How to Identify Loopholes in My Healthcare Practice?

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It’s quite facile to say that Medical Billing is living in one of the futuristic stages of world economy with positive outputs on Affordable Care Act (ACA) and different development in health in terms of handling patient data through cloud and different IT services. The average life span of human has multiplied many folds in last decade moving from 73 to 79 years.

According to the recent survey conducted 32 percent of smaller practice physicians predicted in 2018 that it could be one of the worst year of earing, even 40 percent physicians are cutting down their personnel services. The reducing reimbursement has driven down the practice towards downward spiral. The landscape does look terrifying in such case where you are already not sure what to expect in the end.

Holocaust Protection

Now most physicians might think that this seems to be a distant dream or even impossibility but let the concept of holocaust be clarified in terms of you understanding different healthcare factors. It is always a good idea for a physician to prepare for an eventuality prevent security breach and save from bankruptcy.

A physician needs to develop a plan and procedure for such uncertain disasters. The best advice in such cases is that, you need to have staff meetings and to make sure that all the aspects that could affect your practice should be covered with all staff members.   Begin your discussion with an open question for staffers it might bring out all the problems in open that can be a best method to kick start the discussion where in you can know what your practice could really offer in case of bankruptcy or data breach. A contingency plan can save up your livelihood and also for all your staff. This might also help you to find many loopholes in your current practice in terms of your staff and practice flow.

Vendors in haze

It’s important for physicians to have reliable vendors in hand while dealing with emergency scenario. Your vendor should be reliable, accommodating and understand your requirements.   It is important that you have a vendor who is reputed and had long understanding relationship with you.   Under many cases it might happen that your reputation might get disrupted with vendors quality and understanding. Next time you contact your vendor tell the vendor to send a list of items they have in advance, it will provide you with clear idea.

Associating with other Medical Practitioners

Building associations with other practitioners will not only help you in the future to understand various aspect of healthcare industry through information exchange but also associates you with your peers and might also open an door of opportunity for you.  One of the major reasons some of the practices fail is that the practices don’t evolve; when you see different aspects about your practice you learn from your peers but singularity will have a negative effect in the complex medical billing cycle.

Understanding new technology

In the keen world of high tech its imperative for you to embrace new technologies related to medical billing. Sometimes it might become an over burden for a doctor to understand new technology but your efforts for today can promote your revenue tomorrow. The recent survey conducted my MedicalBillersandCoders.com (MBC) saw that technology was one factor that solved the compliance issues for physicians without affecting the practice chains.

This entry was posted in MACRA, Medical Billing, Medical Billing Company, Medical Billing Services, Practice Administration, Practice Management, Revenue Cycle Management (RCM). Bookmark the permalink.

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