These are two of the most dynamic and worries face practitioners today in single doc practices as well as group practices.
As a revenue cycle advisor, previously working with hospitals & now consulting private practices, my suggestion is a benchmark.
A benchmark will clearly define your current state regarding the following:
Financial reports
Past 12 month’s charges
Adjustments and payments from payors and contracts
Aging reports
Cash flow against current fixed costs
Productivity
Collections Rates, Zero Base Price, Fee Schedules & Comparative Pricing
Office Procedure & Process
i.e. % of docs time to close exams same day?
From here we will vitalized line items, become competitive in pricing, define a process unique to your practice and maximize efficiency while increasing profits and reaming compliant to reduce denials and rejections.
When is the last time you had your performance benchmarked?
How are you improving financial performance in your practice?
If you could fix one thing regarding your financials, specifically regarding the return on profitability what would it be?
How are you prepared regarding Mu2 and ICD-10?
If you have any questions please feel free to contact me:
954 708 8868 or will.powers@glostream.com
Will