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Hotel Hôpital

What if hotel billing were like medical billing? A funny-but-sad video by Costs of Care in partnership with Harvard Medical School and the University of Chicago explores the possibility in a tongue-in-cheek way (click "continue reading" to view the video). "Surprise" medical costs do more than just frustrate patients -- they hurt practices, too.  By helping patients understand the costs of their care, practices can help patients make more informed decisions, plan better, and maintain a positive relationship with the practice.  And, patients who are better informed and understand what they'll be charged are more likely to pay their bills.

By |2022-01-01T22:52:40-08:00March 25th, 2012|

Fight for your money

Did you know that 30% of  the insurance claims submitted for payment of  medical services in the United States are denied and of that amount 15% are  never resubmitted?  According to Medicare, 40% of their claims denials are never resubmitted. These are daunting statistics. Experts state that 70-80% of appealed claims are eventually paid - That's a good reason to fight for your money!  It may be time for you to audit your billing practices to make sure you aren't throwing money down the drain. Prepared by The Capko Team- Our missision is to make your practice shine! Sources: Healthcare Business Advisors, LLC, Albany, NY Centers for Mediare and Medicaid Services

By |2011-03-18T14:52:21-08:00March 17th, 2011|

Profit with a Clear View of Your Practice’s Competitive Landscape

Whether you're contemplating expanding your practice, starting a new practice, or simply wondering what your practice's profit potential might be, your profits depend on your understanding of local patient demographics. With a host of free online services available, it's easier and less expensive than ever to understand your area's demographics and how they might represent threats or opportunities. You need to know how well your area is being served by your practice-type! One very useful website is www.city-data.com that supplies wide-ranging demographic information on thousands of communities. Among the most telling information is the population and growth trends of your service area -- where your patients come from or nearby areas new patients could come from. Often service areas are defined by geographical barriers, valleys, rivers, etc..  When we work with medical practices, we find that compiling data from the various communities in their service area (and other areas of interest) in a spreadsheet is invaluable.  First, we take note of these population demographics: total population, population growth, income and, naturally, any demographic segment particular to your type of practice, such as women, children or the elderly. Next, combine the separate community data so that you can have a single figure for "service area" for each demographic segment. Now that you've compiled data to define the demographics of your service area, you can compare how your service area compares to nearby or similar-sized areas anywhere in the country.  Is there a relatively high, low or average number of your practice-type in your service area when compared to similar other regions? You'll need to employ your first-hand knowledge to help you define the "service areas"  that compare to yours. Be mindful of population density, income and geography and you should be able to identify at least two competing service areas. You can plug these data from their respective communities into your spreadsheet to calculate the same measures you have for your service area. Now that you've become somewhat of an expert on the population, it's time to gather information on the physicians. You'll goal is to find the number of physicians (FTEs)

By |2022-01-01T22:52:56-08:00March 8th, 2011|

For better or for worse

The economy remains unpredictable.  The outcome of health care reform is unknown and health care leaders keep on wondering what the future holds.   Young physicians entering the market will proceed with caution when making a decision about their future. Employed physicians may sit on the sideline and watch the ball game,  but if you are in private practice and entrenched in the community chances are you'll stick it out - for better or for worse.   Take heart, there are steps you can take to make things better. Know your position.   Examine practice finances; how well money is being managed in terms of improving revenue, controlling expenses and managing accounts receivable.  Are you better off than you were this time last year? If not take strides to make a difference by setting financial goals and establishing methods to attain those goals. Embrace the future.   Look at what's happening around you and the changes that are coming down the pike.  Read, listen and explore the impact of these changes. Use this information to develop a strategic plan that positions you for the future.  Identify what resources you need to accomplish this and turn to experts to help you out It's all about being prepared and responding sensibly.  Act, don't react and you'll make better decisions for your future! Capko & Company, a leader in healthcare management and marketing consulting.

By |2022-01-01T22:52:57-08:00December 29th, 2010|

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