In today’s highly competitive market, keeping a medical practice consistently profits has become a challenge. To be successful, first, you have to learn where you stand now. Dig deeper into your financial data and compare your earnings, spends, and profits. Benchmarking is the only way to understand the dynamics of profitability. When you will compare the financial data of a few months or profits of this fiscal year with the previous one, only then you would be able to analyze that whether you are consistent on your profits or you are earning less than your previous profits.
There are a few tips to keep your practice on maximum profits.
Automate Your Billing
Starting with the most important factor that impacts the profitability of a medical practice; medical billing should be optimized and automated to ensure that your practice is earning the maximum returns on your investments. Medical billing is the backbone of all organizational structure which supports and impacts all other processes. Optimized medical billing is the key to profitability. It is best advised to medical practices already loaded with the administrative burden to outsource their billing to a professional medical billing company. It will save you huge costs and spending on new technologies, and expense of hiring skilled medical billing professionals when you outsource and automate your billing.
Be Visible Over The Web
Create a website of your practice and submit its URL and other contact information in all the local directories. Today, more than 80% of customers start their search for a service on the web. So, if your practice is not present on the web, it means that you are losing a huge number of potential customers and profits. Not only the website, you should also create and maintain social media pages. For instance, you should connect on Facebook, periodically Tweet about latest happenings and upload relevant videos on YouTube. You should also create a blog section on your website and update it with blog posts with a consistent frequency.
Efficient Front Office
An efficient front office work environment affects the profitability of a practice in various ways. Investigate how your front desk staff is communicating and handling the visitors. An inefficient front office can cause serious problems for the reputation of your practice. And over the time your practice would be taking fewer patients. Teach them on how to handle phone calls, schedule appointments and most of all how to accurately enter the patient data in your practice management system. Moreover, look into other procedures, such as, how long a patient has to wait and what time slot they get with the physician. Inefficiency at the front desk can severely damage the reputation of your practice and can negatively impact the overall profits.
Simplify Patient Collections
No matter how good your practice is in delivering the patient care services, if you are not collecting all the payments then your profit is seeping into the cracks. First of all, make sure that your practice is capable of checking and authorizing patient services before the actual visit. As soon a patient schedules the visit, check their insurance validity and properly enter and collect the copays. Prepare the medical claims on time and submit them without any delay. Make your claims clean before submission because a denied insurance claim and its resubmission is a hectic task and overload your resources. So, it’s better to submit a clean claim in the first place and then properly follow-up for the payments. A higher percentage of unpaid bills can reduce your profits to a minimum. Therefore, make your patient collection processes optimized to stay on top of your profits.