10 May Five Things You Should Implement in Your Practice
So now that it’s May, it’s a good time to start thinking about your mid-year plan and begin to assess how things are going so far in 2019. It’s also not too late to implement some processes and procedures into your practice. Here are a few things you can consider implementing in your office in an effort to continue the year financially healthy.
Credit Card on File: This is a great patient satisfier and will save your practice money on statements.
Analyze Reports on a Regular Basis: Choose a few valuable financial reports that collectively provide a thorough picture of your practice’s financials and review on at least a monthly basis.
Review Fee Schedules Regularly: Review your practice’s charge schedule on an annual basis. Ensure that you are not leaving money on the table by setting your fees too low.
Managed Care Contract Review: Review your practice’s managed care agreements on an annual basis. Is there a change in fees? Is the contract still worth having? Should you consider working to renegotiate?
Credentialing Double Check: Every state handles credentialing differently. Maintain a schedule consistent with the requirements of your state and contracted payors to ensure that no credentialing needs slip through the cracks.