Your Medical Practice is a Business-It’s Time you Treated it as Such
During medical school, you were taught about the various diseases of the body and how to treat them. What you probably did not learn is the business management skills that are required to become successful. If you want to make a living, you’ll need to do more than just treat patients-you must also be engaged with every other aspect of your practice. Here are a few tried-and-true ways to begin doing so.
#1. Come up with a business plan
Every other start-up has a business plan, and you should as well. In fact, your business plan will likely contain some of the same information as other companies such as projected profits and losses, goals, an ideal customer (patient) profile, and market research on your competition. Having a written plan will allow you to better gauge your success so that you can make changes to the way you operate if needed.
#2. Establish written customer service goals
It’s not enough for you to give patients quality healthcare-your staff must also provide them with great service as well. As such, it is essential to come up with customer service goals for everyone in your office to follow. For example, there should be established methods of dealing with people both by phone and in person. Develop written procedures for dealing with problems so that patients are not left hanging should the unexpected arise. Doing so will make it more likely that patients will refer your practice to others.
#3. Hire and train only the best workers
It’s true that part of being profitable requires managing labor expenses. That doesn’t mean you should offer lower wages or a smaller benefits package than your competitors. Employee turnover is costly in any industry, particularly in a medical practice where a shortage of workers could leave you unable to meet your patients’ needs. To ensure productivity isn’t hampered, hire quality workers, ensure they are well trained, and pay them a respectable salary. When you do, it will be much easier for you to meet your customer service goals as well.
#4. Learn where you are losing revenue
Many providers under-bill because they are worried about being targeted for an audit. Others do not pay attention to aged receivables or fail to follow up on denied claims. All of these things could be cutting into your bottom line, which is why we recommend a medical billing and coding audit at least annually. An audit will let you know where you could (legally) be charging more money, in addition to helping you come up with some best practices to reduce the number of denied claims and aged receivables.
Here at Leeward Medical, we understand that managing your practice can be a time-consuming affair, which is why we offer a variety of tools that are designed to ease your burden and help you thrive. Whether you need help with medical billing and coding, marketing, auditing, or aged receivables, we can easily provide the assistance you need in order to ensure your practice thrives.