Revenue cycle management is the process used by healthcare systems in the United States to track the revenue from patients, from their initial appointment or encounter with the healthcare system to their final payment of the balance. Stringent regulations and the ever-changing healthcare environment often make it difficult for medical practices to sustain profits. Focusing on improving per-patient revenues is the main way of enhancing practice profitability. To calculate per-patient revenue you need to divide the total receipts by the number of patients catered to. Here are some time tested ways to increase per patient revenue of your practice:
Systematizing your Resources
Often lack of knowledge about the products available for sale can allow a prospective client to go unattended and an unsuccessful sales pitch. This will help to increase the revenues of your business immensely. Encourage and support your staff to obtain knowledge. For example, make sure your insurance specialist attends webinars and seminars about insurance updates, allows the technician to attend classes to keep their certification up to date. Your goal should be ensure that all team members know of the capability of the practice.
Get Vendors to Demonstrate Need-Based Solutions to the Staff
Have the manufacturing company agents demonstrate to your staff the benefits of products for the offer and a brief course in sales. Being in practice a medical expert and his staff are well aware of the problems their patients face. Needs-based solutions are the approach where the entire team recommends products that fit the patient’s needs. This allows the staff to be more involved with the patient. Vendors strategize ways to increase annual supply sales.
Diagnose and manage diseases before they are moderate to severe. In most cases, patients do not complain unless their suffering is severe. A smart practitioner is someone who asks the right questions to diagnose slight abnormalities before they become problems. This eventually leads to better patient care. Proactive management not only nibs the problem in the bud but also enhances per patient revenue.
Talk Per Patient Revenue at Staff Meetings
The entire staff should be well versed with the goals of the practice and the method to track them as each staff member directly impacts the total patient visit. Staff meetings can revolve around seminaries for the front desk in patient handling. The more knowledgeable each staff member is about their role, the more competent is the practice. Also, it is important to track and narrow down on the cause of low per patient revenue at the practice and then working on the ways to improve it.
Maintain Adequate Stock of Key Inventory
The trail of increasing per-patient revenue begins in the exam room with the doctor. Allow your practice to have a good selection of merchandise inventory. Most patients trust a clinic for making purchases due to the trust they place in their doctors.
Invest in Marketing
A general rule suggests that most new patients generate more dollars initially than returning patients. This is because a new patient seeks services for an immediate problem, and that is most likely why they have reached out for your services. You must also talk to your existing patients and ask for referrals. Turn your business into an online success story to reach out to a wider customer base. This will help in bringing in newer patients thus increasing the per-patient revenue.
Why Medical Billers and Coders (MBC)
As we approach the end of year-2017, it might be the time for you to calculate the Account Receivable (AR) for 2017 and have a better approach towards 2018. Medical Billers and Coders hold 17 years of experience in medical Revenue Cycle Management (RCM) with a skilled team coders and billers. Get a quote for your Wound care Specialty.