When specialty practices want to strengthen their balance sheets, they can either cut costs or increase revenue. Although pursuing both options is probably wise, finding opportunities to boost the flow of dollars into a practice can be a more positive and ultimately lucrative way of ensuring optimal financial performance. Yet, specialty physicians sometimes struggle to identify new revenue sources. The good news is that it may be easier than you think. By leveraging your electronic medical record (EMR) and practice management (PM) systems to enhance the reliability and consistency of the following key activities, an organization can make meaningful strides in increasing the amount of money coming into the practice.

There is a tug of war underway in healthcare, and physicians are sitting squarely in the middle. On one side, patients are demanding providers’ attention and expertise to address often complex medical conditions. On the other, there are evolving regulatory requirements, such as those found in the 2019 Quality Payment Program (QPP), which requires providers to regularly submit detailed measures of quality, cost, interoperability and more. As a result of the constant push and pull, physicians are becoming increasingly frustrated and disheartened. Most entered the profession to treat and care for patients, however, they are becoming sidetracked as they try to effectively demonstrate their performance to receive adequate reimbursement.

In today's consumer-driven healthcare marketplace, specialty practices must do more than just treat patients. By promoting practice expertise in the community, setting yourself apart from competitors and clearly articulating how well you meet customer needs, you can create a marketing strategy that allows your practice to reach new heights.

Although all physicians suffer from burnout to some degree, some feel it more keenly than others. According to a recent survey in the Journal of Bone and Joint Surgery, orthopedic surgeons have one of the highest burnout rates, with nearly half the specialty expressing feelings of emotional frustration, depression and depletion.

Healthcare organizations want engaged patients but aren’t always clear on what an engaged patient acts or sounds like. For those that have a solid grasp on what patient engagement is, a clear pathway to achieving patient engagement can still prove challenging. They find themselves asking, “is it technology driven, people driven, or process driven?” It’s really all three.

When specialty practices expand their operations, they often run into challenges as they work to capture market share, bring in new physicians and increase revenue. The most successful organizations do some upfront planning as part of their expansion strategies to anticipate and address possible hiccups. Here are three tactics to keep in mind during planning to sidestep common growing pains.

As highlighted in our previous blog, bringing innovation that constantly seeks to be more effective while holding patients at the center of the care experience is a key factor in a successful practice; something that Nextech user, Colorado Retina Associates has been able to achieve. Although the idea of transforming your practice into a forward-thinking, high-achieving entity may seem daunting, these goals are closer than you may realize. Here are a few ways you can apply some of Colorado Retina’s philosophy and passion to take your practice to the next level.

Driven by a growing need for change, in 2007 three prominent retina practices in the Denver metropolitan area merged to form Colorado Retina Associates (CRA)—the largest retina practice in the Rocky Mountain Region with six locations, including two satellite offices in Kansas and South Dakota. The impetus for the merger was to maintain a strong and progressive organization and effectively compete in an increasingly managed care marketplace; focusing on treating several ocular conditions. This includes macular degeneration, diabetic retinopathy, retinal detachment, eye tumors and uveitis.