Simple changes to billing procedures, hiring policies, purchasing, patient relations, and other daily activities can have a positive impact on your practice's bottom line. Here are 21 ways you can quickly boost practice profitability. 1. Name a reimbursement coordinator To get all the reimbursement possible, hire or appoint someone to be a reimbursement coordinator. It … [Read more...] about 21 easy ways to boost practice profitability fast
Increasing profits
Attract new patients and keep old ones with a marketing strategy
In the ever-evolving healthcare landscape, attracting and retaining patients is vital for the success of your medical office. As a medical office manager, it's your responsibility to lead your team in developing an effective marketing plan for the coming year and continually evaluate and adjust your current strategies. Develop a Marketing Plan for the Next Year A … [Read more...] about Attract new patients and keep old ones with a marketing strategy
10 steps to create a year-end bonus program for your admin staff
To recognize their hard work, boost morale, and incentivize productivity, designing a year-end bonus program is a strategic way to express your appreciation. Consider these steps to create a meaningful and effective year-end bonus program for your admin staff. 1. Set Clear Objectives Before diving into the specifics of the bonus program, start by establishing clear … [Read more...] about 10 steps to create a year-end bonus program for your admin staff
Strategies to stay on top of insurance denials and appeals
Denials from insurance companies can be frustrating and costly for both your practice and patients. However, a well-organized approach to handling denials and appeals can significantly impact your revenue and patient satisfaction. In this article, we will provide you with valuable advice on managing denials and appeals effectively. Understanding Denials Before delving into … [Read more...] about Strategies to stay on top of insurance denials and appeals
How to navigate insurance contracts
Reviewing and negotiating insurance contracts and ensuring compliance with regulations are indispensable tasks for medical office managers. These efforts not only impact the financial stability of the practice but also contribute to the quality of patient care. By approaching these strategically, medical office managers can secure favorable terms, optimize provider networks, … [Read more...] about How to navigate insurance contracts
17 projects for the last quarter of 2023
As we start the last quarter of the year, it's time to plan the projects that need to be done before we close out 2023. Here's a list to consider. Financial Review: a. Review the year-to-date financial statements to assess the financial health of the practice. b. Prepare a budget for the upcoming year, considering revenue, expenses, and capital investments. Insurance … [Read more...] about 17 projects for the last quarter of 2023
3 top tech trends in healthcare administration for efficiency and patient care
In an era of rapid technological advancements, medical office managers find themselves at the crossroads of adopting innovative solutions to streamline operations, enhance patient care, and ensure compliance. Here are three top trends revolutionizing medical office operations. AI-Powered Scheduling: A Precision Approach to Appointment Management One of the most … [Read more...] about 3 top tech trends in healthcare administration for efficiency and patient care
15 fine ideas for marketing your practice
Marketing a medical practice requires a thoughtful approach that balances professionalism, ethical considerations, and effective communication. Here are some tips to help you effectively market your medical practice: Define your brand identity: Clearly define your medical practice's unique value proposition and the services you offer. Develop a consistent brand identity that … [Read more...] about 15 fine ideas for marketing your practice
Could you be doing more to make your accounts receivable less?
The financial health and stability of your medical practice depends on keeping receivables low and effectively managing outstanding balances. By implementing strategic practices and fostering a patient-centric approach, you can maintain low receivables while promoting a positive patient experience. Here are some strategies to achieve this: 1. Establish Clear Financial … [Read more...] about Could you be doing more to make your accounts receivable less?
You don’t have to have all the answers: Use your team to solve problems
In the dynamic and ever-evolving healthcare landscape, medical offices face an array of challenges that demand efficient and innovative solutions. As the manager of a medical office, one of your most valuable assets is your team. By fostering a collaborative environment and leveraging the diverse skills and knowledge of your staff, you can effectively address specific issues … [Read more...] about You don’t have to have all the answers: Use your team to solve problems