We can count on the cost of providing quality medical care to continue to rise even while having to face forces that lower reimbursement to providers in the healthcare industry. It is easy to get caught up in the day to day operations of your medical practice management and lose your focus on the financial health and trajectory of your practice. Take some time every month to examine the bottom line affect of the systems that are in place in the office. Try to be objective as you review your own routines and habits as well as those of your staff. What follows is a non-exhaustive list of areas to consider as well as suggestions on some steps to take to increase profitability.
There are a number of steps between collecting a patient’s insurance information and closing their account as paid in full, each of which can have an affect on a medical practice’s net income. Each month, take a look at the overall revenue cycle to insure there are no obvious snags or bottlenecks that could slow the flow of income. Then, each month, decide on a particular element to delve into further. It could be a review of the insurance verification procedure or the process for resubmission of denials. Sit down with the person responsible and ask them to walk you through their task. Encourage their input and work together to fix problems and implement new ideas.
Online retail is highly competitive, especially when compared to big box office supply stores. Search the best deals and take advantage of free shipping when available. Along with lower prices, moving the purchasing of supplies online can save a significant amount of labor. Once buying routines are established you can save common orders to your online accounts for even faster processing.
Coding errors and under coding are often primary causes of income loss in medical practices. Proper coding speeds and maximizes reimbursement while reducing costly and time wasting payment denials. Make sure that all providers and relevant staff are up to date on coding changes when they go into effect in October.
A physician assistant or nurse practitioner can perform many services for your patients that are reimbursed at the same level as physicians. However, they both cost much less to employ than a doctor. Consider what services a physician assistant or nurse practitioner can perform in your medical practice. It may be beneficial to move some of the workload off of the physicians.
One sure and quick way to increase your medical practice income is to hand the medical insurance billing to a professional billing company. Customers of ProMD Practice Management’s billing services typically enjoy collection rates in the high 90’s. Most medical practices do not have the manpower to achieve the results of a dedicated billing company.
Use this short list as a guideline of where to start looking for ways to increase income. Real critical examination of your office’s operations will point to other areas that are in need of attention. After a few months of careful reviews and implementing small initiatives, your bottom line will begin to reflect your work.
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.