By Ranadene (Randi) K. Tapio, MBA, CMRS, CMC, Guest Contributor bio Revenue Cycle Management is multi-faceted. There may not be a right or wrong way as far as your process goes, but there are tips, tricks, and best practices that can optimize the process, and in turn, your reimbursements. After years of experience working with varying sized and specialty practices, … [Read more...] about 4 best practices to help optimize your processes and increase your reimbursements
Increasing profits
Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
The trend of mergers between large healthcare provider organizations continued in 2018, as the average size in revenue of sellers (defined as the smaller of two organizations in a transaction) reached $409 million, according to Kaufman Hall's new report, 2018 M&A in Review: A New Healthcare Landscape Takes Shape. This is the highest figure seen since Kaufman Hall began … [Read more...] about Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
5 proven levers for improving your medical practice
Virtually any medical practice can immediately improve its revenue, cash flow, profitability, and growth, along with streamlining its operations by embracing five levers for medical practice improvement. John W. McDaniel, founder and chairman of Peak Performance Physicians LLC of New Orleans, LA, says these five levers apply to any type of healthcare business, whether it is a … [Read more...] about 5 proven levers for improving your medical practice
Get personal to get patients to pay faster
Set the expectation of payment before the patient comes in. When the office calls to confirm an appointment, whether it's a live conversation or an automated message, say, "Your co-pay is due when you check in." In other words, "bring your wallet." Some offices go so far as to refuse people who don't have the co-pay at the time of the visit. However, such a strict policy … [Read more...] about Get personal to get patients to pay faster
Make these your 2 top goals for 2019
Goal No. 1: Win the doctors' respect Everyone knows communication is key and, when it comes to managing a medical office, communicating poorly with the doctors can sabotage your ability to do your job well. Here are a few rules for communicating in a way that generates respect, establishes your credibility, and demonstrates that you can be trusted to manage their … [Read more...] about Make these your 2 top goals for 2019
The healthcare consumer: Using patient online reviews to boost your practice’s business
Patients are making increasing use of physician rating and review sites to comment on their medical experiences the way diners do with restaurants. And as with restaurants, this can be a tremendous boost or drag on your practice's business. Here's how to make effective use of these sites. Top review sites First, become familiar with the top healthcare review sites, which in … [Read more...] about The healthcare consumer: Using patient online reviews to boost your practice’s business
New referrals come from a visit, a folder, and chocolate cookies
When a new manager took over the office of a Miami gastroenterology practice, the office had just lost two physicians and needed to increase referrals for the three physicians who remained. So she took on the job of marketing. Her approach was direct and simple, but the results were so good that now, less than two years later, the schedule stays full. First, she put together … [Read more...] about New referrals come from a visit, a folder, and chocolate cookies
How to determine the order of multiple insurance coverages
By Ranadene (Randi) K. Tapio, MBA, CMRS, CMC, Guest Contributor bio When patients have multiple insurance coverage, at times it can be difficult to determine which one is primary, secondary, and tertiary. Sometimes, the patients don't even know which order they go in! While there are always going to be exceptions, here are some basic guidelines to keep in mind: … [Read more...] about How to determine the order of multiple insurance coverages
Physician entrepreneurs drive innovation and change
By Nick Hernandez bio Physician leaders must be innovators to navigate their practices into and through the era of healthcare reform. True physician entrepreneurs take charge of change and continuously scan the outside environment for new and fresh ideas. They search for opportunities for ways to do what has never been done before, and many times engage consultants … [Read more...] about Physician entrepreneurs drive innovation and change
Is your waiting room costing you money?
How would patients rate your medical practice's reception area? Is it cold and clinical, or warm and welcoming? The waiting room is where new patients form early impressions of your practice – and, like it or not, these impressions influence their perception of the medical care they receive. Patient experience is a primary reason medical practices are investing in office … [Read more...] about Is your waiting room costing you money?