Stryker (NYSE:SYK) said today that its Performance Solutions division launched the Practice Excellence program designed to help orthopedic practices improve profitability, efficiency and quality outcomes.
The newly launched program includes a full financial and operational analysis and report on the physician’s practice looking for areas of improvement followed by a custom tailored plan developed by the team.
“Physician groups are under tremendous pressure to reduce costs and grow their practices. We are committed to helping healthcare professionals succeed from every angle. With the addition of the Practice Excellence program to our portfolio, we have an even broader spectrum of data intelligence and customizable solutions to help our customers determine actionable insights that are key to building a strong future in this uncertain healthcare environment,” Performance Solutions VP Brian McCrone said in a prepared statement.
Plans include a focus on revenue cycle management, practice redesign including workflow mapping and optimized patient visit management and ongoing data analytics to drive continued informed decision making, Stryker said.
“Practice management is increasingly more difficult due to the administrative burden of managing insurers, contracts, government reporting requirements and patient demands. Through the Practice Excellence program, physician groups can tap into our team’s expertise in practice management, finance, and healthcare policy and reform, among other disciplines, to help sharpen their competitive edge and work toward becoming more profitable,” Performance Solutions medical director Dr. Richard Conn said in a press release.
Late last week, Stryker released 3rd quarter earnings that beat the Street in both earnings per share and revenue.