Practice Habits That Equate Success

Written by on April 1, 2014 in Insight - No comments

After you have read some of the very informative articles in the April edition of Med Monthly, you should have your practice looking like success.  Not only is your facility looking its best, your staff is dripping with knowledge, personality and compassion for your patients and you are more determined than ever to break out of average and be exceptional.

These are the MUST DO steps you need to take to assure you will not only succeed, but your practice will prosper.

  • ReceptionWEBProvide your patients with a unique experience when they visit your practice.  Strive to have the most attractive staff, the best looking lobby, the most efficient office, and ease of check-in and check-out. Be polite to every patient and inform them you are expanding and would appreciate their referral.
  • Contract with a experienced and reputable Billing Company.  The small to medium practice can no longer afford the salary and unpredictability of a single biller employee in the practice.  Physicians should have the greatest self-interest in optimizing coding practices and they must recognize that they are ultimately responsible for any coding inadequacies.  Research and outsource your billing and stop putting this off.  Also make sure your office manager and assistant manager talk with your billing company on regular basis.  Your billing can be outsourced to a local or regional billing company for 3 to 5 percent of the collectables.  We suggest you stay with a billing company within your own country. This may save you time and money.
  • Get a practice website, NOW.  If your website is tired, upgrade your image and if you don’t have a practice website, you probably will struggle to be even average.  Your website is the most powerful tool to quickly and consistently present your image and will earn you money in a very short time.  A professional website will attract new patients, keep your current patients informed and make it easier for your colleagues to refer patients to you.
  • Measure yourself to know how you’re doing clinically, financially, and in delivering service. Track indicators of operational efficiency such as deliveries, diagnostic tests, surgeries by type, outpatient visits, etc. Also track relative value units and revenue per doctor. The practice should take great care with how this information is presented and discussed within the group in order to avoid conflict between physicians or damage existing working relationships. Look at budgeted versus actual expenses and evaluate your service mix each month. Develop appropriate patient accounting indicators such as accounts receivable; 30-, 60-, and 90-day outstanding invoices; cash trend reports; and denial tracking. The resulting reports will show what your practice is doing and where improvement is needed. These need to be examined each month.
  • Make Med Monthly part of your reading habit.  The writers of Med Monthly are experts in their field and have worked with dozens if not hundreds of practices like yours and have developed successful outcomes.  If you are one of our followers, we would like to hear from you.  What type themes or articles would you like to read in Med Monthly?  Your feedback if very important to us.  Send us your recommendation today and thank you for reading Med Monthly.

By Med Monthly Staff

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