Family physicians are constantly under stress given the multiple demands they need to cater to. Today’s competition and market pressure on medical practices make efficiency that much more important for doctors to sustain and stay abreast with their contemporaries. Improving efficiency and management skills help regain some control. Drawing a budget plan and optimum use of resources will make your practice more rewarding. It will help you attract newer patients and health plans.
Here are several tips that might help increase the revenue of your practice instantly.
1. Reduce Administrative Burdens
Around 50% of family physicians devote 10 hours per week on administrative tasks. Physicians should avoid tasks that don’t require an MD. Examine your activities and delegate as many administrative tasks as possible without affecting your understanding of the practice’s operations. Outsource family practice billing services to experts; that will help you to increase your profit margins by managing crucial parts of the revenue cycle. Billing experts perform complicated tasks like submitting claims, issuing patient statements and so on. This allows physicians to focus more on patients.
2. Improve Patient Flow
Physicians should focus more on patient care. They should dedicate at least 37 hours weekly on direct patient care. Being aware of your practice and knowing that it is well managed is the key to efficiency. Ensure you are making optimal use of staff, facilities and your time. Drive your efforts to provide care to a large community of patients. Staying on schedule, dictating progress notes in the exam room and evaluating new services and equipment beforehand will help you see more patients.
3. Use a Good Scheduling System
Many practices hire an assistant without expertise to schedule appointments manually. Good scheduling plays a very important role in increasing the patient flow by two or more patients per day. The increase in number of patients is directly proportional to the net income of a practice. Employ dedicated resources to develop a good scheduling system; if required hire an expert to manage it and make sure the entire staff understands it. One can also consider appointment scheduling software for the purpose. Utilizing a computerized system is effective, productive and less labor intensive.
4. Establish an Incentive System
A good incentive system helps to make the medical staff feel vested in the outcome and improves efficiency and teamwork. Set your expectations and reward performance, but be assured of the benefit before you start an incentive program.
5. Undertaking Multiple Procedures
Family physicians should undertake procedures that they can easily and confidently perform. Doing an array of hospital procedures widens the scope for more patients. If you do procedures that your colleagues don’t, you can ask them to refer their patients to you.
MedicalBillersandCoders.com is one of the largest consortiums of expert billers and coders in the US, servicing over 40 medical specialties. Their professionals help small and medium sized family practices identify areas of revenue loss. MBC prepares its staff to handle complexities of EHR, EMR and ICD-10, and can help you get your practice back on track. You can either take the entire suite of MBC’s billing and coding services or just parts of it that suit the needs of your practice.