Running a profiteering medical practice in today’s time of technical hardships and billing hassles is easier said than done. Increasing competition to make healthcare affordable for the patient and strategies like rate cuts by insurance providers make it difficult for doctors to run a successful practice. However, there are ways by which medical offices can escalate profitability in subtle ways without affecting the reputation of a business. Here are they:
Monitoring Scheduling Inefficiencies
A major area of shortcomings which hamper the profitability of a medical practice can be scheduling inefficiencies. Numerous discrepancies while appointment scheduling by medical office like overbooking of slots, miss-managed no show scenarios and allotment of unnecessary downtime among others can bring down the revenues of the business. It’s important the office checks upon the arrival time with the healthcare provider before fixing appointments to help prevent any losses to the business in terms of revenue and reputation. Similarly, seasonal-volume variation in the number of patients and type of health problems is a common phenomenon depending on the geographic conditions and need to be kept in mind keeping scope of adjustment in schedules. It is as important to plan for upcoming peak demand cycles in advance to avoid hassles later. The number of inefficiencies is inversely proportional to the economic prosperity of any medical unit.
Any healthy functioning medical practice lays full attention to scheduling appointments in ways that are beneficial to both care seeker and provider. It’s the basic responsibility of a medical office at any work-oriented healthcare establishment to proceed towards achieving a well-scrutinized and flawless scheduling process so as to maximize the care provider’s productivity, all the while ensuring patient’s comfort.
Hiring Skilled Front Office Staff
In order to realize an optimum level of revenue potential at any medi-aid clinic it’s imperative that the staff recruited at the front office and at back end is skilled enough to tackle the management exercise, paperwork and recurring issues in the most efficient way possible. A number of billing shortcomings can be overcome once the staff at the front desk is trained with the know-how of insurance rules, filing procedures and has experience in dealing with codes. Incorrectly filed claims run high risk of running unpaid and adversely affect the Revenue Cycle Management of any clinic. To maintain good relations with payers and renegotiate managed care contracts, special emphasis needs to be laid on training of staff. It thus is important that only dedicated and trained individuals are employed at the medical offices so that they can help to increase the profitability of the business.
Devising Health Management Programs
Being ‘healthcare’ business medical establishments have the privilege of insight into the health patterns prevalent in their vicinity at any given time. This unique awareness of statistics and figures about the kind of diseases people are most prone to, general health risks that run in the geographic boundaries and other important information makes medical offices agencies fit to device Health Management Programs customized for the locale they are in. Access to health data analytics of local patients equips medical offices with knowledge of potential health disasters that might affect the population. With such prescience the offices stand in a profitable position if they decide to run health management programs trying to mitigate the disorders before they become chronic.
Embrace Technology to Enable Efficient Medical Management
With the introduction of Electronic Health Records (EHRs) into the medical management arena, things at the desk front have streamlined themselves and for good. In addition to the monetary benefits that the EHR technology has brought, there have been noticeable improvements in productivity, record keeping at the desk along with enhanced security for patients. More efficient, one man show and less space consuming EHRs are everything a well-established medical business is looking for.