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
Increasing profits
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
Four digital trends that can transform your medical practice
Medical practices of every type and size are rapidly being transformed by the digital revolution. Your patients are ratcheting up health-related online activities to unprecedented levels, says Ron Harman King, founder of Vanguard Communications. "Patients now routinely do medical research, seek medical guidance and search for medical services online. The surge in digital … [Read more...] about Four digital trends that can transform your medical practice
You have less than one month to submit MIPS Year 2 (2018) Data for the Quality Payment Program
The Centers for Medicare & Medicaid Services (CMS) has officially opened the data submission period for Merit-based Incentive Payment System (MIPS) eligible clinicians who participated in Year 2 (2018) of the Quality Payment Program. Data can be submitted and updated any time until 8:00 p.m. ET on Tuesday, April 2, 2019. CMS Web Interface users need to report their … [Read more...] about You have less than one month to submit MIPS Year 2 (2018) Data for the Quality Payment Program
Evaluating a physician partnership
By Nick Hernandez bio Bringing in a physician partner has many advantages: A partner may help your practice grow and become more successful; partners allow you to share the workload and to combine skills with another provider; and you can enrich your practice by having a solid teammate. However, business partners can become your greatest asset or your worst liability. … [Read more...] about Evaluating a physician partnership
Upping your game as a medical office manager
Managing an efficient and profitable medical practice depends upon your ability to master a specific set of management skills, implement best practices, and maintain specific identifiable behaviors and attitudes that are proven to drive management and career success. Those skills, best practices, and attitudes are at the heart of successful medical office management and can … [Read more...] about Upping your game as a medical office manager
What are the chief business concerns of independent doctors?
Competing for patients against hospitals and health systems, which have substantial marketing budgets, topped the list of problems independent doctors face, according to a new survey out from the Association of Independent Doctors, a national nonprofit trade association. The pay gap between employed and independent doctors ranked a close second. "A variety of market forces … [Read more...] about What are the chief business concerns of independent doctors?
10 rules for getting good press and new patients along with it
To get new business, your medical practice has to be the first place the patient calls. To make the call, the patient has to know your practice's name. To know your practice's name, the patient has to see it over and over in the media. Media coverage is good free marketing, says Pam Lontos, president of Pam Lontos Consulting in Orlando. But to be of any value, it has to be … [Read more...] about 10 rules for getting good press and new patients along with it
A dozen metrics for increasing your medical practice profitability
If someone asked you how many new patients visited your medical office last month, would you know? How about how much your office spent on marketing to acquire each patient? Would your staff know these numbers? "Bottom line, if you and your staff aren't on top of the numbers game, you simply are not going to be as successful in your practice as you could be," says Nick … [Read more...] about A dozen metrics for increasing your medical practice profitability