July 31, 2015
This is an interesting point to discuss for this industry. The main aim for physicians should be to treat patients. But, here we are discussing about revenue, patient footfall and business growth. In short the spotlight is on the commercials of the practice.
In this era of financial dominance, it is of no surprise that a doctor should strategize so as not to only treat their patients, but also to make their business financially viable. To make the practice flourish he will require constant revenue inflow, continuous patient inflow and growth in business. The question here is which amongst the three should he prioritize.
If the spotlight is on revenue then the provider has to make sure that he takes steps to increase money inflow. He needs to make sure that claims are billed properly and sent through the right channels so that he gets his dues. He needs to take a call whether he wants to keep the billing team in house or outsource it to billing experts. The billing team plays an essential role in the generation of revenue. Hence if the physician wants to prioritize revenue he needs to take a call about medical billing.
If the discussion is on patients then the physician needs to make sure that there are maximum patient footfalls for his income to grow. One vital aspect that drives patient inflow is reputation. If the physician has a good reputation then he will see a large number of patients queuing up outside his clinic. Many physicians have the policy that they treat only a fixed amount of patients each day. In such a scenario they need to make sure they give out more appointments than the actual number that he sees so as to not suffer if patients do not come even after taking an appointment. For instance, a doctor sees 100 patients a day. To make sure that he does not make a loss he should give out at least 105 – 110 appointments so that if there are back outs he does not suffer.
Finally, speaking of business growth; if the physician needs to prioritize this he has to make sure that he has a good network. If he personally has a good network he will automatically get more footfalls which will lead to business growth. Or else, if he even treats people who have a good network that too would help as that would help in enhancing the practice.
One feels that it is a bit difficult to prioritize and choose amongst revenue, patients and business growth. All three are important and should be given equal priority as each plays an essential role in increasing the bottom line of the practice.
Revenue Cycle Management