Poor management of a practice’s collections can have a number of negative effects, including reduced or delayed revenue as well as owed balances spending too much time in Accounts Receivable. By implementing some simple training methods and best practices, however, your practice can improve collections management.
Inventory management is crucial to the success of any specialty practice. Not having enough items on hand risks losses in sales when your supply fails to meet patient demand for certain items. Of course, having too much inventory in stock can also cost you as unsold items expire on the shelf. If you are not implementing and maintaining best practices for inventory management, you leave your practice vulnerable to financial risk and related inefficiencies.
According to a 2017 survey, 68 percent of patients want their healthcare providers to offer digital payments options. A 2019 study found that 81 percent of consumers want their healthcare providers to provide more online payment options and that 71 percent want to be able to receive electronic statements from their providers. Needless to say, demand for such online payment options is rapidly increasing as the years go by.
The right Practice Management (PM) solution is a useful asset to any specialty practice, reducing administrative burdens, optimizing financial performance and enhancing patient care. The wrong solution, however, can be quite the opposite and lead to inefficiencies, process bottlenecks, redundant data entry, lost revenue and limitations to use. This is why, right from the start, it is crucial to do your research and properly vet all potential PM providers to be certain you select a solution that is best suited to the needs of your specialty practice.
Healthcare is experiencing a shift, expedited by the pandemic, from provider-driven to consumer-driven strategies, and what matters most to patients is convenience. Consumer insights company NRC Health reports that 80 percent of patients choose a provider based solely on factors of convenience, outpacing reputation, care quality, bedside manner and even insurance coverage.
We did it! We survived 2020! Hands down, 2020 was the toughest year (so far) of the twenty-first century. But we got through it. As we move into 2021, this is the time when many of us are making New Year’s resolutions. To help our readers commit to new initiatives for practice success in the coming year, this blog will suggest a number of useful New Year’s Resolutions for Specialty Practices.
Luckily, 2020 is coming to an end… and many of us are probably ready to happily put it behind us. But what’s in store for us in the year to come? After all the things 2020 has put us through, many of us can’t help but look at 2021 with a mixture of skeptical anxiety and hopefulness. Because the truth is that we have no idea whether things are going to get better or worse… but we hope better. To help our readers understand what they should look forward to in the new year, here is a list of things specialty practices should expect in 2021.
No matter whether your practice is small or large, creating a Quality Improvement Team can provide the ability to remain viable in today’s rapidly changing healthcare landscape. Practices now face penalties up to 9 percent for 2020 and 2021 (an increase of 5 percent from when MIPS started) for poorly demonstrated performance. These penalties will only increase as the years go on, reaching 11 percent by the end of 2023. However, for practices that are able to properly demonstrate high quality and value, bonus potential continues to rise as well. In addition to MIPS, many insurance companies offer incentive programs with significant bonuses based on demonstration of high quality and value in a practice.