Michael Sappington, CEO, TRIARQ Health
In today’s rapidly evolving health care market, medical practices are increasingly being compensated and rewarded through value-based contracts. Transitioning from fee-for-service to value-based payment models requires a partnership with a robust practice management organization. This gives physicians and caregivers access to advanced tools, expertise, and services, which they otherwise could not afford. Many approach this challenge purely from a software perspective. But medical practices won’t succeed in this sophisticated market with just a software vendor. They need to form deep partnerships that can provide a full array of services to support practice transformation. As such, when selecting a partner, it is incredibly important to evaluate the partner’s ability to impact every aspect of the business. “We believe TRIARQ Health’s full-service, equity partnership model is the best way to strengthen America’s Independent Medical Practice community,” says Michael Sappington, the CEO of TRIARQ Health. By delivering an innovative approach to medical practice management, TRIARQ is changing the status-quo of the Medical Practice Management space.
So, what’s so unique about TRIARQ? Sappington answers, “TRIARQ Health is different in two important ways and has a unique background that gives us a stronger foundation for Medical Practice Management.” First, the company partners with physicians on an equity basis. “We both have skin in the game, aligning everyone’s interests. The physicians retain ownership of the practice and TRIARQ has an incentive for outstanding results,” mentions Sappington. Second, the company delivers a unique care management platform that increases communication within care teams and improves coordination between care providers and patients, leading to better outcomes.
TRIARQ prides itself on a personalized approach to medical practice management. “It’s not a one-size-fits-all solution. We customize our EMR software by considering their specialty, staffing structure, and workflow,” mentions Sappington. TRIARQ understands that a practice management and medical records system needs to adjust to the care providers, rather than having the care providers change their operations due to the software’s limitations. While onboarding a new client, the company goes through an extensive evaluation period where they learn about the way the practice runs such that customizations can be operationalized. On the value services side, TRIARQ has significant experience managing value-based contracts with both private and public payers. The company’s value services division has developed a unique Alliance model that helps independent physicians participate in risk-bearing contracts that are too complicated or risky to participate in on their own.
We believe TRIARQ Health’s full-service, equity partnership model is the best way to strengthen America’s Independent Medical Practice community
What makes this even better is TRIARQ’s history as an EMR and revenue management company. With almost 15 years of experience helping practices manage workflow, patient data, and billing, the company delivers remarkable insights into how a practice functions on a day to day basis.
Having recently partnered with a large multispecialty group practice to offer more than just EMR technology and medical billing, TRIARQ is aggressively expanding its ability to provide value-based care services, accounting services, marketing services, staffing services, and many other administrative functions. This 360 partnership model allows doctors to focus on providing patient care, while TRIARQ manages the daily functions of running the business. Since it’s built on an equity basis, everyone’s interests are aligned toward growth. This expanded service offering will help independent medical practices grow. “There is only so much savings that can be achieved through cost-cutting and economies of scale. We need to focus on growing the top line and we help our practice partners do this by providing access to the data analytics and payer contract negotiation power that helps them achieve relentless success,” concludes Sappington.