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10 Ways to Increase Revenue in Your Private Practice

Posted by Bret Larsen, Oct 26, 2014

Go paperless. Implement an EHR to help you streamline your processes. Move your explanation of benefits and any other intake documents to an electronic format. Automating your processes will help save time on data entry and filing. In addition, look at integrating your EHR with telehealth software like eVisit to also help you save time and money.

 

Train colleagues to code correctly. Health care providers are the ones who are audited on coding, which means they need to be trained properly. Once they can effectively enter information, doctor’s will be able to capture all levels of codes, which should help increase revenue. [1]

 

Analyze your payer mix. If you have too many patients you’re not able to see, consider dropping an insurance company. "You can positively influence your payer mix, thus improving your per-unit reimbursement, and you can gain operations benefits (by reducing the patient communications you have to handle out-of-office)," according to Mastering Patient Flow, by Elizabeth Woodcock, MBA, FACMPE, CPC. [2]

 

Add one more patient per day to your schedule. "If a practice can see one more patient a day, it can add $25,000 to the annual bottom line for primary care (assuming $100 for a new patient visit) or $50,000 for specialty care (assuming $200 for a new patient visit).”[2]

 

Implement a prescription policy. The average practice can spend $4.00-$15.00 for every single prescription refill event. Thus, a prescription policy has the potential to generate additional revenue and offset that cost. This policy should outline how refill and other prescription requests are handled. "It should include a follow-up period for chronic disease patients. Generally, they should be seen every 90 days for evaluation and review of medications. It can be billed as 99213 with an average reimbursement of about $70.00." [3]

 

Talk to vendors. Look for ways to save money and renegotiate contracts with your vendors. Don’t be a afraid to ask for lower prices or discounts on bundled services.

 

Avoid overstocking. Be aware of how much product you’re using and keep a lean inventory.

 

Increase training of your front desk staff. When front-desk staff members enter wrong information, other people must spend valuable time correcting mistakes that shouldn’t exist. Many insurance-department staff members report that they spend most of their time correcting misinformation generated by front desk staff.

 

Implement a cancellation policy. According to Medicaid, 30% of patients don’t show up for their appointments. Other studies suggest up to 50% of follow up patients cancel or don’t show. Set up a cancellation policy and be sure it’s communicated to all your patients. [3]

 

Set up social media accounts. Social media accounts are free and can help you increase your online presence, making it easier for patients to find you and your practice. You can also engage with current and potential customers, building an online community around your practice.

 

Resources

1. Westgate, A. Physician Practice. “How to Boost Your Medical Practice Revenue” October 2012. Available at: http://www.physicianspractice.com/mgma12/how-boost-your-medical-practice-revenue/page/0/2#sthash.yo3BwzoZ.dpuf

2. MGMA in Practice. “15 ways to increase group practice revenue without cutting staff” March 2010. Available at: http://www.mgma.com/trackback/538afbd7-57ed-44f2-9f1b-594457facbbf/15-ways-to-increase-group-practice-revenue-without-cutting-staff.aspx?culture=en-US

3. Glassman, R. 3 Ways to Increase your Medical Practice Revenue by 25%. Available at: http://www.kareo.com/documents/increaserevenue.pdf

 

Topics: eVisit Blog Posts, Increase Revenue, Medical Practice, Tips

Bret Larsen

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