Claim denials are a huge financial drain on physician practices. If nothing is done to reverse a denial, the revenue that it represents is lost to the practice. Attempts to manage and resolve the denial can cost an average of $25 to $30 per claim, according to the Medical Group Management Association (MGMA). In this blog, we take a look at some best practices you can employ to help manage claims denied by payers.
Internal marketing can help retain patients and increase patient referrals. This brief article explains four tracking methods — including recording how new patients heard about the practice and coding marketing materials — that can help medical or dental practices evaluate their return on investment (ROI).
Attracting patients is increasingly challenging for physicians. One way to getting patients in the door of a medical practice is to create a marketing plan that incorporates an understanding of the practice’s target demographic and brand identity. Using this form of marketing plan can attract patients that fit into the identity basis. This article discusses some marketing tactics for physicians and medical practices to consider. It also suggests that these efforts probably should cross several formats and platforms to be most effective.
A practice may consider adding an associate or partner for many reasons — from an increase in practice volume, preparing for retirement or even an eventual sale. In any case, careful consideration of the pros and cons is necessary to ensure there are no regrets down the road. This article looks at some steps to take before making this significant decision, including a thorough analysis of practice goals and how to find a good match.
The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 prompts physicians and other health care shareholders to adopt health information technology to help improve efficiency and cut costs. As a result, most practices have implemented some version of an electronic medical record (EMR). This article suggests various ways to optimize an EMR system. A Sidebar looks at how mobile technologies are affecting EMR.
The less time a patient spends in the reception area or examination room, the better it is for both the medical practice and the patient. The patient is comforted knowing that the medical practice recognizes that their time is valuable, while the practice benefits by having efficient patient flow and effective utilization of staff and facilities. While patient scheduling may seem to be routine, the success of a practice’s patient flow impacts everything from the practice’s income, to the contentment of staff. This article discusses various considerations in finding a system that’s just the right fit.
Maintaining profitability, staying up to date with the latest technology and providing quality patient services can be a difficult balancing act for medical and dental practices. This article offers some ideas for keeping your practice operating lean and efficient, including analyzing staff costs, salaries and PTO, as well as reviewing occupancy costs.
In today’s society, technology has become more sophisticated and private information is more vulnerable than ever before. At the same time, physicians increasingly use some type of mobile device to access health care data. This article addresses a number of security and privacy concerns typically faced by medical practices.
If a practice does not know whether its revenue cycle management system is functioning, it might be headed for trouble. In such cases, the practice may want to perform a checkup of its system. This article notes that a systems review can help keep performance in high gear and maximize revenue. A Sidebar warns of the necessity of ensuring that providers abide by their contracts.
Practices often allow their payer contracts to renew automatically each year without re-examining the terms. However, falling into this habit can be a bad mistake. This article discusses why it is important to understand all of the practice’s contracts, individually and comparatively.