Even if your facility is successful at this point, there's still more you can do to increase revenue and enhance your reputation. Businesses that remain stagnant never grow; they remain the same and oftentimes don't continuously drive in patients. The main culprit of a successful medical facility decreasing in profibility or not continously bringing in new patients revolves around the competition who is setting new goals each year.
The switch from the traditional model of fee-for-service (FFS) reimbursement to value-based reimbursement is arguably one of the largest and most significant policy changes going on within our country--and it's only just getting started. Many unknowns exist, which can be unnerving for providers. For instance, nobody knows exactly how long the transition will take, and its impact on our healthcare system, particularly during the interim period (which could take years), has yet to be seen. Additionally, since Medicare expenditures and the expansion of Medicaid have been on the rise to accommodate for our aging baby boomers, the system as it is already has put put a significant strain on facilities' revenues, since Medicare/Medicaid patients are generally not profitable.
Every physician takes the Hippocratic Oath for a reason. When you become a doctor, you accept the responsibility of life and death, the responsibility of caring for people who are in need of care, and to do what is best for the general welfare of any who come in search of help with their health. Yet, a medical practice is still a business, and this means that physicians are put at a constant crossroad of having to balance doing what is in the best interest of the patient at all times, while also finding a way to maintain profitability.
Most people who suffer from allergy symptoms do not realize how easy it is to be tested, and find which allergen(s) that is causing them so much trouble. Once the allergen(s) have been identified they can be treated and the person will feel much better. Allergic reactions can be dangerous and allergy testing could eliminate a major health obstacle especially if there is a family history of allergic reactions.
Ambulatory surgeries don't require a hospital stay and are done in a comfortable outpatient setting. The recent surge of surgery centers is an indication to the satisfaction from a patient’s perspective as a result of safely, surgery efficiency and cost effectiveness. A patient has the procedure performed and is able to leave once the anesthesia wears off- normally within hours. It oftentimes saves the patient money, and it definitely saves time. Doctors perform outpatient surgeries more frequently than inpatient ones, with 52 percent of all surgeries performed each year classifying as ambulatory surgeries. Certain ambulatory surgeries are more common than others, though. With the increase in medical technology and surgical training we can expect additional surgeries and procedures to be done in an ambulatory surgery setting.
Revenue cycle management (RCM) is the backbone of any profitable medical practice. There are several problems common to the business side of medical practices that can cause a disruption in RCM. This article will discuss these problems, explain their negative impact and identify a remedy.
Health care professionals understand that patient care is always the top priority, however there is one component of patient care that everyone who works in a private physician’s office needs to pay greater attention to, and that is coding. It benefits the clinical staff immensely to have a good working relationship with the persons in their offices who are responsible for billing because communication is the key to ensuring that the best quality of care is being delivered to every patient.
Just because you have a full patient load doesn't mean you should put a halt on your marketing. It doesn't take long for changes to occur within your practice that alter your patient list and ultimately change the revenue you generate. Can you honestly afford to have slow spells when you yourself have financial obligations inside and outside of your practice?
The Three Steps of Interventional Pain Management