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Top 10 Series. Top 10 Business Practices that will Guarantee Your Practice is not Profitable. Frank Bostock, MBA, CO Southwest Region Vice-President Hanger Prosthetics and Orthotics. “Top 10 Business Practices that will Guarantee that Your Practice is not Profitable”. Frank Bostock, MBA, CO.
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Top 10 Series Top 10 Business Practices that will Guarantee Your Practice is not Profitable Frank Bostock, MBA, CO Southwest Region Vice-President Hanger Prosthetics and Orthotics
“Top 10 Business Practices that will Guarantee that Your Practice is notProfitable” Frank Bostock, MBA, CO
Business Practice # 10Collecting Co-Pays and Deductibles To be honest, collecting Co-Pays and Deductibles has never been one of my priorities.
Business Practice # 10 When you do not collect patient co-pays and deductibles: You are offering an additional discount for your services You are increasing your A/R collections costs You maybe in violation of a payer contract You are decreasing your practice’s earnings Patient co-pays, deductibles and receivables are usually ignored, mismanaged and/or neglected.
Business Practice # 10 Make it easy for your staff: Provide them with scripted protocols to use when discussing co-pays, deductibles and collections with your patients. You pay co-pays and deductibles at your doctor’s office and at hospitals, so why shouldn’t your patients pay you?
Business Practice # 9“Please tell me you didn’t say you don’t have a Compliance Program!!!”
Business Practice # 9Compliance Programs • Compliance Risk Areas • Medicare/Medicaid • HIPAA • OSHA • Labor Relations • ADA • DMEPOS Supplier Standards • Payer Contracts
Business Practice # 9Compliance Programs Compliance Risk Areas Medicare/Medicaid Non-compliant prescriptions Incomplete Verification of Delivery Inadequate clinical documentation and justification Labor Relations National Labor Relations Board EEOC American Disabilities Act Discrimination Physical Access DMEPOS Supplier Standards Updated Standards/Requirements
Business Practice # 9Compliance Programs Compliance Risk Areas Medicare/Medicaid Non-compliant prescriptions Incomplete Verification of Delivery Inadequate clinical documentation and justification Labor Relations National Labor Relations Board EEOC American Disabilities Act Discrimination Physical Access DMEPOS Supplier Standards Updated Standards/Requirements
Business Practice # 9Compliance Programs Cost of Non-Compliance Refunds Penalties Termination of Contracts Criminal Charges
Business Practice # 8 “ Inventory Management System . . . . . . What inventory management system?”
Business Practice # 8 • Why have an Inventory Management System? • Reduce your product and materials acquisition costs • Control inventory shrinkage • Reduce inventory holding costs through better ordering practices • Reduce freight costs • Link product purchases to contract reimbursement rates • Effective Inventory Management Systems mean higher profits
Business Practice # 7 “Human Resources Policies. . . . . . Never thought about it”
Business Practice # 7 Having Access to Current Human Resource Information • Avoid Lawsuits • Discrimination • Wrongful Termination • Labor Relations Violation • Is an Effective Employee Management Tool • Consistency • Boundaries • Guidelines
Business Practice # 6 “A Focus on Customer Service – You’re Kidding?”
Business Practice # 6 Why Focus on Customer Service? • Helps you differentiate you from your competitors • It is essential for customer retention • Providing customer service from the customer’s perspective • Use of patient surveys • Part of every employee’s job description
Business Practice # 5 “Go out and market and ask for business . . . . . . I’d rather stick a pencil in my eye!!!”
Business Practice # 5 Marketing your Practice Why wait for the phone to ring if your customers don’t know why they should call you. If you do not define who you are in your market place, your competitors will. Why should your referral sources and patients choose you over your competitors?
Business Practice # 4 “Employee Productivity . . . . . . Why would you worry about that?”
Business Practice # 4 Measuring Employee Productivity • How do you know if your employees are productive? • Is it important to track administrative and technician labor? • How can you measure practitioner productivity?
Business Practice # 3 “Sure I would like to grow my practice’s revenues, but I am all about patient care.”
Business Practice # 3 Revenue Growth is not an option Increasing your practice’s revenues year-over-year is not an option. Brady’s Law – “If you don’t move you die.”
Business Practice # 2 “I can’t believe what you just said: EBITDA is as important as patient care!!!”
Business Practice # 2 EBITDA verses Patient Care Unless you are profitable you won’t be around to provide outstanding patient care. “Reality always seems to get between what we want and what we get.”
Business Practice # 1 “Strategic Planning. . . . . . Now you have gone too far.”
Business Practice # 1 Strategic Planning helps you identify - What is happening in your market place. Why it is happening. What you need to do to sustain your success or overcome current competitor challenges. How you are going to achieve your strategic goals. Who will be responsible for achieving your goals. How you will monitor your progress.
“OK now I get it . . . You were just kidding about all of this stuff.”
Some people take these business principles seriously. . . Some people ignore them!
The measure of Success “We actually do what other people say they do.” Peter Sisseck Pingus Winery
