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Poor Financial Performance in Your Urgent Care Pt. 3

Last week, we learned how our reimbursement systems affect our practice's financial performance. This week, we’re going to take a long, hard look at our billing and collections process. Billing and Collections … A second key area of importance involves the processes used for billing and collections. Physicians/owners should think of this area as being akin to an assembly line that begins with patient registration and continues through insurance verification and eligibility, over-the-counter collections of copayments and deductibles, charge entry, initial billing and follow-up…

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Poor Financial Performance in Your Urgent Care? Pt. 2

Last week, we discussed how you can spot weakness in your revenue cycle management. This week, we’re going to evaluate our reimbursement systems and see how they can be hurting the financial performance of your practice. Reimbursement Systems … As you saw last week, three of the five areas listed in the previous blog focus on revenue cycle management. Under the area of reimbursement systems, appropriate coding has been determined to be the single most important element for practice improvement, given that the majority of all providers under code. Therefore, implementing a coding…

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Poor Financial Performance in Your Urgent Care Pt. 1

If you have poor financial performance, then it could be due to your inattentive practices concerning your organization’s revenue cycle management process. Coding, EMR and PM software systems flaws, reimbursement methodologies, billing and collection processes, all have an adverse effect on your organization’s overall accounts receivable health. Since many urgent care center physicians/owners are not aware of this problem, they often cannot “stop the bleeding” prior to disaster striking. When there is a lack of appropriate oversight in your accounts receivable process…

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What are You Committed to?

“Grow up, and that is a terribly hard thing to do. It is much easier to skip it and go from one childhood to another.” … -F. Scott Fitzgerald … Here’s a little secret: The results we achieve in our business are a direct result of what we are committed to. Crazy, right? One of the people I coach in business development spends a lot of his time struggling with his relationship with his team members. “They are difficult to get along with and so I end up spending an inordinate amount of time taking care of problems,” he said. After that statement, I asked him why he…

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The Pareto Principle in Your Practice

We live busy lives, and you run a busy medical practice. There are so many things that need doing and so many things to keep track of. How do you figure out which things to do, which things to delegate, and which to just choose not to do? That is a dilemma we all face. The bigger your practice grows, the more help you have but also the bigger the number of things that need to be done. How do we solve it? In 1896, Vilfredo Pareto noted that 80% of the land in Italy was owned by 20% of the people. Since then, it has been noted that most things in life follow a similar law and it has become…

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Accepting Feedback

“Am I flexible enough to change my mind and accept feedback?” … This was a question in my The Daily Stoic Journal that’s had me thinking. It couldn’t have come at a more crucial time in our practice. We are in the middle of making considerable changes and needing to re-think where we are and where we’re going. In the process, we’re asking a lot of questions that are uncomfortable as they point out our deficiencies in our processes and business. My initial response is to become defensive and to defend what we’ve done and why we’ve done it. As we…

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You Don't Want To Miss the 2018 MPS Summit!

According to the 2016 Survey of America’s Physicians, 80% of physicians are overextended or at capacity, with no time to see additional patients. Their time is instead consumed by picking up the slack left by staff, making sure their practice stands out from all the others, and making sure that billing is done properly so everyone can get a paycheck. I have accumulated knowledge throughout my years of owning and running a successful medical practice, and instead of hoarding that knowledge for myself I want to share it with others to see them become as successful as I have been. Come…

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Attack Your Goals!

Recently, I was cage diving with Great White Sharks off the coast of South Africa. As I sat in a submerged cage watching as the bait of fish heads and a fake seal were floating in the water, anticipation and anxiety were building inside me. I simultaneously wanted to see a shark up close and personal, but at the same time I was scared to death that I might. The water was a cold 55 degrees Fahrenheit, but my wet suit helped some in staying warm. I sat in the water for what felt like hours, but really it was probably only a few minutes. But nothing happened. Everyone I was with had just about…

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Cutting Through the Clutter with Infographics in Marketing

Did you know the average person is exposed to the equivalent of 174 newspapers full of information daily? Even more interestingly, the average person receives 35 text messages a day, and the average office worker spends 28% of their time answering emails. It’s no wonder medical practice marketers are finding it more and more difficult to get their message into the mind of the consumers, but with “top of mind awareness” crucial to success in medical practice marketing, it’s imperative marketers find a way to cut through the marketing clutter. Enter the Infographic. Why…

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Should You Add Workers’ Comp to Your Medical Practice?

Nearly 3.6 million occupational injuries and illnesses are treated each year in the United States. Those injured workers need somewhere to go for treatment, and many companies are irritated with the long wait times their employees face at the local emergency rooms. Additionally, most employers want a one-stop shopping-clinic model for all their occupational medicine needs. Your Medical Practice has the potential to fill this niche in your community. If your clinic is already offering drug screens, physicals, and pre-employment testing, adding workers’ compensation care to your practice…

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