revenue, billing and collections Archives - Page 4 of 4

Get What You Deserve

Are you taking a hit on revenue?If you are not analyzing your reimbursement from different payer source and don't have a clear understanding of what it cost to see a patient you may be taking a hit that you can't afford.Start with understanding the basic cost for you to see a patient. Take your practice operating expenses for the past twelve months and add in the physicians' salary and payroll taxes to know your true costs. Divide this by the number of patient visits last year and you have a good starting point.Next examine payer performance. You can determine the average per visit reimbursement by payer by dividing the number of visits by the total payments for each particular payer. Now you you have a concrete number you can compare to your cost to see a patient. If you aren't getting paid more than it cost to see a patient and make a reasonable profit its time to think about what actions you can take to reverse this.Need help? Contact Judy CapkoJudy is one of America's leading practice management and marketing consultants. e mail judy@capko.comAnnouncing the release of the 2nd edition of the runaway best-selling book Secrets of the Best-Run Practices. To check it out go to www.capko.com and click on the book icon.

By Judy Capko|2011-03-13T12:22:56-08:00May 10th, 2010|

Collections rule the day

It doesn't matter how busy you are if production doesn't turn to revenue - collections rule the day! Here's what you can do to keep the money flowing. First, establish solid financial policies. Put them in writing, communicate your expectations of staff, give them the training and the tools to succeed, and then hold them to the task. It can be done, but your success depends on you giving staff the support they need and paying them what they are worth.Next, review and analyze collection performance. It is wise for the manager and physician to review these reports together each month, compare performance to historical trends and look for hot spots that should be addressed.1. Unpaid claims 2. Aging reports3. Aging by payer class 4. Patient balance report 5. Payer performance reportsAnalysis of these reports should include several months with graphs to identify trends. The trends revealed help you understand how the practice is performing and determine if a change in procedures or policy might improve performance. These actions are essential steps to ensure you are getting paid for what you do. Contact Judy Capko, one of America's best known practice management consultants; www.capko.com

By Judy Capko|2022-01-01T22:52:59-08:00March 2nd, 2009|

Marketing on a dime in a turbulent economy

Medical practices are feeling the impact of the looming recession, as patients become more concerned about personal finances. They thiink twice before scheduling an appointment and put off treatment that doesn't seem urgent. Yep, with gaps in the schedule, revenue starts to slide and practice economics become uncertain. So how can you fill those gaps and pump iron into practice revenue without spending big bucks on marketing? Read on...1) Mine your data base. Find those patients that are overdue for an annual visit, follow-up care or screening tests the practice offers. E-mail or give these patients a jingle. Don't just remind patients to schedule appointments, offer each one a specific time slot to increase your odds for filling the schedule. Be sure to confirm appointments 48 hours in advance with verbiage that accentuates the importance of keeping appointments.2) Be visible. Participate in community social and fund-raising activities. The more you (and your staff) are in front of people, the more you remind them of who you are and what you do.3) Be a media darling. Get to know the writers focused on healthcare for local newspapers and regional magazines. Become the "go to" person when they are seeking physicians to quote. It's easier to do than you might think. Go on line to their websites and e-mail the writers that cover features on healthcare business and clinical issues. Invite each one to contact you when they need a source, and direct them to your website so they can check you out. When a medical topic becomes of interest to the community and you can offer solid advice, e-mail your media contacts. 4) Be active with the hospital and local medical association. Communicate your interest in being their media source for information and interviews.5) Be responsive. When someone needs something from you or makes a query, respond without delay, whether its the media, another medical practice or your patients. Be timely and dependable. Now watch your practice thrive!Contact Judy Capko, one of America's best known practice management and marketing consultants: www.capko.com

By Judy Capko|2022-01-01T22:52:59-08:00February 24th, 2009|