Most medical practices are losing out on their revenue because of many reasons. Knowing them and getting an idea for boosting revenue can take the medical practice a long way in terms of reputation and quality service.
Most medical practices are facing a lot of financial crisis these days owing to the reduced remunerations and increase in overheads. Many of them are thereby taking various measures to increase their practice revenue. Experts feel that there are a lot of ways to boost revenue, and if followed genuinely it can help others to follow suit.
Here are some areas which most practices overlook as far as boosting revenue is concerned:
Utilization of technology: Most practices keep a paper file even today to maintain and keep records of tests for the incoming results. This can be very easily handled through an EHR system, where the outstanding tests can be filtered easily, not to overlook that it also facilitates ease for followup. Nurses can save at least an hour a day with wise utilization of technology for EHR, practise management system, patient portal, clearing house and so on.
One has to thereby keep an eye on the updates and upgrades on the release of a software, above and beyond trying to incorporate them in your everyday routine. Keeping yourself upgraded in a dynamic environment is certainly a recipe for success.
Saving on Human Resources: The optimum utilization of technology not only provides short term gains but also augment long term revenue in terms of savings in the areas of human resources. With an hour per day saved against each nurse, the practice can attain long term growth in terms of restructuring of the staff and utilization of their skills to the fullest, which would further result in cost savings and increase in profits.
Improve billing and coding system: Billing and coding is one of the most exhaustive processes experienced by various medical specialty practices all over. In most of the cases it also leads to reduced efficiency by practitioners and medics as they are unable to concentrate on their core skills, i.e. patient care. Moreover, there are many regulations pertaining to payers that keep changing, and remaining up to date is a tough job.
Outsource medical billing: Outsourcing the job to enhance your efficiency in this department is thus a good move that most practices have embraced. It ensures the required assistance at regular intervals and a smooth payment recovery. It has been estimated that a practice loses 30 to 40 percent of their revenue each year owing to ignorance of the billing and coding section.
Medical billing firms are well equipped with skilled professionals and advanced technologies to carry out the task without any hurdles and in a timely manner. Apart from this, the reputation of your practice is also enhanced if you are backed up by a resourceful billing firm. Paying for their services would in a way boost your revenue through their prompt call to action and immediate follow up.
Among the many reputed medical billing firms, MedicalBillersandCoders.com is a well known organization that excels in providing the best service to its clients and helps enhance a medical practice’s revenue. It also makes it a win-win situation for all parties involved!