Whether you are the owner of a medical practice, or looking to start one in the future, it is important for you to understand that you are (or could) potentially be loosing out on revenue. Most medical practices face financial crisis because of reduced remunerations and increased overhead. What matters right now is that you take proper measures to make sure that your practice has a solid future in terms of reputation and quality of service.
Here are some revenue boosting items for you to consider:
1. Using Technology to the Fullest
One of the most common things that practices don’t consider is the fact that they keep paper files of all their records. Guess what? All of that can be easily managed through an EHR system, where outstanding tests can be filtered and followed up on very easily. This system will allow nurses to save time every single day with practice management system, patient portal, clearing house and so on.
One has to thereby keep an eye on the updates and upgrades to any and all software being used in the practice and incorporate those changes into their everyday routine. The key is to success in this regard it to make sure you are keeping yourself and your systems updated.
2. Saving on Human Resources
We might not want to admit it, but one other way to save money is by using technology to help with human resources. If you are using technology for human resources not only are you providing your business with short term gains but you are also increasing long term revenue.
Think about it this way – if you saved only one hour a day per employee with the help of technology your practice would be able to grow long term due to those employees being able to use that hour on tasks more important to their particular skill sets.
3. Better Billing and Coding System
Billing and coding is one of the most time consuming and expensive processes for medical specialty practices all over the world. The fact is that in most cases it also leads to reduced efficiency because medics are unable to concentrate on their main job, which is patient care. Another thing that is sometimes overlooked is the fact that there are so many regulations that keep changing, and remaining up to date is often very difficult.
4. Outsource Medical Billing
Did you know that practices can loose 30 to 40 percent of their revenue each year owing to ignorance of the billing and coding section?
In this age of technology there are so many companies that outsource, it would be silly not to consider doing so for your practice. Outsourcing is how you can ensure that your practice receives the required assistance at regular intervals and smooth payment recovery.
There are many medical billing firms that are very well equipped and have a staff of skilled professionals, as well as advanced technologies to carry out the tasks in a timely manner. Apart from this, the reputation of your practice is also greatly enhanced if a resourceful and reputable billing firm backs you. Paying for their services would in a way boost your revenue through their prompt call to action and immediate follow up.
Park Medial Billing a technology-based solution that will simplify and improve your medical billing services. You can request a free live demo here or give us a call at 201-585-7306.