As the case is with numerous medical practices, Podiatry practitioners are also reeling under the increased pressure to enhance their revenue cycle, while diminishing their overhead. One of the best time sinks in a podiatry practice is error-free billing and coding. And going by the latest accounting trend, it’s better for you, as a physician, to outsource the services to a third-party medical billing organization to save money and streamline the charging process.
Here are some vital strategies a podiatry physician can utilize to save money on medical billing:
1. Attend one extra patient a day
Are you only interested in attending or looking after just 10 patients each day? Provided that this is true, why not help this to move past 11 or 12? One additional patient a day, five days a week can prompt a noteworthy increment in your income levels – thousands every month in all probability. If you are not able to handle more than 10 patients per day, than keeping the doctor’s office open on Saturdays is not a bad idea at all. An excellent way to increase overall revenue.
2. Reliable staff can lessen the worries
Employee theft is one of the top reasons for business terminations, and this applies to the medicinal services field as well. An amazing approach to test staff for burglary is by slipping extra cash into the drawer once a while and checking whether it comes up on the reconciliation sheet. If it doesn’t, then you know whom to look out for, and save the hard-earned cash.
3. Participate in clinical trials
The core work area of your medical practice may not rotate around clinical trials, but rather a section of it ought to. The normal expense of conveying clinical trials is about $1,000 to $5,000 per patient – around 60 percent of this cost is real profit. Besides, clinical research will help you explore the unknown areas of your Podiatry practice which you can offer to patients.
4. Dispose of the overtime
In case you are available in the office for more than 40 hours a week, ensure it’s reasonable to you and that you can deal with the tedious undertakings like registering the patient, noting the telephone calls, looking for insurance information and so on. By getting rid of overtime you can spare your practice a lot of cash.
5. Outsource Medical billing and coding services
One of the essential reasons that Podiatry physicians are making losses is the increasing number of medical billing and coding errors. Yes, this undertaking is one of the most vital things to achieve sustainable growth as a Podiatry doctor. With various changes happening in the healthcare payer and Medicare rules, a professional medical billing and coding agency will provide a thorough and error-free service to all your procedures. With updated knowledge base and specialist coders for charging, allotting the tedious work to offshore entities is best for you to save on podiatry medical billing. These organizations likewise are also upgraded on most recent coding rules, including ICD-10.
Podiatry medical practice is not an easy job. As a physician, you have to constantly look to improve your practice, while also ensuring you leverage a sustainable and streamlined medical billing and coding process. Utilize the above points in your Podiatry practice and enhance the bottom-line of your business.