Listen in as David chats with Brett Spark, the President of Aroris, a healthcare consulting firm. Brett outlines his career path in various areas of healthcare, from large institutions to CEO of small private practices, and his decision to create Aroris and become an entrepreneur.
Brett then explains where he sees the most common payor contract pitfalls in private practices and why a review of such contracts—to understand what a practice has as a baseline—is so critical. He also describes how their process involves a full discovery “diagnostic” of all payor contracts before even entering into negotiation.
Brett covers his firm’s approach to negotiation with payors and how Aroris can create leverage for better economics. He also dispels some common myths physicians have about payors and how to deal with them.
Brett and David then discuss Aroris’s work in the area of practice valuations—helping practices improve their contracts before a possible sale, as well as assisting private equity and other investors with evaluation of a practice’s current contracts.
Finally, Brett explains how medical practices typically get started with Aroris, what the firm charges for their discovery phase, and how their success fee on negotiation is simply a percentage of the additional revenue generated over baseline. He also clarifies that Aroris is actually synergistic (and not competitive) with billing/coding/collection firms.
David concludes with an offer for listeners to arrange a consultation with Brett and Aroris.
What You’ll Learn:
- Brett’s career path in various healthcare settings
- His unforeseen decision to become an entrepreneur
- Why contractual complexity is such a large issue for medical practices
- The simple fact that most practices he interacts with do not understand all the important provisions in all of their payor contracts
- The importance of Aroris’ “discovery” review of contracts status quo
- How Aroris approaches negotiation with payors and how they can create leverage for better contractual terms
- Common myths physicians may have regarding payors
- How Aroris works to evaluate a practice’s contracts for a practice valuation – either internally or for an investment firm, such as private equity
- What Aroris charges for their discovery phase
- How Aroris’ success fee on negotiation is simply a percentage of the additional revenue they can generate for a practice over baseline
- Why Aroris and billing/coding/collection firms are not competitive, but actually synergistic.
- How Aroris typically starts with a practice
- To contact Aroris and set up a consultation, email David