Grow A Medical Practice?
How can you grow, serve more patients and keep your costs in check — all at the same time? In other words, how do you give great care and get paid every dollar you are owed? The following are eight ways to grow your practice:
- Know Your Numbers
- Get Integrated
- Go Paperless
- Be Mobile
- Automate Your Billing
- Collect Patient Payments
- Shine Online
- See Patients As Consumers
As a healthcare provider, growing your practice and delivering exceptional care are likely your top priorities. However, these goals can be challenging to achieve when there are so many aspects to manage, from billing and scheduling to patient communication and reputation management. Fortunately, there are many strategies you can implement to streamline your processes, reduce costs, and enhance the patient experience. In this article, we will explore eight ways to help you grow your practice and stay ahead of the competition
1. Know Your Numbers
To make informed decisions for your practice, you must understand its financial health. This means tracking important metrics like claim submission time, average days in A/R, net collection rate, and denial rate. By using a data-driven approach, you can identify areas where your practice could improve, set goals for growth, and measure your progress.
Less than three days from time of service to claim submission, average days in A/R less than 40, 85-90% of claims paid in 45 days or less, no more than 15% of A/R over 120 days, total unpaid claims less than 4%, denial rate of 4% or less, and net collection rate of 96% or better are some of the industry standard best practices you can implement in your practice.
By improving the overall efficiency of your practice through automation and mobility, you get to know the true health of your practice. Then, you can work to achieve metrics like these.
2. Get Integrated
Managing a healthcare practice involves juggling many different systems, such as billing software, EHRs, and patient communication tools. However, this can be inefficient and time-consuming, leading to errors and lost revenue. Instead of using multiple systems, it’s best to invest in an end-to-end platform that meets all your practice needs.
You need a single patient database and the ability to manage your scheduling, billing, clinical documentation, patient communications, and practice marketing. By using an integrated platform, you can eliminate duplication of effort, reduce errors, and enhance the patient experience. This approach will save time and resources, allowing you to focus on delivering quality care to your patients.
3. Go Paperless
While the healthcare industry has been slower to adopt digital technologies than other sectors, paperless solutions are becoming more prevalent. Patients are increasingly expecting to receive digital bills and to communicate with their providers via text and email. By going paperless, you can improve the efficiency and effectiveness of your practice.
Automating your practice will improve your bottom line. You can eliminate paper in almost every area of your practice and automate many common tasks, freeing staff to focus on the things that can’t be automated. From scheduling to Workers’ Comp claims to prescriptions to bank deposits, you can go paperless.
By reducing paper charting supply costs with a paperless EMR, you can cut your practice’s expenses. The financial benefits can be substantial. One study estimated that a practice that uses billing and EHR software can increase revenue by more than $30,000 a year per provider. Add text and email reminders, and you can factor in another $25,000 in revenue per provider per year.
4. Be Mobile
In today’s fast-paced world, mobility is becoming increasingly important in all aspects of our lives, including healthcare. Being mobile in a medical practice means having the ability to access and manage patient data and tasks on the go, from any location, and on any device.
One way to be mobile is through the use of mobile devices, such as smartphones and tablets. By using mobile solutions, every member of your practice staff can manage their workflow, from physicians who can sit with patients and engage them in their visit as they quickly tap and swipe through a template or dictate on an iPad to practice managers and billers who can access financial information and manage tasks on-the-go. The ability to manage tasks on the go frees up staff to focus on the patients in front of them, increasing their productivity and job satisfaction.
Another way to be mobile is by using cloud-based software or electronic health record (EHR) systems. With cloud-based solutions, you can access patient data and other important practice information from any device with an internet connection. This means that you can manage your practice from anywhere, whether you are at home, at the hospital, or on vacation. Additionally, using a cloud-based EHR system can provide other benefits, such as automatic updates to comply with changing regulations and increased security and backup options for your data.
By being mobile, you can improve the efficiency and productivity of your practice, allowing you to see more patients and provide better care. Additionally, being mobile can improve the patient experience, as patients can benefit from the convenience of accessing their health information on the go, scheduling appointments online, and receiving reminders and updates via email and text messages. By embracing mobility, you can create a practice that is better equipped to meet the demands of today’s healthcare landscape and stay ahead of the competition.
5. Automate Your Billing
Automating your billing process can significantly improve your practice’s financial health. By automating eligibility verification, using electronic charge capture or EHR software, and scrubbing 100% of claims, you can reduce the number of errors that occur during the billing process. Additionally, using features such as no-response claim tracking can ensure that no claim goes unpaid or underpaid. To ensure accurate payments, it is important to keep fee schedules up to date and use electronic remittance advice to post payments electronically. By using these best practices and potentially outsourcing to a billing service, you can streamline your billing process and increase revenue.
6. Collect Patient Payments
Collecting patient payments is essential to maintaining a healthy revenue stream. Many practices have implemented automated patient collections, which involves setting up a patient financial policy and having patients sign it at their first visit and every year thereafter. This policy outlines your practice’s expectations for payment and provides guidance for patients on how to pay their bills. Additionally, automating eligibility verification, collecting copays and outstanding balances at check-in, and setting up a credit card on file to process payments can reduce the burden on staff and increase the likelihood of timely payment. By automating patient collections, you can reduce time in accounts receivable and increase revenue.
7. Shine Online
In today’s digital age, having a strong online presence is critical to attracting and retaining patients. Creating a website that is actionable and engaging, setting up social media accounts to interact with patients outside the exam room, and claiming your online listings and making sure they are accurate and up to date can improve your search rankings and attract new patients. Additionally, generating positive patient reviews online and responding to negative reviews in a professional manner can help build trust and confidence in your practice. By investing in your online presence, you can improve patient engagement and retention.
8. See Patients As Consumers
In order to provide the highest level of care to your patients, it is important to view them as consumers. By offering the tools and conveniences that patients are looking for, such as online scheduling, email and text communications, and a secure patient portal, you can improve the patient experience and increase revenue. Additionally, by gathering feedback from patients through surveys or other means, you can gain insight into their experience and satisfaction and make improvements to your practice. By viewing patients as consumers and meeting their evolving expectations for convenience, access, and engagement, you can create a practice that provides the highest level of care while also meeting your financial goals.
Final Thoughts
By implementing these eight strategies, you can grow your practice, improve patient care, and increase revenue while keeping your costs in check. Knowing your numbers, integrating your practice systems, going paperless, embracing mobility, automating your billing, collecting patient payments, shining online, and viewing patients as consumers are all keys to success.
As you implement these strategies, remember to continuously assess your progress and refine your approach. Keep track of your key performance indicators and make adjustments as necessary. In doing so, you can create a thriving practice that provides the highest level of care to your patients while also meeting your financial goals.
If you need help getting started, consider partnering with a healthcare technology and service provider that can offer comprehensive solutions designed specifically for medical practices. With the right support, you can improve your practice operations, optimize your revenue cycle, and create an exceptional patient experience.
Start prioritizing these strategies today and see the difference they can make for your practice. With a little effort, you can provide top-quality care while growing your business and maintaining financial stability.
Frequently Asked Questions
Q: What is the best way to know if my practice is financially healthy?
A: One of the best ways to determine if your practice is financially healthy is by analyzing key financial metrics, such as days in accounts receivable, claims submission time, net collection rate, and denial rate. By setting goals and tracking your progress, you can gain insight into your practice’s financial health and identify areas where you need to improve.
Q: How can going paperless help my practice?
A: Going paperless can save time, reduce costs, and improve accuracy. By automating many common tasks and eliminating paper in almost every area of your practice, you can free up staff to focus on more complex tasks, such as working denials, and improve overall efficiency.
Q: Why is it important to embrace mobility in my practice?
A: Embracing mobility in your practice can improve patient care and provider satisfaction. By using mobile solutions, physicians and staff can manage tasks on the go and engage patients more effectively during visits. Additionally, mobile solutions can increase productivity and reduce burnout by enabling providers to work from virtually any location.
Q: How can I improve patient collections in my practice?
A: Improving patient collections can have a big impact on your long-term success. To do this, create a patient financial policy and ask patients to sign it at their first visit and every year thereafter. Verify eligibility at every visit, collect copays and outstanding balances at check-in, and set up credit card on file to process payments. By automating patient collections, you can significantly increase payments and reduce time in accounts receivable.
Q: How can I shine online and improve my online reputation?
A: To shine online and improve your online reputation, create a website that is actionable and engaging, set up social media accounts to interact with patients outside the exam room, claim your online listings and make sure they are accurate and up to date, and generate more positive patient reviews online. By doing so, you can improve your search rankings and appeal to new patients who find you online.
Q: Why is it important to view patients as consumers?
A: Viewing patients as consumers can help you meet their evolving expectations for convenience, access, and engagement. By providing the tools patients are looking for, such as online scheduling, email and text communications, and a secure patient portal, you can improve the patient experience and increase revenue. Additionally, by asking patients for feedback, you can gain insight into their experience and satisfaction and make improvements to your practice.
In conclusion, growing your medical practice requires a multifaceted approach. By knowing your numbers, integrating your practice systems, going paperless, embracing mobility, automating your billing, collecting patient payments, shining online, and viewing patients as consumers, you can create a thriving practice that provides the highest level of care to your patients while also meeting your financial goals. Remember to continuously assess your progress and refine your approach to achieve success.