Vitals (Vol 12 Issue 1): “Emotional Issues Affect Revenue”
Cash flow is an emotional issue; it is the basis from which an economic enterprise operates efficiently and profitably. Yet too many medical practice owners don’t want to be involved in the details of financial management required to keep cash flowing smoothly, especially if it requires asking patients for money.
Vitals (Vol 13 Issue 1): Did You Select the Right EHR Software for Your Practice?
A leading industry publication recently stated that 30% of current EHR users are actively looking to change EHR software products and a much higher % are dissatisfied with the product they are using. No doubt the rush to claim a piece of the Transparency Disclosure Incentive has caused physicians to implement a product that isn’t truly suited to their practice needs and specialty.
Vitals (Vol 14 Issue 1): The Pathway to Improved Profitability
External market drivers are thrusting change upon you and there are some big decisions to make. If you are still in private practice, then you are one of the “proud and the brave.” Administrative requirements and revenue restrictions continue to plague the private practice physician. In fact, many of your colleagues have decided that it is easier to be an employed physician and have left private practice to work for someone else. It is, in my opinion, a shame that the entrepreneurial spirit of the U.S. physician is being challenged so severely.
Vitals (Vol 16 Issue 1): Independent Medical Practice – Tough but Rewarding – Only Works with the Proper Tools and Processes
It is tough to remain an Independent Physician today. There always seems to be a pressure added to the medical practice that has nothing to do with caring for your patient. The good news is that there is software to improve office efficiency, improve claim submission and increase revenue. There are also out-sourced third party companies whose core competency is related to their work e.g. billing, collections, payroll, credentialing, HIPAA compliance, etc. and quite often they can perform the service for a lower cost than you can do in the office.
Vitals (Vol 15 Issue 1): “I was seldom able to see an opportunity until it had ceased to be one.”
For the past five years the team at Glenwood has been writing about ways to improve your medical practice earnings. We’ve talked about the dynamically changing marketplace, free EMR, Transparency Disclosure, better collections by integrating clinical and billing software, automation, Transparency Disclosure, 5010, ICD-10, patient customer service, private practice to employed physicians, practice processes designed to help those physicians still in private practice improve their collection rate and bottom line profits, and many more issues.
Vitals (Vol 11 Issue 1): “If you don’t know where you are going, any road will get you there.”
This famous quote by Lewis Carroll could have been written for a great many medical practices today. Our industry is changing dramatically. Information, the need for information, misinformation, technology, security, privacy, third parties, regulations and economic events all have an impact on the operation of your medical practice today.
Vitals (Vol 10 Issue 1): At the end of the day, medical practice revenue performance determines if you will practice privately tomorrow.
We often don’t like to discuss revenue performance; after all, our business is care and medical attention delivered to our patients – not money. Yet without healthy revenue performance we do not have the resources to care for our patients, our staff or our families. When anybody, even a physician, works hard to deliver their very best service they deserve to be compensated.
Vitals (Vol 9 Issue 1): Efficiency Increases Revenue Receipts – You owe it to yourself to collect what you’ve earned!
Ask most Physicians or Billers about their collection performance and most will tell you it’s “Good.” Ask how this is measured and few have the statistics handy to support the claim. Historically,success has been 1) steady patient count, 2) steady revenue stream,3) enough revenue to cover medical practice expenses and 4) enough to provide the Physician the living he or she expects. Ask the Physician or Biller in the office what keeps you up at night and most answer – nothing, our revenue stream and patient count are solid!
Vitals (Vol 8 Issue 1): Is it time for a Medical Practice Revenue Performance Analysis?
Let’s remember that maximized revenue performance is not just about profitability. It is ensuring that your practice has the necessary resources to provide quality care to your patients, keep strong performers on your staff, and invest in technology to provide a high standard of care, quality clinical outcomes and improve patient and staff satisfaction.
