Ways in which Effective Practice Management can Indirectly Improve your Reimbursement

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Ways in which Effective Practice Management can
Indirectly Improve your Reimbursement
Since the Affordable Care Act has been effective,
Jan 1, 2015, physicians payments have been tied
to providing higher-value care. Further,
practices that cannot attest to meaningful use
can face heavy penalties. So how does all this
tie with effective practice management? What is
involved in practice management? Will technology
alone help boost efficiency? In such an
atmosphere of constant change, physicians are
finding it difficult to maintain homeostasis
especially with respect to revenues. Moreover,
staying compliant in this fast-moving digital and
changing healthcare reforms world, can cause
staff productivity and efficiency to decline and
thereby be another major cause for loss of
revenue. Practice management simply put is
putting into effect processes within the system
whereby people perform with efficiency and
productivity either equipped with better
technology and/or a well-managed workflow
process. In the medical practice, especially in
todays changing atmosphere, practice management
involves a whole host of processes right from the
front office which requires patient interaction
and verification, to billing and coding and from
keeping records to patient satisfaction. With
complexities filtering in, it becomes impossible
for staff to keep up with changing knowledge
scenarios and simultaneously focus on the core
business, patients health satisfaction.
National studies estimate the cost for waste and
inefficiencies in healthcare expenditures to be
as much as 30 of the revenue earned.
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Ways in which Effective Practice Management can
Indirectly Improve your Reimbursement
These simple but effective practices will
increase patient satisfaction and boost revenues
indirectly   Instill Staff Responsibility It is
very essential that each and every staff member
understands that the role they play helps bring
in revenue. Be it the front desk to the nurses
or physicians in your clinic or hospital. Huddle
meetings once a week to understand problems
encountered, find solutions together and figure
out ways as a team to streamline processes. This
goes a long way in bringing a buy-in with your
staff, whose productivity will immediately
reflect in indirect increased revenues.   Automati
ng Scheduling/Reminders Of Patients Maintaining
an efficient and effective way of scheduling
helps enable improvement in patient satisfaction.
Streamlining appointments, reducing overbooking
of patients, etc. goes a long way in indirectly
improving revenues. Front Desk Management
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Ways in which Effective Practice Management can
Indirectly Improve your Reimbursement
Often front desk errors in practice management
systems lead to a backlog of claims, which cause
delays in reimbursements. From filling up
insurance forms and verification of insurance
eligibility, all this helps cut down the rate of
denial claims later. Improve Coding
Standards Be this in-house or outsourced,
updating your staff and/or monitoring provider
updates of coding practices is very essential to
keep errors minimal. Regular feedback and
checkouts are essential to maintain an efficient
workflow between staff and provider. Digitizing
Health Records Paperwork can cause staff to be
overworked, and lead to inefficiency especially
when it comes to filing claims and/or
resubmitting paperwork. If papers are not filed
correctly, this can cause a loss of time and
unnecessary effort. So investing in a good
technology set up to cater to a more electronic
way of handling records and maintaining patient
records which integrate with the scheduling of
patients, helps the workload on your staff, who
then can focus on your core business, indirectly
contributing to increased revenue. This shows
how practice management if effectively dealt with
can have an improvement in your reimbursement and
subsequently your revenue. Get in touch with us!