3 Steps to Increase Profitability

We can count on the cost of providing quality medical care to continue to rise even while having to face forces that lower reimbursement to providers in the healthcare industry. It is easy to get caught up in the day to day operations of your medical practice management and lose your focus on the financial health and trajectory of your practice. Take some time every month to examine the bottom line affect of the systems that are in place in the office. Try to be objective as you review your own routines and habits as well as those of your staff. What follows is a non-exhaustive list of areas to consider as well as suggestions on some steps to take to increase profitability. 


Examine the Revenue Cycle


There are a number of steps between collecting a patient’s insurance information and closing their account as paid in full, each of which can have an affect on a medical practice’s net income. Each month, take a look at the overall revenue cycle to insure there are no obvious snags or bottlenecks that could slow the flow of income. Then, each month, decide on a particular element to delve into further. It could be a review of the insurance verification procedure or the process for resubmission of denials. Sit down with the person responsible and ask them to walk you through their task. Encourage their input and work together to fix problems and implement new ideas. 


Use of proper coding


Coding errors and under coding are often primary causes of income loss in medical practices. Proper coding speeds and maximizes reimbursement while reducing costly and time wasting payment denials. Make sure that all providers and relevant staff are up to date on coding changes.
 

Outsource your Medical Billing


One sure and quick way to increase your medical practice income is to hand the medical insurance billing to a professional billing company. Customers of ProMD Practice Management’s billing services enjoy collection rates in the high 90’s.

Most medical practices do not have the manpower to achieve the results of a dedicated billing company.



Call Today: 614.706.5206

Popular posts from this blog

IMPORTANT UPDATE: Ohio Medicaid is upgrading its provider enrollment system

Effective August 1, 2022, ODM will not be accepting new provider enrollment applications or continue any in-progress enrollment applications through the MITS Provider Enrollment System. Details on the process for enrollment of new OhioRISE providers from August 1 to October 2022 will be communicated prior to August 1st. Effective October 1, 2022, all provider enrollment applications must be submitted using Ohio Medicaid’s new Provider Network Management (PNM) portal. After its implementation, the PNM portal will be the single point for providers to complete provider enrollment, centralized credentialing, and provider self-service. Provider Network Management Portal and Centralized Credentialing Beginning on October 1, 2022 the Provider Network Management (PNM) portal will accept Medicaid provider enrollments and carry out centralized credentialing functions. This transition will reduce administrative burden for providers and enable providers to focus on the more meaningful and importan...
Read more

CO Supreme Court: Hospital Cannot Enforce $229K Surprise Bill

The surprise bill stemmed from the hospital’s chargemaster rate, but the hospital did not provide this information to the patient before her surgery. The Colorado Supreme Court has ruled that a woman is not liable for her $229,000 surprise bill from a Centura Health hospital, as the hospital did not disclose the amount to her before the procedure. Lisa Melody French received spinal surgery at St. Anthony North Hospital in Westminster, Colorado, in 2014. The hospital initially estimated that the surgery would cost $57,601, with French responsible for paying $1,337 out-of-pocket. But the cost increased to $229,112 following the surgery. According to the court document, the new price tag reflected Centura’s full chargemaster rates for the surgery. Additionally, Centura determined that it had misread French’s insurance card and she was an out-of-network patient. French was left with the nearly $230,000 bill after her insurance paid $73,597 of the new charge, which was over $300,000. Fren...
Read more

Governor DeWine Announces Local Government Payments from National Opioid Settlement Begin

Image
    Ohio Governor Mike DeWine announced Friday that the first payments of funds to local governments from the OneOhio settlement with national opioid distributors have been made electronically. Local governments will determine how to use the payments, totaling more than $8.6 million, to best combat the opioid epidemic in their own communities. Following these initial payments, governments will continue receiving payments from the settlement over the next 18 years. In 2017, as Ohio Attorney General, Governor DeWine was one of the first in the nation to sue opioid makers and drug distributors for their role in flooding the market with massive amounts of highly addictive opioids. A complete list of payments made to eligible and participating political subdivisions may be found at https://nationalopioidsettlement.com/states/ohio/ . The list also indicates if the payment was made directly to the entity or, if less than $500, was redirected to the county. Questions about payments c...
Read more