It’s fair to say that all medical offices want the same thing: to offer the highest-quality, most thorough, and most attentive care to patients while achieving a healthy profit. And while some business models are more successful than others, that doesn’t mean that the quality of care lacks.
Because being business-savvy in the competitive medical field sometimes takes a little forward thinking and creativity, below are five keys to building a successful medical practice:
Know Your Patients’ Preferences
Why is it that banks and doctors’ offices are never open when you need them to be? Many banks have begun to break that code – offering online check deposits and around-the-clock customer service via the Web and apps.
Your practice can benefit from the same concepts. For example, telemedicine is revolutionizing medical care, offering checkups and second opinions all through a real-time, HIPAA-compliant secure portal on your smartphone.
Knowing your clients’ preferences may not only expand your business but may also provide a break for your staff who are also trying to schedule their own family’s appointments and activities.
Maintain HIPAA Compliance
When a patient relies on you for their care, they are also assuming that their personal and identifying information (PHI and PII) is secure. No matter how great your medical care or staff is, a practice can lose vast amounts of money if there is a HIPAA breach or if it is noncompliant to HIPAA laws.
If you don’t have a HIPAA compliance specialist at hand, consider getting a HIPAA compliance assessment to identify any security gaps, training deficits, and outdated practices that could put your practice at risk of being cited and fined.
Have an Online Presence
A savvy medical practice lets patients schedule appointments through apps, provides patient portals to access health records and information, and offers secure billing and communication. Not only do patients like the convenience of having access to their information and control over scheduling, but it takes the burden off of your staff – and your bottom line.
An online presence helps to eliminate printing, mailing, and postage fees, as well as time spent juggling correspondence, the phones, scheduling, and patient care. Plus, a good website is a great way to market your practice, explain your medical philosophy, and deliver any news, information, or updates.
Be Proactive About Pre-Authorizations
Moving forward on a medical procedure without a pre-authorization can come back to haunt you. That’s because most patients are prepared to pay a co-pay or to work toward meeting their deductible.
But moving forward on a pricey procedure without consent from the insurance company can leave the patient facing multiple bills of thousands of dollars each. If the procedure required multiple doctors, the patient may be faced with who to pay first.
The odds will be high that either you won’t receive full compensation, or your staff will have to work with a collections agency to retrieve payment. The patient may even try to appeal. Either way, the patient may lose confidence in you and your practice, especially if the procedure would have been covered with a pre-authorization.
Consider Hiring a Medical Practice Management Company
Medical billing and practice management can eat into your bottom line, even when done properly. That is why outsourcing your medical billing can reduce costs, free up your staff, and reduce the risk of billing denials or data breaches.
Skilled medical billing companies will save you from purchasing and maintaining your own software, or even hiring additional staff. These companies maintain your network security and enhance accounts receivable processes by making sure coding is correct and that milestones are met.
Medical Billing Experts for Your Practice
ProMD Practice Management is a premier medical billing and health care management company with an international clientele. We know you’d rather take care of patients than navigate the ever-complicated world of medical management requirements and laws.
For more information about ProMD’s services and how we can help you, call us today at (844) 236-5488 or fill out a query form online. We look forward to making your medical practice run like a well-oiled machine.