Saturday, November 29, 2008

Running a Successful Medical Practice

Doctors go to College to learn how to be a doctor not on how to run a profitable Medical Practice Business. For every doctor you hear about that is making 6 figure salaries each month their are 50 other providers just trying to stay afloat.

Most doctors think they need to treat more patients a day to make more money but usually when you look at the aging reports you soon see it's not about treating more patients it's about collecting on the patients already treated.

Ask yourself these questions:

~Are you billing for ALL services you treated the patient for?
~Are charges getting entered and billed the same day as treatment?
~Are charts sitting around in different locations of your office waiting on forms to be completed?
~Is your billing department educated with your allowable fee schedules so they know they are collecting 100% of what is owed to you by procedure code? Are they going after the insurance carrier for claims that were underpaid?
~Are charges getting adjusted off just because the insurance carrier denies them?
~Does anyone work claims denied for timely filing, invalid procedure codes, invalid diagnosis codes, missing information, invalid modifiers, missing paperwork etc?
~Are patient balances getting adjusted off instead of being billed?
~Are medical liens being signed by attorneys and patients, workers compensation forms completed, Documentation attached to claims
~Are you sending claims electronically for all insurance carriers that you are credentialed with?
~Are you reading your EDI reports from the clearinghouse and working the denied claims?
~Are you re-billing claims that were denied or just fixing them and letting them sit in your A/R?
~Is someone checking claim status on everything that is 25+ days old?
~Are patients getting statements within the first month of treatment ensuring they will pay out almost 100% of the time?

Is it time for a change in the way you do business? Do you desire a profitable medical practice that actually helps patients? If you need help please leave a comment with your contact information and we will contact you or visit our for PM vendor reviews, and for online training videos. You can contact us through any of these websites for assistance on bettering your medical office flow to increase your monthly profits.

Practice Management Software Reviews

Medical Clearinghouse Reviews

To read more about Medicare updates including Health Billing Insurance Information check out Medicare Medical Coding and Billing Courses

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