As with any type of business, closely monitoring your income and expenses is critical to the success of your medical practice. That pursuit begins with asking yourself some important questions about your office landscape. For example:
- How did your practice do last year?
- Does your claims denial rate need work?
- Can you negotiate a higher rate with your predominant payers?
- Are you spending too much time on unreimbursed phone calls that you could turn into billable telemedicine visits?
- Do you have common bottlenecks in your schedule?
Evaluating your weaknesses and mapping out a practical budget is a key component of business planning for any practice. This budget will serve as a catalyst for running a more profitable practice and saving money on operating costs — from avoiding overtime by keeping more strict office hours and staggering staff schedules to closing the office early one day a week and offering virtual visits from home instead.
Our infographic (below) breaks down operating costs and provides viable tips on how to refine your practice budget. Start analyzing your economics now and build a roadmap to success.