Monthly Archives: June 2011

Go green

Whether you are a academic faculty practice, multi-specialty group or a solo physician, there are some simple things your practice can do to protect the environment and save money while you do it! Cut printing costs by scanning insurance cards and posting internal documents on line such as employee manuals, newsletters and  other shared practice information. Also print on both sides of the paper and save a few trees. Save on electricity by switching to Energy Star-rated light bulbs and remember to turn off the lights if you will be out of a room for 15 minutes or longer.  Buy green products like both recycled paper and ink cartridges. Checkout biodegradable cleaning products at www.goodguide.com for helpful information. Implement a filtered water system and eliminate the use of individual plastic bottles. Have a green idea contest for staff to get everyone in the green mode and on board with making the practice more eco-friendly.  Green is good!

By |2016-08-19T18:11:00-08:00June 27th, 2011|

Get a clear picture of practice performance: Part 2

Our last post talked about some of the key performance indicators a practice can examine to understand how well it is performing.  Now we will dig a  little deeper and look at other indicators that identify if a practice is above the norm and meeting the expectations the team has set. Managing referrals and the revenue cycle It is important to monitor and compare these additional performance indicators between each physician in the practice from year to year: Top ten CPT codes by utilization: Determines the high demand services and variables between physicians. This report can also be used to track payer reimbursement trends for these top revenue sources. Number of new patient and established patient visits: Monitors practice growth or decline. Referral trends: Tells you who are referring, who is not and how this is changing over time. This is also a good way to evaluate referral management and marketing efforts. Accounts receivable and days in A/R, DAR reveals how well you are doing at bringing in the money. Aged accounts receivable 90 days or more: An important indicator for monitoring internal billing and collection performance. Ideally ,this will be less that 15% of the total A/R. Outstanding claims: If there are variants between physicians there could be contracting issues or differences in physician coding (CPT and ICD) and reporting patterns. The old saying “you cannot manage what you fail to measure” is true. When armed with this data the practice will be able to better understand its position and know what corrective actions and changes need to be made. If this post brings a question to your mind that remains unanswered, contact us  by following this link: www.capko.com.  We are on your side!

By |2022-01-01T22:52:55-08:00June 13th, 2011|

Get a clear picture of practice performance: Part 1

To begin your quest to understand  how well the practice is performing is to  compare last year’s financial performance to the prior year, examine shifting trends and identify the reasons these shifts are occurring.  For example, are you doing less of a particular procedure and, if so, is there a reasonable explanation – or if one physician’s production took a dip was it due to more scheduled time out of the office or is it an abnormality that needs to be addressed. Perhaps one urologist’s aged receivable has spiked because of a payer contracting issue. Identifying these types of issues is a good start to managing finances better.  It is also important to compare performance to your peers by obtaining the Medical Group Management Associations Cost Survey (if it includes your specialty), www.mgma.com and The annual Joint Statistics Report from the Society of Healthcare Business Consultants, www.nschbc.com. In a group practice it is important to look at the group as a whole, as well as the some specific numbers and benchmarks for each physician. Examine group performance based on the per physician averages to evaluate and manage income and expense trends and staff levels.  For example, how does the practice compares to the average practice in your specialty around the country? • Number of full-time equivalent staff • Gross charges • Percentage of contract adjustments • Gross revenue, expenses and net profit • Operating expenses as a percentage of gross revenue If you simply want to know # of FTE (full time equivalent staff) and percentage of operating expenses against revenue let me know: Go to www.capko.com Capko & Company your source for practice improvement

By |2011-06-08T13:22:21-08:00June 8th, 2011|

New Post on Kareo.com: ACOs Around the Bend

We just published a new article on Kareo's blog about ACOs.  Everyone's talking about them, but we wonder if all the anxiety's warranted.  We anticipate there will be a lot of waiting-and-seeing, since the scale requirements (5,000 Medicare patients for main program, 15,000 for the Pioneer program), technology standards (well beyond meaningful use -- intense reporting and analysis of outcomes and savings), and uncertain upside potential should signal caution to all but the most prepared, well-funded and established groups.  But, what do you think? Read the full post at Kareo.com.

By |2022-01-01T22:52:55-08:00June 7th, 2011|

Be a Lean Machine

Solving work flow problems is among the biggest challenges medical offices face on a daily basis.   Work flow issues can be caused by a lack of defined work processes and individual responsibilities or poor training. It may seem like an oxymoron but too little or too much staff can also be a contributor to poor work flow.  Regardless, it will result in unhappy patients and diminished profits.  It's time to get serious about  creating a lean operating machine.  Here's some tips to help you get started: Take a critical look at workflow bottlenecks. Map work flow: Examine processes throughout the office to identify and eliminate those that don't provide added value to the customer or the practice.  Involve staff in seeking solutions to problem areas of work flow. Everyone needs to give a valid reason for the various steps they go through to complete a task as a first step to eliminate processes that are redundant or duplicated. Examine errors or tasks that are completed to find the cause and develop the right solution. Develop a written plan to implement the best solution, including target dates for incremental progress. Communicate throughout the entire change process.  There will be times when you will want to refocus and perhaps change directions. Celebrate  your success along the way!

By |2022-01-01T22:52:55-08:00June 6th, 2011|
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