The changes brought about by the Health Care Reform Act, though not directly addressing reimbursement issues, make it tough for smaller clinics to achieve profit. The normal way to increase revenue is taking on more patients. There are other strategies that lead to more revenue without having to lose attention or focus.
Significance of Improving Practice Revenue
Payment models are changing and provider reimbursements are declining. There is no wonder that medical practices are needed to do more with less. There are certain ways through which health care facilities may achieve better revenues without spending on marketing efforts.
Maximizing Collection from All Sources
The crucial factor for achieving success in medical practices is by maximizing collection from every source such as patients, claims remittance, and more important, evidence-based data.
By following the strategies given below, it will be possible for medical practices to accomplishing increased revenue:
- Preventive care for better revenue: Preventive treatment proves beneficial to patients as it decreases the frequency of their visit to clinics. Furthermore, it becomes possible to detect serious diseases prior to their becoming severe
- Smarter Schedule Management: A perfectly managed schedule can be a source of increased revenue – use schedules to maximize visits
- Average days in accounts receivable: According to industry benchmarking top performing practices will have an average of 40 days in AR.
- Claims paid within 45 days: Achieving around 90% claims resolution within 45 days of providing services is ideal
- Prescription refills lead to revenue: Requiring appointments in some situations for prescription refills offers opportunity to increased revenues
- Training the front desk staff: Collections begin at front desk – clearly stating payment policy and ensuring that patients pay balances before their next appointment go a long way in increasing revenue of the practice
By following these steps, practices can achieve increased revenue.
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