Helping Independent Practices Save Time And Money With Improved And Specialized Revenue Cycle Management with Tim Coan
In this episode, we have Tim Coan, the co-founder and CEO of ALN, a company that provides revenue cycle management services to independent physician practices across the country. He has been working in healthcare for 30 years.
Tim is one of the founders of ALN and has served as its Chief Executive Officer since inception in 2000. Tim directs ALN’s overall strategy and business development efforts. One of his primary roles is helping ALN’s clients develop their future business strategy. He is a frequent national speaker on healthcare issues and writes a blog on matters that are important to independent physicians.
“Revenue cycle is important, part of the patient experience, which is an important part of how the patient feels about their position.” [19:00]
Who is Tim Coan and how he got into the healthcare industry [1:00]
Tim is the CEO and founder, responsible for ALN’s overall direction and provides guidance to ALN clients as they develop their strategies for the future. He has over 30 years of experience in strategy, business development and change management and has worked extensively in healthcare and with physicians in multiple contexts throughout his career.
What is ALN and how do they serve people? [1:38]
According to Tim, ALN is in the revenue cycle management business, which means they turn the work of providers into cash on their behalf.
Since Tim is working with large companies, what do they need to start focusing on when it comes to revenue cycle management, that they may not already be focusing on? [3:00]
According to Tim, “Provider reimbursement over, almost the entire 30 plus years that I've been involved in healthcare it has not gone up. It is flat or down, Medicare, for example, on a non inflation adjusted basis, literally pays a few pennies more or a few pennies less for a unit of physician work today than they did 20 years ago”.
Why choose ALN as a company and how they serve them as a business solution [11:00]
ALN is over 20 years old now and they understand the physician revenue cycle management market. They can either do it in-house or use a billing company. Often those are small, local firms. An advantage of this is the physician might know the owner and feel very comfortable with them.
What the plumbing analogy means [14:00]
What are some negative consequences for physicians who don't take this part of their business seriously or aren't putting as much focus on it [15:00]
Tim explains the revenue cycle and data analysis.
What sort of positive impacts has Tim noticed personally with customers and clients that he’s worked with who've actually taken the proper steps to manage them in their revenue cycle management? [17:30]
Client transformation through ALN [21:15]
Tim shared some of their usual encounters with their clients and insurance.
What sort of advice would Tim give to physician practices that are looking to work with a revenue cycle company? [24:50]
Tim answers the rapid-fire round of questions [26:50]