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January 2019
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Posts from 2019-01

Ways to Supercharge Your Medical Practice Revenue in 2019

Grey Metal Case of Hundred Dollar Bills 

A new year brings new opportunities and challenges for a medical practice, especially when it comes to growing revenues. Your goal will likely be to increase your revenue levels from last year and grow your practice in a healthy way.

For any practice that has this goal, it is essential to adapt with the times and take advantage of any new opportunities that can make an impact on your bottom line. Equally important, successful medical practitioners will review their current operations and search for ways to improve processes, systems, and general operations.    '

So what can a medical practice do to grow their revenues in 2019? Check out some of our tips below to start the new year off to a good start:  

Revisit Your Billing & Coding Operations

Woman Holding Pen While Using Calculator

One of the most important things your practice can do to increase revenues in 2019 is reviewing your existing billing & coding operations. Many medical practices have outdated and inefficient processes in place that contribute to significant revenue losses and missed opportunities. Unfortunately, as time goes by, the medical billing industry is only getting more complicated and difficult to understand.   

There are always new innovations and coding changes that need to be stayed on top of. Thankfully, medical billing specialists, like Billing Savi, are stepping in to meet the need and help practitioners establish solid billing foundations. By outsourcing to a trusted billing specialist, a medical practice can focus more on it's core strengths and cut back on lost revenue at the same time.   

Improve Your Communication Strategy  

Red Corded Telephone on White Suraface

The success of your medical practice is connected to many individuals and organizations. Taking a good hard look at exactly how your organization communicates with patients, vendors, and employees can reveal simple ways to boost efficiencies and in turn, revenues. Thankfully, it is 2019 and there are a host of different communication channels and platforms your practice can use to connect with different parties.   

For example, establishing an internal digital communication channel can really cut down on how long it takes your employees to gain access to files, get answers to important questions, and in turn respond to your patients. Externally, connecting with vendors and patients is critical to building a solid reputation and keeping your operations running smoothly. It may also be helpful to establish some templates and procedures for handling different processes that repeat themselves. This way, your employees don't have to develop their own systems and can instead rely on a tried and trusted process that has been known to work.   

Designing a communication strategy that aligns with today's technological capabilities is key to boosting seamless operations, reducing stress and redundancies, and cutting back on unnecessary staff hours and overtime.  

Focus in on Scheduling  

Tilt Photography of Calendar Schedule Number 18

Most practices don't think too hard about how their scheduling is being handled. However, this one area has an enormous impact on a practice's overall revenue. By establishing an effective scheduling process, your practice can greatly cut down on lost revenue while building patient loyalty and reducing patient losses. It is worth it to dedicate the new year to mastering your practice's scheduling process. By doing so your staff will have more time to focus on treating your patients with better service and care.   

Start by hiring the best scheduling professionals you can find. It is worth it to invest in this individual instead of hiring a low-level employee that doesn't know how to optimize your scheduling operations. Work with your staff to establish scheduling guidelines and policies that will increase patient flow in the long-term. Additionally, look into the most efficient digital scheduling systems that make sense for your practice. Using outdated methods is unnecessary in 2019 and will hurt your income growth as the years go by.   

Promote Your Specialties  

Person Massaging Man While Lying on Bed

Does your practice have any unique specialties? If so, try to build a niche for yourself by establishing your practice as the go to organization in this area. Specializations can help your practice gain traction in a small field and help you build your reputation as the master within that niche. Eventually, you can build a nice stream of patients who get referred to you via word of mouth.   

For more information on how your medical practice can supercharge revenues in 2019, please contact Billing Savi by clicking here

Revenue Cycle Management: Everything You Need to Know

Revenue Cycle Management: Everything You Need to Know

What is revenue cycle management exactly? Read on to learn everything important you need to know about revenue cycle management.

Keyword(s): revenue cycle management

In every branch of the healthcare industry, administrative costs are quickly rising. If you haven't put in place a solid revenue cycle management process, you're going to struggle to keep the lights on. Understanding the process will require making a few mistakes but will help you to keep money flowing into your practice.

Here's everything you need to know about the process.

Understanding Revenue Cycle Management

Revenue cycle management in the healthcare field is an important process to keeping your business running. If you don't manage your revenue carefully, you can quickly spend beyond your means and run into problems. If you overspend beyond your bills or beyond your payroll, you can run into trouble generating revenue, breaking down your cycle.

As your business manages claims, processes payments, and works to generate revenue, each part of this process requires adequate attention. With software the help manages your practice or at least handle your billing, you can keep track of the comings and goings at your office.

In a broad range, the healthcare revenue cycle will manage elements like your patients' eligibility for insurance and collecting their co-pay. Every claim needs to be coded correctly and claims need to be tracked accurately. When you collect claims and follow up on the ones that are denied, you can ensure that you're accurately juggling your revenue.

Every element of the collection process helps contribute to the revenue that you can use to provide more services. This, in turn, will require more collection efforts and the cycle will continue.

Training is a Hurdle

In the revenue cycle, you need to ensure that you have adequate staff. If you run a small practice, you may struggle to keep on top of your patient billing. If you don't bill people on time, you can't expect to get paid on time.

If your staff hasn't been trained properly, you'll find that could be a hurdle to optimizing your revenue. The money that flows in and out of your practice is much like a supply chain in that if one person fails to do their job, the rest of the chain could suffer failure.

If your staff isn't properly trained to look for errors in their claims or to understand the depth of medical coding, that could lead to poor data entry. When patient information is entered wrong, the bill for the patient may never arrive. You could end up with some costly mistakes if you don't carefully manage your supply chain or let your employees know why their mistakes matter.

Communication is Important

Communication can make or break any business. In the context of a revenue cycle, you need your staff to be communicating clearly even on the busiest of days in your office. When everyone knows their role and how they rely on one another, they can help the revenue cycle roll on.

Your office managers and physicians need to be in regular communication. They need to feel comfortable talking to one another about financial reports and what's going on in your office.

When everyone in your office understands the important details about collections, revenue, and how their actions matter, they'll help lead you to success. If your basic accounts receivables data isn't in on time, you could be lagging behind on payments and your whole workflow could be upended.

Communication requires a strong workflow. You need your intake to check for your patient eligibility and the copay situation before your patient arrives in your office. This will help you work smoothly.

Your staff needs to be able to follow up on your claims quickly and promptly. If you don't have a workflow established, you could end up dropping tasks or ending up with delays. The more errors that your office incurs, the more money you could be losing.

Finding The Right Solution

When you're searching for revenue cycle management solutions, you're going to have to look at the nitty gritty details of what your solutions can offer. The results that you're searching for should be one that relies on efficiency.

In order to become financially efficient, you need tools that will help you to optimize your revenue cycle. Every tool that you use should be putting you one step closer to increasing revenue for your office.

Billing is a headache for every medical office under the sun. There are a lot of pitfalls in the healthcare industry and a lot of mistakes that can be made.

When you're managing employees and trying to find a tool, you need one that's easy to use and doesn't take too long for your office to train on. Without the right processes in place, you could be losing some revenue from your office. However, don't let that drive you to put things off and wait too long to solve your billing issues.

Expect a learning curve when it comes to managing your revenue cycle, but find be sure you find a company who offers great customer service. They'll be able to guide you through any difficulty you have in using their tools.

Revenue Cycle Management Requires Buy-In

In order to achieve the revenue cycle management that you need in your office, you need everyone to buy in at the same time. You need to have a steady management process where you work together to get over problems.

IF you're considering outsourcing your medical billing, follow our guide to ensure that you choose the right company and everyone runs smoothly.