Outsourcing Your Revenue Cycle
Every practice’s operations can be improved. As the physician-owner of your own medical practice, you may find that you and your staff expend energies on activities that have little or no value. You may be able to perform some activities more efficiently, allocate work better and eliminate redundancies. Here are several ways, both large and small, that you might go about improving things. Work on one aspect of your practice — the aspect that seems almost manageable.
Here are actionable tips for improving your practice:
1. Learn to manage. You don't need to become a practice manager, but you need to know your practice well. Learn to read reports and understand data. Allocate time to educating yourself. Talk with your practice manager, your accountant or other consultants.
2. Focus physician time on patient care. To maximize their value to the practice, physicians and other providers should spend over 30 hours per week on direct patient care. In a group practice, there are better opportunities to realize this goal,, but don't give up on it as a solo physician either.
3. Delegate, delegate, delegate. Don't perform tasks that don't require an MD. Ask yourself, “Would I pay another physician to do this task?” Examine your activities frequently, and get staff input about ways to do them more efficiently. Delegate as many administrative tasks as possible without impairing your knowledge of practice operations. If you're in a small group, and your practice administrators are not equipped to accept extensive delegation, get them the support they need. Want to learn more visit https://towerps.com
4. Improve patient flow and develop an efficient schedule. Focus on providing appropriate care to as many patients as possible. If you feel overloaded seeing a patient every 20 minutes, the process needs reform. Most family physicians can average four visits per hour, when those visits are appropriately scheduled.
5. Enhance communication with handouts. You can reduce the number of unnecessary phone calls for simple questions by using brochures and handouts. These can focus on both clinical topics and information about your practice. Using handouts about patients' conditions or treatments can also help focus the visit so that important information is appropriately communicated.
6. Use a good scheduling system. Dedicate resources to developing a good scheduling system, hire a top-notch person to run it and ensure that the entire staff understands it. This is especially important for solo practices that are growing into groups. Good scheduling can increase patient flow by two or more patients per day, which is net income to the practice. Your billing system may have a scheduling module that is adequate for solo and small-group practices. You can buy a more sophisticated system, but don't upgrade until you have established scheduling guidelines and policies.
7. Managing the workload and provider schedule can significantly reduce facility cost as a percentage of collections. Groups often have minimal coverage on Wednesdays, while the staff and facilities are taxed on the other days. Develop an efficient office schedule, and spread out days off. This may mean expanding your daily office hours, which can also be favorable for patients and providers.
8. Form a group. Or, if you don't want to form one, join one. A well-organized and well-managed group provides the greatest probability of effective management. A well-managed group will produce higher physician incomes for the same amount of business. Expenses may increase, but resource utilization should improve. A group of six or more can afford better infrastructure, technology and facilities, and it can offer increased leverage in negotiating with health plans. Some of the savings come from consolidation of practice sites, which also helps the group provide office hours in keeping with community expectations.
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Contact Tower today for more information regarding technology support for your practice. Please contact Tower Physicians Solutions at 630-243-5731 or email us at info@TowerPS.com Learn more at: https://towerps.com