Mike Norris
➤➤ Join the GlobeSt.HEALTHCARE (formerly RealShare) conference December 3-4 in Scottsdale, AZ. The event will cover the industry’s major issues as well as the prevailing and upcoming trends in regulations, space use, budgeting, and technology implementation. Through panel discussions and peer-to-peer networking opportunities, the attendees will gather expert insights on how these factors will affect the development, operation, investment and design of healthcare real estate. Also, be sure to get your nomination in for our healthcare influencer and senior housing influencer feature. Click here to register and view the agenda.
ROCKVILLE, MD–HealthyTenant, a tenant representation firm focused on the healthcare industry, recently broadened its business model by including payor mix data in its evaluations of clients’ medical facilities. Payor mix data, which provides information on revenue derived from private and public insurance, enables clients to make informed revenue-generating decisions pertaining to their real estate.
The firm’s lifecycle platform, as a result of this expansion, now features nationwide payor mix data on more than 100,000 healthcare practices encompassing 50 specialties, as well as ambulatory surgery centers, imaging facilities and other providers.
“Our full lifecycle platform simply means that we support practices long before and after any lease,” Mike Norris, HealthyTenant’s president tells GlobeSt.com. “Healthcare is a competitive industry, so practices need to reduce facility costs and liabilities throughout the term of the practice’s occupancy and maximize revenue from their facilities. Lease enforcement ensures that practices are paying only the correct amount for building expense passthroughs, that the buildout is being managed properly and their rights, which we work so hard to negotiate, are being honored.”
Norris further explains that their portal enables practices to track progress while his company’s planning and programming enables practices to earn more revenue from the facilities and remain in compliance with any required certifications. This is particularly important as practices look to scale while maintaining continuity of care, controlling costs and building brand awareness across their locations.
“As medical practices aim to integrate more effectively into the communities where their patients live and work, one of the key business drivers is having up-to-date payor mix data,” says Norris. “Tracking the private and public insurance reimbursements of competitors is a vital metric for our clients to determine whether or not a particular location will prove, or in some cases remain, successful.”
Facilities are the second largest expense and largest liability for practices, as a result, they cannot afford to make the wrong decision, Norris says.
“Just like the conventional real estate focus on rental rates is not enough to accurately predict total occupancy costs and liabilities, that narrow view doesn’t account for the top line, which is critical to our clients’ success.”
Established in 2016, HealthyTenant’s gross revenue soared 450% last year over 2017. Projects completed rose 150% in the same timeframe.
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