The Healthcare industry is an integral part of modern society. With increasingly complex and burdensome regulation plus the never ending administrative responsibilities that go along with operating a small business, owning an independent medical practice is harder than ever.
One of the things healthcare professionals want and need is the simplification. Healthcare providers went through years of school and training to help people, not deal with the paperwork and federal regulations. And being a great doctor and delivering positive outcomes is challenging enough without worrying about insurance contracts and accounts receivable. This is not a recipe for outstanding healthcare results.
Addressing these issues, TRIARQ Health has been working on easing the workload of doctors and healthcare institutions by taking care of the management side of independent medicine. Mike Sappington, President & CEO of TRIARQ Health was with the CEO Views team discussing their business and plans for the future.
Introduction
TRIARQ Health is one of the best Healthcare Management Services Organizations. The organization has 10 years of service in the independent medical practice community and they have learned a lot about the things physicians need. TRIARQ Health provides the management tools and services to relieve the administrative burden placed on today’s physicians so that they can focus on providing outstanding care. They work under several different business and partnership models to facilitate these simplifications.
For some practices, they simply provide the cloud-based EMR software that forms the backbone of their daily workflow for a fixed fee per user. With other practices, they take on greater responsibility by managing the challenges of revenue collection for a percentage of what is collected. TRIARQ Health also forms comprehensive management partnerships with practices where we take on every aspect of medical practice management outside the exam room. Under this most intensive model, physicians can both retain ownership of their practice and forget about everything except providing great care, which is what they wanted to do all along.
Journey to success
Their story is one of steady growth, fuelled by innovation and shifting ahead of the market. As a small, regional business in the 2000s, TRIARQ Health was launched as a national brand in 2010. From there they saw an opportunity to grow into Revenue Cycle Management services by 2013. And as they learned more about the needs of practices, they added Performance Management services to give doctors and practice managers more insight into the health of their business. Over the last five years, they have initiated many new services to further expand the way they serve physicians.
TRIARQ HEALTH AIMS TO ALIGN AND ADDRESS THE VALUE AND QUALITY OF HEALTHCARE TO CONSUMERS THROUGH VALUE-BASED PROGRAMMING WITH PAYERS AND PROVIDERS.
In 2021, the biggest health plan in Michigan noticed the amazing work they were doing and the tremendous value they were providing the marketplace, acquiring them and helping fuel their next phase of aggressive growth.
Gaining edge over others
TRIARQ Health partners with physicians by providing the expertise, services, infrastructure, and technologies necessary for independent doctors to thrive in the value-based healthcare economy. Their tenacity is fuelled by a genuine desire to help independent physicians grow and thrive. They believe that independently practiced medicine is the backbone of America’s incredible healthcare system. Many practices are being purchased by hospital systems and private equity companies and that consolidation reduces the opportunity for innovation and independent thinking. It’s also a major factor contributing to the rising cost of care. Independent physicians consistently provide better care at a better value and that matters to them a lot.
Innovations within the organization
TRIARQ Health aims to align and address the value and quality of healthcare to consumers through value-based programming with payers and providers. As a technology and service-oriented company, they are built on a foundation of innovation. It’s part of their DNA. When the COVID pandemic struck, the world needed answers and new ideas. The team quickly recognized the need and pivoted some of their existing priorities to better serve the public interest. One key initiative was to develop a streamlined testing operational system to handle the complex process of registering patients, verifying insurance information, facilitating evaluations, processing tests, and deliver- ing results with the required care instructions.
TRIARQ’s cloud-based software employs artificial intelligence to scrub insurance claims data to make sure patient information is correct. When a claim is submitted to an insurance company, every piece of personal and demographic information needs to be correct from their home address to their birthday and phone number. If a claim is rejected for something like an incorrect address, their system develops its own automated rules to catch similar errors in the future and flag them for correction before they’re sent to the insurance companies.
This saves a tremendous amount of time and helps practices get paid faster because they can correct the error in minutes but if the incorrect claim goes to the insurance company, it could take weeks for them to even reject it before they have the chance to fix and resubmit it.
Conclusion
To help guide our team in delivering industry-leading products and services, we use a set of ten brand values. These values have been part of our DNA for over a decade and include:
▶ Relentless focus on the customer success
▶ Building trust and building long term relationships
▶ Work with the right attitude to stay positive, passionate and action-oriented
TRIARQ Health has been operating across the United States and for the future, they plan to remain focused on serving this geography.
