How to increase the profitability of your medical practice

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How to increase the profitability of your medical practice?

Transcript of How to increase the profitability of your medical practice

Page 1: How to increase the profitability of your medical practice

How to increase the profitability

of your medical practice?

Page 2: How to increase the profitability of your medical practice

• Decrease no-shows systematically .

• Get a card swiper !

• Set up a financial plan.

• Are you following state specific guidelines ?

Steps to increase your collections and the

time you spend on patient care.

Page 3: How to increase the profitability of your medical practice

Decrease no-shows systematically

• You’ve fixed up an appointment, silenced your phone

and waiting for a patient, who in all probability won’t

show up.

• To decrease the number of no shows, make sure

you remind your patients about their appointments.

• Put up a small poster in your front office detailing

how to reschedule appointments and contact

numbers of who your patients need to call.

Page 4: How to increase the profitability of your medical practice

Get a card swiper!

• It is a world of plastic money and you are

seriously inconveniencing your patients and

missing out on collections,

• If you don’t have a swiping machine at the desk.

• You can not only collect more dollars but become

more patient friendly as well !

Page 5: How to increase the profitability of your medical practice

Set up you financial plan

• Sit down with your in-house biller or medical

billing company to set up a detailed financial plan.

• It will help you place a finger on what goes wrong

and work out solutions to fix the problem areas.

• Create a plan of action and set up a goal for your

medical billing specialist ! Conduct internal audits

regularly.

Page 6: How to increase the profitability of your medical practice

Are you following state specific guidelines ?

• If you plan to outsource ensure that if your practice

is based in California, you sign up with a medical

billing company California.

• Or with someone who understands the billing

regulations of your State.

• Running a more profitable practice, being more

patient friendly or staying in line with billing

regulations, needn’t remain a wistful wish.

Page 7: How to increase the profitability of your medical practice

• Drop your queries more about medical billing services @ http://www.medicalbillingstar.com