”Under the direction of Owen, Allergy & Asthma Specialists will continue to be the gold standard for exceptional allergy care. By continuous implementation of innovative growth strategies and tools like Brevium, Owen and her team can prioritize what matters most: high-quality, patient-focused care.