Ask any office "how well do you collect at the time of service?" and the answer will be "outstanding!" But almost no offices can define outstanding, says Reed Tinsley, CPA, a medical practice business advisor in Houston. Here's the definition: at the time of service, the office should be getting some type of payment from 90% of the patients who can pay anything, even $1. "It … [Read more...] about This 2 step program makes it easy to collect more money at the time of service
Increasing profits
3 bonus formulas that boost staff productivity
What bonuses should the office give, and how can it design the bonuses to increase productivity? As to the amount to give, a few consultants recommend setting aside as much as 17 percent to 21 percent of the monthly profits for staff bonuses. Most, however, recommend less. Whatever amount the office opts to allow, here are some ways to mete it out. Formula 1 The traditional … [Read more...] about 3 bonus formulas that boost staff productivity
7 best practices for optimizing your collections
By Ranadene (Randi) K. Tapio, MBA, CMRS, CMC, Guest Contributor bio Collections isn't the most glamorous part of running a practice. Perhaps the only thing worse than making collections calls is receiving them! Unfortunately, collections is necessary and if done correctly, it will allow you to collect on accounts that have sat stagnant for months, sometimes years. In … [Read more...] about 7 best practices for optimizing your collections
Finding the “backdoor” into payer networks
By Steve Selbst bio I am delighted to be able to share with you a key "secret to success" about payer contracting. Today's article is about getting in the "backdoor" with payers and complementing your payer network by building your patient/customer base. In my journey navigating tens of thousands of payer contracts' negotiations, it has become clear to me that there … [Read more...] about Finding the “backdoor” into payer networks
What is the ‘patient experience’ like at your medical practice?
You may have come across the term, "patient experience" lately and assumed it is equivalent to "customer experience" in other industries. Although there are similarities between the two terms, there are also major differences. Everything that happens in a customer experience is applicable to the patient experience, says Jason Wolf, president of The Beryl Institute, a global … [Read more...] about What is the ‘patient experience’ like at your medical practice?
Quick tips to deliver useful, easy-to-use financial reporting
To succeed, the office needs financial reports. And it is the manager's responsibility to see that the doctors pay attention to those reports, that they understand them, and that they take action to keep the numbers on the right track. Thus, it is not just the reports but how they are drawn up and how they are presented that makes the difference. Every day is best … [Read more...] about Quick tips to deliver useful, easy-to-use financial reporting
How to improve your practice’s denial management system
With many payors now intensifying their efforts to deny or reduce claims, your medical office's denial management system is more critical than ever for protecting and increasing practice profitability, according to Beth Pysell, a certified professional coder (CPC) and healthcare consultant for Coding Strategies Inc. Pysell says an efficient denial management system can help … [Read more...] about How to improve your practice’s denial management system
6 key ingredients of a profitable medical practice
Medical office managers are often so focused on the day-to-day that it can be easy to lose sight of the big picture. That big picture is profitability—because, without it, the practice will not remain in business. Although profitability isn't rocket science—after all, only rocket science is rocket science—it does require attention to detail, or what Medical Office Manager … [Read more...] about 6 key ingredients of a profitable medical practice
For good marketing, try an open house
Want a marketing approach that's both effective and inexpensive? Try an open house. It's an open sales opportunity, says Robin Samora of Let's Make You Shine, a Boston marketing firm for medical practices and small businesses. It can achieve a number of good things: Introduce the practice to prospective patients Introduce new physicians Show off the expertise … [Read more...] about For good marketing, try an open house
Three key items to negotiate for successful payer contracts
By Steve Selbst bio The purpose of this article is to help you, as a provider, to focus on three key items to look for in payer contracts that will help you to get profitable contracts in place. The three key areas that we will examine are fee schedule amendments, lesser of billed charges vs. contracted rates, and claims' payments. 1. Fee Schedule Fee schedules … [Read more...] about Three key items to negotiate for successful payer contracts