There are not a lot of us who believe that family practice physicians are adequately paid for the kind of valued care they deliver to patients and to the health care system. As an established medical billing and coding organization, we regularly observe how desperately clinicians need primary care payment reform.
Agreed that there is a better future for the healthcare industry on the horizon, but as of now, we have to make the best of what the dysfunctional health care system offers. For many doctors whose reimbursement depends in part on our productivity, increasing gross revenue is one vital element to your success.
Family practitioners can protect their revenue stream by being equipped to provide as many procedural services as possible and also by making sure that you are billing and coding for the minor procedures that you already perform, but might not know that you can be paid for.
Strategies to increase your family practice revenue
Review the scheduling practices
The single biggest move family practitioners can do to increase revenue by minimal efforts is to regularly work in an extra patient in the lunch hour or at the end of the day. The road to a positive bottom line may be as straightforward as this.
Moreover, you may need to polish up the way your appointments are scheduled. For instance, if appointments are booked in a standard 15-minute format, one might be spending more time waiting for patients than you should actually do. If the appointments are all reserved at the top of the hour, the patients might be spending a long time waiting than they should. In our experience, the modified-wave schedule is the most efficient approach for family practice.
A modified-wave system plans two 15-minute appointments on the hour; one appointment 15 minutes later and the next 30 minutes after the hour. Usually, there is no appointment at 45 minutes after the hour, which then gives you time for a 30-minute appointment, an extra work-in patient, and time to take phone calls or look into the documentation.
A modified-wave system also ensures that you are not behind schedule even before you begin. If you start seeing patients at 10 a.m. and one they don’t arrive on time, the chances are the other patient with a 10 a.m. appointment will.
Get into a huddle. Yes, you heard that right!! Each morning start your day with a ten-minute meeting of all the office staff members to save you valuable time later. The purpose of this huddle is to look into the day’s schedule, forestall information needs, or special cases that may arise during the day and needs your attention.
Delegate work to staffers that don’t require a physician’s license. Don’t spend much of time on patient-care-related tasks which don’t require a medical degree. Ask yourself whether you would pay another clinician to do the same thing. Delegate as many administrative tasks as you can to other people. For example, let the experts in family practice medical billing and coding handle the tedious reimbursement work while you maintain a good understanding of your practice’s operations.
Have multiple revenue streams and procedures
It’s critical to realize the extent to which your practice drives your income cycle and to carefully consider decisions that would narrow it. Whether it’s performing a certain medical procedure or nursing home patients, completing obstetrics, and taking care of patients in the hospital, think of these services as a revenue stream to your practice’s income cycle.
Letting go even one of these services means you’re cutting down the revenue stream, and one that can be difficult to reclaim, predominantly when procedural skills or privileges have failed.
In the end…
It would be careless on our part if we fail to acknowledge that revenue is only a part of the net income equation. Remember that a dollar of expense saved is as good as a dollar of gross revenue earned.
So, if you want to boost the family practice revenue with minimal efforts, contact us today on this 888-357-3226 number or visit our medical billing and coding services website for further information on a specialty.