Maximizing Family Practice Revenue by Implementing These Strategies

1. Maximizing Family Practice Revenue By Implementing These Strategies Medical Billers and Coders

2. Since family practices are facing a lot of factors that make it more difficult to get paid, it’s more important than ever to get proactive about billing procedures. Being proactive and prevent problems before they occur can help your family practice maximize revenue, ensuring you’re properly reimbursed so your practice can continue providing quality care to patients. Every year, medical providers in the United States leave more than $100 billion dollars of uncollected revenue on the table due to billing errors, coding mistakes, and failing to stay current on medical billing rules.

3. Here’s a closer look at the top 5 strategies you can use proactively to begin maximizing your family practice’s revenue. 1. Review your scheduling practices 2. Focus on being efficient 3. Delegate work 4. Keep multiple revenue streams 5. Track performance and find areas where you can improve

4. Review your scheduling practices You may need to fine-tune the way your appointments are scheduled. If appointments are booked in standard 15-minute increments, you might be spending more time waiting for patients than you should. Or if appointments are all booked at the top of the hour (i.e., wave scheduling), your patients might be spending more time waiting for you than they should.

5. 2. Focus on being efficient Improving efficiency is truly a game of inches. There are lots of ways to do it, and none are likely to result in dramatic gains, but if together they enable you to see two additional patients a day, the effort can amount to a tremendous increase in revenue. According to the research referenced earlier, high-earning physicians work an average of 56 hours a week, and low-earning physicians work 51 hours a week. But the high-earners provide 38 more visits per week than their low-earning counterparts (high-earners provide a mean number of 122 visits per week; low-earners provide 84). The high-earners aren’t just working harder; they’re working smarter.

6. 3. Delegate work Delegate work that doesn’t require a physician’s license. Don’t spend time on patient-care-related tasks that don’t require a medical degree. Try to delegate as many administrative tasks as you can while still maintaining a good understanding of your practice’s operations. Dictating notes while you’re still in the exam room with the patient can improve your efficiency. Your memory is fresh, and the details are clear. Dictating in the patient’s presence is also a good way of validating the patient’s concerns, cementing your treatment alliance with the patient, and reiterating your instructions. This takes some getting used to, and it may not be appropriate in every case.

7. 4. Keep multiple revenue streams It’s important to realize the extent to which your scope of practice drives your revenue stream and to carefully weigh decisions that would narrow it. Whether it’s performing a certain office procedure, seeing nursing home patients, doing obstetrics, or taking care of patients in the hospital, think of each service as a tributary to your practice’s revenue stream. Give up one of these services and you’re cutting off part of your revenue stream, one that can be difficult to reclaim, particularly once procedural skills or privileges have lapsed.

8. 5. Track performance and find areas where you can improve Since the healthcare landscape continues to change, your family practice needs to change along with it to improve efficiency and maximize revenue. One of the best strategies you can use to keep revenue flowing is to look for ways you can improve your billing procedures. This includes staying informed about changes to medical billing rules and changes in billing and coding protocols, identifying any problem accounts, and tracking pending accounts receivable to see how your family practice’s revenue cycle is performing.

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