No matter what the nature of your specialization is, medical billing for Orthopedics is an uphill task. Most generally, orthopedic practices thrive on efficient billing practices that help in streamlining revenue cycle management by cutting out delays and minimizing stress on cash flows. However, there are other things that when managed can help you grow your business.
Here are some pieces of advice from experts:
Tip I: Track Key Management Measures for Your Orthopedic Practice
It’s important for both physicians and administrators to have knowledge about the progress of the business. A monthly report that tracks key management measures pre-determined by your orthopedic practice helps you look at a clear picture of where you are in terms of reaching your goals. This report is made up of critical measures that give an idea about the growth of the business.
It needs to clearly dictate what factors are working in favor of the practices and what areas require a change. Factors like billing amount, cash collections, collection rates, and average wait time for a patient appointment, non-physician cost per patient, and payer mix are some important measures that are important for an insightful report.
Once prepared, you should compare it to reports from previous months/quarters and also with reports from the same period the previous year.
Tip II: Know the Market Evaluation of Your Orthopedic Practice
Market evaluations are keys to determining your clinic’s position in the marketplace, figuring your competitors, determining strategic payers and employers, and other such things of importance. With the help of some specifically designed software programs, the task of plotting your location, drawing comparisons with competitors, and mapping the driven values against data from the latest census becomes easy.
All this assessment helps you figure the rate at which you are acquiring patients and the areas they are coming from. Market Evaluation helps you chart a direction towards which you gear up in the future for the great success of the business.
Tip III: Figure out The Long-Range Financial Projection of Your Orthopedic Practice
Projections are based on present performance in combination with practical assumptions of future performances. Factors like inflation, expansion, revenue increases due to business growth, and the price of the product in the future are also counted while deciding on projections for the practice. This strategic tool helps to figure out what strategic changes need to be made in the business to achieve desired goals.
Tip IV: Develop a Strategic Plan
A strategic plan needs to very simply define the actions you need to take, and answer the questions about what you want your business to be. It should answer questions surrounding the size of the practice, services you intend to offer in the future and expansion plans, etc. After outlining a strategic plan, and direction you need to finalize how you are going to accomplish that plan? It is also important to review and update it annually.
Tip V: Diversify Your Revenue
When you are looking for brighter horizons in terms of revenues from your orthopedic practice, include diversified revenue streams in your practice. There are a host of related medical services you can provide that can fetch profit and diversify your revenue stream.
Tip VI: Focus On Marketing
You would stand surprised with the effect a proficient marketing strategy can have on your orthopedic practice. The bottom line is that you need to tell your story or share the identity and work with your customers. Develop an effective marketing plan that caters to the kind of consumers you are looking for.
Brochures, Email marketing, Door-to-door campaigning, and representation at healthcare events in the area are some of the many marketing techniques that can be used to reach out to customers.
Medical Billers and Coders (MBC) offers support for our clients in the orthopedic medical billing and coding process. We are always open to our client’s questions and/or issues about their orthopedic medical billing. When your focus is on your patients and not on orthopedic billing problems, we’ve succeeded.
Contact us today to get started on all your orthopedic medical billing needs!
FAQs
1. Why is effective billing crucial for orthopedic practices?
Efficient billing streamlines revenue cycle management, reduces delays, and minimizes stress on cash flows, which is vital for practice growth.
2. What key management measures should I track monthly?
Focus on billing amounts, cash collections, collection rates, patient appointment wait times, and non-physician costs to assess business performance.
3. How can market evaluation benefit my practice?
Market evaluations help identify your clinic’s position, assess competitors, and understand patient acquisition rates, guiding future strategic decisions.
4. What should a strategic plan for my orthopedic practice include?
A strategic plan should define your practice’s goals, size, services, and expansion plans, and should be reviewed and updated annually.
5. How can I diversify revenue streams in my practice?
Consider offering related medical services that can generate additional income, enhancing overall profitability and financial stability.
