MedNav
Driving Revenue into Practice Accounts

Ten years ago, after a busy workday, Don Scott met with Dr. Joseph Newcomer in a Starbucks and asked him a question that would ultimately result in the genesis of this physician-led business. He asked, “When are you going to start getting paid for all of the scripts you write on a daily basis?” Fast forward five years, and the four co-founders, including Dr. Joseph Norris and Jake Powers, began sketching out the details of a consulting business that would revolutionize how orthopedic practices generate passive revenue. This consulting business would become MedNav.

MedNav has developed a strategic approach to shift revenue currently collected by third parties back into orthopedic practices. The company identified this imbalance and developed a proprietary program that empowers surgeons to earn more revenue without major practice alterations. The management team has deep-rooted subject matter knowledge (75 years) in orthopedics, accounting, and medical supply distribution.

Currently, in a typical orthopedic practice, physicians write approximately seventeen scripts per patient, with only five monetized by the practitioner or practice. This scenario is just one of the reasons why many practitioners and practices are seeking new revenue sources. Durable Medical Equipment (DME) suppliers, health insurers, and other stakeholders in the marketplace who monetize these scripts see their businesses grow each year. There are many challenges embedded within the orthopedic surgeons’ practices that account for the disparity.

MedNav offers a unique practice specific program which generates new revenue. Our fees are based on collections received by the practice, thereby mitigating risk to clients

These include rising accounts receivable as a result of patients having higher deductible insurance plans, physicians keeping updated on applicable billing codes in order to manage each claim, implementing a standard operating procedure for each modality during post-operative care, and finally, handling the pharmaceutical needs for patients.

MedNav has developed an innovative standard operating procedure that educates physicians on how to audit their accounts, identify revenue inefficiencies, and implement processes. Don Scott, CEO, and co-founder of MedNav, explains the benefits of this proprietary process. “Where other consultants charge exorbitant fees for feasibility studies, MedNav offers a unique practice specific program which generates new revenue. Our fees are based on collections received by the practice, thereby mitigating risk to clients.”

Our typical client includes practices of up to thirty providers. We observe current practice behaviors and identify opportunities for revenue growth.

Once MedNav receives the requested data from a client, the data is benchmarked against our national average revenue production. A pro forma is created, illustrating the growth rate over the next twelve months if a practice were to implement our model. This step is followed by what Scott refers to as the ‘scope of engagement.’ A menu of revenue-producing services is available for clients to choose from based upon practice goals. A dedicated MedNav team will be assigned to partner with each practice to help maximize the client’s revenue cycle.

Clients who partnered with MedNav have seen an increase in workers’ compensation referrals and stronger employer relationships through our fair market contracting. For example, a midwest orthopedic practice had been outsourcing scripts, including DME, cold compression, and CPM with vendors who had egregious billing, which reflected negatively on the practice. However, after partnering with MedNav, the group developed processes to control their own scripts, which resulted in usual and customary billing. This drastically improved their relationship with work comp carriers and increased referrals to the practice.

Scott notes with two co-founders being orthopedic surgeons; it was imperative to develop simple processes which did not add any time to a surgeon’s schedule while increasing revenue. He further stated, “Our mission is to empower practices to meet their long term goals as it relates to patient outcomes, patient experiences, and financial performance by following our physician-led accounting based models.”