medical practice business

Common sense marketing

Did anyone else catch the recent This American Life episode called "What Doesn't Kill You?"  It featured a story about comedian Tig Notaro and her four months of sheer hell -- which included a harrowing, life-threatening bout with C. difficile, a breast cancer diagnosis, and the unexpected, accidental death of her mother.  Ms. Notaro turned the experiences -- amazingly -- into a highly personal comedy set that has come to be regarded as a legendary performance. There was much to love in the segment.  But, there was one small aspect of it that really made me the practice management consultant in me wince: the hospital survey that was sent to Notaro's mother after her death. Notaro made great comic lemonade out of the survey that asked her deceased mother if her hospital stay was comfortable, and if all procedures were clearly explained in language she could understand (Notaro's mom was unconscious during her entire visit, and died at the hospital).  But, the comedy reflected the pain that the survey caused. We're all for surveying patients -- it's a wonderful way to learn what you need to know to improve your operations, and many patients will feel that you care more about them just because you asked for their feedback.  But, a mistake like mailing a survey to a deceased patient is really inexcusable -- especially because it's so easily avoided.  Did the hospital's database fail to either track or remove deceased patients?  If you're mailing or emailing surveys or newsletters and tips to your patients to improve your practice and build on your patient relationships, good for you!  But, be sure you have processes in place to segment your lists and exclude specific patients from mailings that might upset them.  And be sure you have a routine in place to clean your lists periodically to remove patients who've moved or passed on.

By |2022-01-01T22:52:39-08:00October 21st, 2012|
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Thank goodness, it’s about more than just money

The Harvard Business Review  recently shared a wonderful tip about employee motivation: It's not all about the money. This is a great reminder for medical practices.  For the most part, practice budgets don't allow for relying on salaries and benefits in order to attract talent; thank goodness remuneration is not the only thing that drives employee loyalty! The HBR newsletter noted that flex time, recognition of contributions and a result-oriented culture are all powerful influences on employee satisfaction.  Your practice may not be able to offer flex time to all employees, but imagine the benefits of allow some employees to work part-time, or evenings and weekends - you might be surprised how many roles can fit non-traditional hours.  (We recently recommended a cardiology practice add a weekend scheduler, for example -- a great solution for preventing piled-up appointment requests on Monday mornings, and for increasing the odds that appointment phone calls will actually reach the patient.)  Even more important, that family atmosphere that exists at many practices encourages loyalty.  Given your medical practice staff just a little room for growth, combined with some flexibility and encouragement, and you'll be rewarded with lower turnover -- without busting the compensation budget.

By |2012-11-17T16:54:39-08:00October 18th, 2012|
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Moneyball lessons for medical practices

I've been reading the (fascinating and fun) book Moneyball. It's amazing how it exposes that any business -- even the $7 billion professional baseball industry -- can be guided by market mythology that is intuitively satisfying but not entirely accurate. The book tracks the efforts of the Oakland A's in the early 2000s to become more data-driven in choosing new players.  The A's were motivated by their relatively puny player budget.  They hoped to somehow assemble a winning roster even though they didn't have enough financial resources to bring on a single superstar. Historically, dozens of statistics were regularly tracked about baseball, but only a certain few favorites got all the attention.  The A's dug into the data, and arrived at the surprising insight that the stats that got all the attention weren't the ones that actually correlated with team performance. One of my favorite parts of the book is when the general manager finds that the lure of the old, 'gut feel' approach to managing a baseball team was so powerful, he couldn't watch the games live without risking incorrect decisions driven by emotion.  Only by looking at data alone -- and not observing the quirks and ups-and-downs of actual play -- can he trust himself to decide correctly. What a powerful idea for managers of all sorts. In the daily pace of a medical practice, how often do emotion, misperception or unquestioned assumptions get in the way of good decision-making?  In our work, we bring surprises to our practice management clients all the time, by simply analyzing data as objective outsiders.  Are you operating under assumptions, or emotional conclusions, such as: -  "I've always coded like this, and never had a problem" -  "Our no-show rate is about average" -  "Saturday clinics wouldn't be popular around here" -  "We couldn't make more money in the current reimbursement environment" -  "No one on our staff would ever steal from us -- we're like a family" -  "We don't use outside collections - I'm confident our receivables will be paid eventually"  Are unchallenged assumptions hurting your practice?  Just like baseball, medicine is a combination of passion, talent, art

By |2022-01-01T22:52:39-08:00October 12th, 2012|
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Are you the Brilliant Jerk?

The New York Times recently published an illuminating article entitled What Do You Do With Brilliant Jerk?  The piece struck a chord with me because the process the article described -- a brilliant founder, essential to the creation of an organization, eventually becomes a thorn in its side -- is something we see all the time in our work with practices. The emergence of the Brilliant Jerk in medical practices is a natural and predictable consequence of changing demands as practices grow. When practices change, personality traits that were invaluable can become highly problematic, e.g., a brilliant clinician who cannot artfully interact with his colleagues or staff on operational or  business matters. The plight of the Brilliant Jerk is not enviable. Practice profitability is a function of the efficiency and productivity of the entire clinical and administrative staff. For example, Brilliant Jerks often fail to appreciate management guru Peter Drucker's advice, "Accept the fact that we have to treat almost anybody as a volunteer." The Brilliant Jerk's behavior is generally at odds with a harmonious and efficient operation because they fail to appreciate the value of others within the organization. It isn't easy to contemplate whether you've become the Brilliant Jerk, but it is certainly worth considering, since your career and financial well-being are at stake. First, consider how many of your professional relationships are strained relative to your colleagues'. Second, consider how much you have adapted to the changing needs of your organization.  If you are finding yourself in strained business relationships within an organization that has experienced considerable change while you have the same attitudes and "standard operating procedures," well, it's quite possible you're becoming your practice's Brilliant Jerk. If you suspect that you are the Brilliant Jerk, you have an excellent opportunity to test your brilliance in adopting an urgently-needed program of remediation. An objective assessment from a consultant that has the breadth of experience to give you some practical advice, or perhaps from a career coach, can be a good place to start. And you might be surprised how much you get out of the effort: improving relationships with your colleagues

By |2022-01-01T22:52:39-08:00October 8th, 2012|
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New column in Repertoire magazine

We've contributed a bi-monthly column to Repertoire magazine for the past several years.  Our goal is to give some insight into the challenges of medical practice management to reps who sell devices, pharmaceuticals, EMR and other services to physicians.  For September, we looked at the surprising ways physician practices are vulnerable to theft, overcharging and fraud. Read it here: How Doctors Get Ripped Off

By |2012-10-07T10:57:20-08:00October 7th, 2012|
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New study claims ‘billions’ in Medicare costs may be due to questionable upcoding

A new study from the Center for Public Integrity has identified a trend towards higher coding of Medicare visits over the last decade -- and suggests this increased utilization of higher codes could signal increasing, habitual abuse.  The study also notes that medical groups representing doctors assert that treating seniors has gotten more complex over the last ten years -- both because Medicare patients tend to have multiple, complex conditions and because EMR and coordination of care make treating them more time-consuming and make documentation and coding more accurate. A few tidbits from the report that stood out: The report cites the seemingly alarming statistic that "more than 7,500 physicians billed the two top paying codes for three out of four office visits in 2008, a sharp rise from the numbers of doctors who did so at the start of the decade."  But, 7,500 is less than 1% of the total number of practicing physicians in the US (829,673, per the Kaiser Family Foundation).  Even if every one of these physicians is coding fraudulently, this is a pretty small proportion of physicians who are 'cheating' -- compare that with, for example, the 15% of Americans who've admitted to cheating on their taxes. The report reveals that the lowest code, 99211, typically pays only about $20.  Will the reality of how paltry this is -- considering this figure not only compensates the doctor, but pays for the office, technology, clinical and business staff -- be lost in the outrage over more evidence of  'greedy doctors'?  (If every single minute of an hour were dedicated to 99211 visits -- ignoring the need for administration, transition and documentation time between patients, late and no-show patients -- that still only amounts to $240/hour.  Not much to pay a doctor, cover her overhead, and compensate staff.) The report also notes that, "the number of doctors who billed at least half of their office visits at one of the two most expensive codes more than doubled to at least 17,000 practitioners...[and] those who quit using the two least expensive codes rose 63 percent, climbing to more than 13,000 in

By |2016-03-04T12:10:30-08:00September 18th, 2012|
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An operations management classic

I recently heard about a classic book from the eighties that apparently was all the rage among business students and aficionados back in the day, but that somehow slipped by me. Since it was about operations management, and presented in an unusual format -- a novel -- I felt compelled to check it out. Now that I have, I think medical practice managers should, too.  It's called The Goal, by Eli Goldratt, and it tells the story of a plant manager named Alex Rogo who must turn around abysmal performance in his manufacturing plant.  Despite achieving 'efficiencies' in many steps of production, the plant's productivity overall has deteriorated to the point where orders are backed up for weeks, and the company's salespeople can't reliably forecast when orders can be delivered (and so can't really sell any new orders, either).  If Alex can't fix the plant, it will be shut down. Alex is mentored in the book by a professor named Jonah, who guides him in the process of understanding the plant's constraints -- bottlenecks -- and how to increase their throughput.  By analyzing what really drives (or holds back) production in his plant, Alex learns that many of his most relied-upon assumptions aren't correct -- and develops a better way to improve his plant's productivity. I happened to be reading this book while working with a medical practice that was having workflow problems, and the parallels were striking.  This practice was proud of its wonderful system for triaging patients -- but, the system was so efficient, patients were waiting for ages in exam rooms for their providers.  The practice had over-optimized in triage, creating huge bottlenecks down the line at the exam rooms -- and, no benefit whatsoever to patients and no improvement at all in the number of patients seen!  They needed to look at their "plant" with fresh eyes, just like Alex did, to see that overall process efficiency is dependent on the performance of the slowest link in the chain.

By |2012-06-27T14:26:42-08:00July 3rd, 2012|
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Another interesting (dispiriting) take on medical billing

A recent New York Times article and follow-up blog post discuss the challenges patients have understanding medical bills, through the eyes of a consultant named Jean Poole who has made a career of deciphering (usually highly erroneous) medical bills and helping patients recoup incorrect charges or reduce their outstanding bills. Billing is so challenging for practices -- even though specialized staff are usually handling the task, they have to contend with constant changing rules, reluctance of some payers to address issues, and the myriad of payment schemes with varying patient responsibility.  But imagine how it is for patients -- who don't have any specialized knowledge to help them deal with the strange language and calculations of their bills.  Ms. Poole's service would seem to be a godsend for patients who find themselves unexpectedly owing thousands of dollars (as the article points out, patient out-of-pocket obligations and opaque hospital fee schedules can lead to big surprises).  It's great that she offers this service, for sure -- but how frustrating that it's so needed.  The frequency of errors and lack of transparency in insurance company documents to patients is a big source of difficulty for practices.  When patients feel they've been incorrectly charged or can't understand their bills, it undermines the trust they have in their physicians and other care providers.   When your practice provides services in conjunction with a hospital, their billing clarity and accuracy (or lack thereof) can rub off on  your patient relationships.  While you can't control how hospitals manage their side of billing, you can at least make sure you're communicating as clearly and directly as possible with patients about what your practice will bill and how much of that bill their payer has declared to be the patient's responsibility.

By |2022-01-01T22:52:39-08:00June 27th, 2012|
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Hey coach

When you think coach, you think team. Unfortunately, you might be thinking about a sports team instead of the practice. In reality, every practice needs a coach to guide team performance and come out a winner. The coach might be a high level administrator, manager or a direct supervisor, it might even be the physician in a smaller practice. In a practice with little structure it could be someone that has assumed the role because he or she just has the knack - Someone everyone feels good about and trusts. If the coach is doing a great job the practice runs well and everyone is happy.  If you are someone else's boss or responsible for someone else's performance, coaching is your way creating an awesome team. So, hey coach, how are you doing? Let's take a look at what the successful coach really does: 1. Create a constructive, winning climate for your team. 2. Lead your team to improved performance by providing encouragement, feedback and recognition. 3. Take action with people on the team who don't carry their load. 4. Take charge and set the tone for your team to be successful. Coaching is not just dealing with poor performance issues, it's staying in touch with the entire team (including the best performers) and providing them with tools to be even more successful. You have the opportunity to create a positive, winning climate by staying in touch. Concrete things to think about in your role of coach include clarifying goals, brainstorming with the team and providing recognition. If your team feels you value and respect each of the them, they will go to the mat for you - and that's a very big deal. You have the power to make this a reality. You can guide people to go from where they are to where they want to be - and that is powerful!

By |2012-06-27T12:03:50-08:00June 13th, 2012|
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Better hiring, better employee retention

I have a new article on Kareo's "Getting Paid" blog about how fine-tuning your hiring and on-boarding processes can reduce turnover.  This article I found on Rypple shares the same idea about the importance of hiring for fit -- plus, adds a few more ideas for retaining employees. Can any of these enhance your practice?

By |2022-01-01T22:52:39-08:00June 7th, 2012|
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Post on KevinMD about cash discounts

Great post on KevinMD today about hospitals, practices and other healthcare provider organizations giving discounts for cash payments.  Patients who have insurance need to conceal that fact to take advantage of these discounts, though.  Should they have to?  Seems to me that, with the payments not applying towards deductible amounts, everyone wins (doctor, patient, even the insurer).  http://www.kevinmd.com/blog/2012/06/hide-health-insurance-status-pay-cash.html

By |2022-01-01T22:52:39-08:00June 6th, 2012|
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Changing trends in compensation for administrators

It is common for successful administrators of medical practices to be paid for their accomplisments. This has been achieved through a combination of a base salary, fringe benefits and an attractive bonus tied to the financial performance of the practice each year. That being said, things are a changin'! With reimbursement trends lowering revenue in many specialties, there is only so much related to financial performance that is under the control of top administrators as their bosses, struggling with their own ability to eek a living, begin to ponder other ways to pay the administrator. We would be interested in hearing from both administrators and physicians on how they are broaching this subject and coming up with new compensation models for administrators, CEO's and COO's. Tell us what you think and what actions you have taken.

By |2012-06-28T15:53:24-08:00May 30th, 2012|
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Costly (and easily correctable) telephone mistakes

All of us by now have had the feeling of being held captive by a merciless phone tree or being asked, "Can you please hold?" before being left in limbo for five, ten or even fifteen minutes or more.  Like you, patients don't like having their time wasted when calling your practice. Nonetheless,  many practices have taken high demand and technological developments as an excuse for failing to review and refine the systems they have in place for serving their patients over the phone.  If you've recently reviewed your online presence and encountered a negative review, you can appreciate how important it is to establish with your patients a sense that you are dedicated to taking good care of them regardless of whether they are in or out of the exam room. Improving patient phone service needn't be an overwhelming chore for your all-ready busy office. In fact, this process is ideally suited for working on around your schedule as there are many components that can be improved in fifteen minute blocks. Most modern telephone systems have impressive reporting capabilities, despite the fact that most practice staff usually know nothing about them. Make it a priority to generate reports that can serve as benchmarks for your practice's performance in this area. How long do callers wait on hold? How many calls come in relative to your patient visits? When are calls coming in? One very common problem is the rush of calls that often occurs as the practice opens up after the lunch hour. As the lunch hour is the most convenient times for many of your patients to call, the simple fact is that you should have telephone coverage over lunch.  Rotating this assignment through your staff is easy to implement -- you'll get more new patient bookings and smooth the flow of calls, meaning happier patients and staff. You should have a current diagram of your phone tree that illustrates that patients can find their way through the tree in a timely manner.  Consulting with your systems reports, eliminate branches of the tree that are infrequently accessed. You've

By |2022-01-01T22:52:39-08:00May 10th, 2012|
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The keys to improving staff performance

Staff members need to feel valued and part of a team. Sometimes in the hustle of getting through the day and taking casre of patients, practice leaders can forget to acknowledge staff and make them feel important. Quite simply, if you make CAM part of your every day thoughts and actions you will win staff over, keep them committed and reduce disenchantment and turnover. The CAM is communication, accountability and motivation. Communicate well. Let your staff know you appreciate their contribution and if there are areas where improvement is needed be willing to discuss it and provide improvement support before performance deteriorates. Accountability. Give employees clear direction and performance standards that define your expectations. Of course, this must be supported by training staff and giving them the tools to succeed, and if they fail to hit the mark hold them accountable by meeting with them and discussing ways to avoid a recurrence. Motivation. Yep, it's management's job to keep staff motivated. It's a matter of giving them an opportunity to grow their skills and remembering the old adage "compliment in public, criticize in private" - and make the criticism constructive. Also invest in your staff by giving them opportunity for continuing education and upward mobility. Help your insurance staff become certified coders, have your nurse and receptionist participate in conducting chart audits. Help your top performers move up the organizational ladder when job openings occur. Delegate tasks to staff to show your confidence in them and give you the opportunity to focus on responsibilities that require your expertise. By doing these simple things you create a great work environment that is a "win-win-win" for physicians, management and staff!

By |2022-01-01T22:52:40-08:00April 28th, 2012|
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A novel new mobile medical practice

Just heard about Hangover Heaven, a mobile medical business in Las Vegas started by anesthesiologist Jason Burke, MD.  Dr. Burke brings over-imbibers relief -- direct to their hotel rooms or any location on the Vegas strip! We're always interested in novel new medical practice models -- and this is one we definitely didn't see coming.  Hangover Heaven  

By |2012-06-27T12:06:06-08:00April 25th, 2012|
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OB/GYNs are hard-working … this one may be the hardest-working!

We've been working on several projects with OB/GYNs of late, so stories related to obstetrics are catching my attention more than usual.  This one is really inspiring: a 101-year-old OB who has personally delivered more than 15,000 babies!  I heard about him on NPR -- read or listen to the story here: At 101, and 15,000 babies, an OB/GYN works on  

By |2022-01-01T22:52:40-08:00April 12th, 2012|
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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|
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Medicare-focused practice network shows high promise – Forbes

This article about ChenMed on Forbes really caught my eye, because for a while now I've been wondering why no one has created a practice focusing on Medicare patients.  All the big attention is generated for practices quitting the program, but while Medicare's hassles and limitations get plenty of coverage, the spotlight is rarely trained on its advantages: speedy and predictable reimbursement. ChenMed has identified a few key success factors, including location (they started in Virginia, which they identified as an area poorly served for Medicare patients), an emphasis on preventive care, and a custom, home-grown technology system. They're raising capital and looking to expand into other markets.  We'll be watching. Read the story on Forbes.

By |2022-01-01T22:52:40-08:00February 26th, 2012|
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It’s easy and it makes a difference to your practice and your patients

MarketingProfs has a nice summary of how important it is for any small/local business to monitor, own and, if necessary, "clean up" its listings in online directories. For medical practices, this is doubly important, because of the increasing number of medicine-related directories and ratings sites that are pulling from licensing and other databases -- databases that are often outdated. Moreover, patients often look for listings online while on-the-go -- for example, using mobile phones. Keeping tabs on this information helps insure all the places you're listed relate to the "real" you -- i.e., the real identity of your practice.  It doesn't have to be time-consuming.  Work on it over a few weeks, one site at a time, until you get all your medical site listings and main yellow pages directories claimed and cleaned up.  Then be sure you have Google Alerts set up so you'll receive notices when pages are launched or updated containing your practice information -- so you can fix any erroneous data.  (Find Google Alerts here.)

By |2022-01-01T22:52:40-08:00February 4th, 2012|
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Doing things the MBA way

My partner Joe Capko and I just had a new article published in Practice Link, a magazine for job-hunting physicians.  Our assignment was to explore the idea of a "15 minute MBA for doctors." In other words, are there guideposts that we can draw from business school training that might help physicians know what they need to learn, and how to develop the business skills they'll need to thrive in the future -- whether they run their own practices or work for a larger system? We're delighted with the input we had from the physicians we interviewed -- wonderful advice for newly minted doctors.  We spoke with a wide range of physicians -- including anesthesia, OB/GYN, pediatrics, family practice and academia -- as well as a number of practice management experts to get a diversity of viewpoints. Check it out here - we'd welcome any feedback.

By |2012-01-22T18:50:57-08:00January 22nd, 2012|
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Inspiration from small businesses

I recently completed a series of articles for Kareo's Getting Paid blog about how small business management issues relate to practice management.  While medical practices have an important mission that reaches beyond business, they can't achieve that mission without succeeding on business terms.  And, in many fundamental ways, medical practices are not so different from other kinds of small businesses.  There's a lot to be learned from examining the success factors that apply to seemingly-unrelated businesses.  Plus, it's kind of interesting and fun to think about other businesses in the 'real world' and how they deal with their challenges -- almost like looking at your own organization through a different lens. If you're interested in checking out the Small Business Lessons for Physician Practices series, here are the links: Small Business Lessons for Practices: Human Resources Getting Started with Marketing Financial Basics Operations Management for Physician Practices

By |2022-01-01T22:52:40-08:00January 9th, 2012|
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How to get what you want for the practice in 2012

Almost everyone wants to be more successful and achieve more each year than they did the year before.  Here are a few straightforward things you can do to guarantee your success in 2012. First, ignite your passion for the practice.  Recognize all the capabilities you have and how you can use those to grow the practice in the direction you want to take it.  Your passion can energize everyone in the practice and give them the confidence and desire to help you achieve amazing things. Second, set goals that push your further, but are achievable.  This is accomplished by reviewing benchmarks on key performance indicators and how they have trended over the past few years and raising the bar for 2012. Then set goals that stretch performance, but are achievable.  This is accomplished by taking a historical look at practice performance trends and setting the bar a bit higher.  Know what you want and then you can plan to achieve it.  For example, do you want to do more of a particular procedure, do you want 10% more new patients, increase utilization of lucrative ancillary services or promogr a new procedure?  You may even want to establish goals related to healthcare reforms push for monitoring quality and improving outcomes. Whatever you want to do, establish goals that are concrete and measurable. Next, develop a well-crafted written strategic plan.  This is the beginning of a true commitment and using professional resources is worth the investment.  An experience healthcare consultant can guide the process to ensure you develop a powerful plan that yields amazing results and positions the practice longterm success. So what are you waiting for?  Contact Capko & Company, www.capko.com, and make 2012 your best year ever.

By |2022-01-01T22:52:41-08:00December 22nd, 2011|
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Prevent and uncover embezzlement: webinar

Joe and Judy's recent webinar (sponsored by Kareo) was a big hit! If you didn't have a chance to attend 'live,' you can register and view it here: Embezzlment-proof your practice Most medical practices are victims of embezzlement at some point -- yes, you read that right! -- so if you haven't already learned how employees can become thieves and employers become marks, this is a must-watch webinar.

By |2011-11-18T11:27:10-08:00November 18th, 2011|
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Leadership: It’s about treating people well

Joe Capko did a webinar with Medical Practice Management Web Advisor earlier this week on how effective leadership translates to more productivity from your staff -- and vice versa.  One of his themes was establishing trust by listening and treating people fairly, and letting them know they are valued.  People give more to their jobs when they know you care! Aptly, today's email tip from Harvard Business Review was called "Engage Your People," and featured some of the same ideas Joe offered.  Basically, less top down, more listening, more working together. To read the HBR tip, click here.  

By |2022-01-01T22:52:41-08:00October 27th, 2011|
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Could your team be great? Aim for real.

Harvard Business Review posted a great tip today about "real teams."   The pointed out that "real" teams -- i.e., groups that really work together as one -- all share three important characteristics: Shared sense of purpose Flexible skills Mutual accountability There's a great lesson here for medical practices.  Physicians set the tone of purpose and accountability.  Good training policies and skilled practice management ensure cross-training keeps everyone fresh and the practice able to withstand absences and staffing changes.  Hiring people who can fit with the ethos of the team keeps everything humming along. Read more at Harvard Business Review.

By |2022-01-01T22:52:54-08:00August 23rd, 2011|
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Practice management tips to stop the shrinking reimbursement

 Know how much  it really cost you to see a patient. Divide your annual operating costs  plus the physicians wages by the number of patients you see each year. That's the number you need to know. Analyze payer performance.  Look at your top 10 CPT codes and how the  five  highest volume payers are reimbursing for those codes.  It the average on those top 10 codes does pay above the cost to see a patient you need to negotiate a better deal or drop the contract and see patients out of network. Develop strong relationships with  payers: Y our provider relations person can  help you get to the go to person for negotiating a contract that works.   Understand what a payer wants from you - Better access, getting patients better quicker and patient satisfaction! Capko & Company - We are on your side  and will help your medical practice shine!  

By |2022-01-01T22:52:55-08:00April 11th, 2011|
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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|
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How to be a better-performing practice

We hear a lot these days about best-practices, benchmarks and key performance indicators, but what does it really take to be a better-performing practice?It starts with developing your own report card. Determine what key performance indicators you want to follow. Here are some standard industry measures: Total accounts receivable (A/R) and days in A/R (DAR)Percentage of A/R over 120 daysPercentage of insurance contract adjustmentsCollection ratio as a percentage of charges minus contract adjustmentsIncome and expense as a percentage of revenueStaffing costs as a percentage of revenueNumber of full-time equivalent employees (FTEs) based on 40 hour work weekNumber of new patient visits and established patient visitsNext, Review your data and past performance history. Prepare your calculations based on per FTE provider number. Compare this year's practice performance to the same time last year. Also compare your figures to national data from MGMA's Cost Survey, http://www.mgma.com/ and NSCHBC's statistical report, http://www.nschbc.com/ for your specialty. Some of the national data represents the average among all the sampling practices - that is the 50% mark, so this should only be a base. Shoot be in the top 10% to be a best-practice. Now set improvement goals where you are not in top 10%, increasing your goal each year until you reach the mark.If your performance with these key indicators is already at the best-practice level, expand the tracking to include other indicators that compare your performance in these suggested areas:Indicator: GoalLow turnover: Rolling three year average under 15%Staff over-time pay: Less than 3 hours per provider each weekPatient wait time: Less than 15 minutesClaims error rate: Less than 3%Collection at time of service: 90%Missed appointments: Less than 5%Now you'll have some real tools to work with - so start tracking! If you need help, call on a consultant in your area.Judy Capko is one of America's leading practice management and marketing consultants, and author of the runaway top-selling book: Secrets of the Best-Run Practices. https://capko.com/

By |2022-01-01T22:52:57-08:00August 7th, 2010|
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Our Mission

Our mission is to make your practice shine.Our vision to achieve this: 1) Support business principles that drive a medical practice's success.2) Offer management continuing education presentations, articles and books.3) Foster the value of job training and enrichment programs.4) Coach physicians and administrators in mastering their leadership skills.5) Be the go to person for practices that seek to be top performers.Judy Capko is one of America's leading practice management and marketing consultants and author of the runaway top-selling book Secrets of The Best-Run Practices now in its second edition. Check it out by clicking on the book icon at www.capko.com

By |2022-01-01T22:52:58-08:00May 26th, 2010|
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