Is Your Medical Practice Accidentally Losing Money?

February 28, 2022

Medical Practice Operations and Your Bottom Line

In these times when medical practices are seeing decreased and declining revenues, it is essential to review your practices operations and ensure that you have what we like to call “best practices” in place. A successful medical practice requires many important moving parts, but at times some become less essential, or even a hindrance. It is not easy to put a good practice management system in place, but that is not even the end of it. In order to be successful, that system – all parts of it – must be continually reevaluated, reconsidered, and adapted to the practice’s changing needs. Otherwise, profits are not likely being maximized.

Is Your Medical Practice Accidentally Losing Money?

When evaluating a medical practice’s operations start by looking at the big picture. Is the flow of patients in the office logical and efficient? Are staff members accomplishing their duties? Are patient follow ups being scheduled and are patients keeping those appointments. Looking at these and other issues will reveal specific areas that may need attention.

Perhaps the waiting room is filled to capacity a couple of times a week. It may be time to adjust office hours. Maybe a staff member has inherited additional responsibilities since being hired. More help may be needed. Or is it that patients are not keeping their second or third appointments. Then it is time to shake up things at the reception desk.

This kind of practice assessment will highlight areas where things are running as they should and identify what needs to be fixed or done away with. While reviewing, here are some specifics to look at. These fall into the “best practices” mentioned earlier.

Is the practice being run like a business? This may seem obvious, but many medical practices do not use proven business strategies to increase productivity, efficiency and profitability.

Is financial performance being tracked? It is important to identify trends and fluctuations early. With this information is it much easier to respond to anything that is having a negative effect on revenue while taking advantage of positive effects.

Are patients being pre-verified? Avoid wasting time and money by ensuring that scheduled patients have an insurance plan that you accept.

ProMD Can Help With the Details

ProMD Practice Management is in the business of streamlining operations for medical practices of all sizes. By performing a complete practice assessment we could identify any problematic areas of your management system. We can determine what is being done right and where improvements can be made. Our team of consulting professionals will conduct an operational audit and practice improvement assessment of every aspect of your practice including:

With the information gathered we will help you improve effectiveness, establish future objectives and implement “best practices.”

Whether going it alone, or getting help from professional consultants, take the time to periodically consider every aspect of your operation. The medical services landscape (and billing landscape) is ever changing. Practices must adapt or even stay one step ahead to remain competitive.

ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.

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