Want To Improve Profitability for Your Medical Practice?

When in comes to increasing profitability, I see practices focus their efforts in collecting copayments and patient balances. Others look towards decreasing cost, like buying cheaper paper or going with a cheaper merchant vendor to help boost the bottom line.Both, of course, are important exercises for a business. But here is what I've noticed. There doesn't seem to be an equal amount of energy put towards learning about medical coding and how it … [Read more...]

How to Deal with Unreasonable Patients in Your Medical Practice

A while back, I was working the front desk when a dad of one of our patients came up to me and said he didn't want to sign the credit card on file authorization. I politely insisted he needed to fill out the auth form. He cut me off with loud: "WHY? Who came up with this stupid idea?" Awkwardly I uttered, "Ummm, me." Now, both of us felt awkward. Silence... So the parent broke the silence and in a less aggressive manner he asked why we … [Read more...]

How Do You Best Motivate Employees?

Despite our efforts to recognize staff members for their outstanding work, the feedback we often get is that employees don’t feel appreciated enough. In other words, we appreciate our practice's team members, but they don't feel we recognize their work enough. Apparently, this is not something unique to our practice. I’ve read research that shows that most employee leave a company because they don’t feel their bosses appreciate their hard … [Read more...]

Is Your Company's Culture Hindering Your Profitability?

I come from a non-medical business world where most conversation centers around profit, revenue, budgets, marketing, sales and things like that. In the private  practice world, mentioning profit or revenue is almost prohibited as if it was a kind of taboo. I remember being a little taken aback when people in the healthcare business would talk about "profit" and they would lower their voices and look around and whisper the words "making money" … [Read more...]

Is Your Company’s Culture Hindering Your Profitability?

I come from a non-medical business world where most conversation centers around profit, revenue, budgets, marketing, sales and things like that. In the private  practice world, mentioning profit or revenue is almost prohibited as if it was a kind of taboo. I remember being a little taken aback when people in the healthcare business would talk about "profit" and they would lower their voices and look around and whisper the words "making … [Read more...]

#12 How Do You Know When To Hire Your Next Physician? [Pediatric Practice Management MediaCast]

Recently, Chip and I saw a question posted on the SOAPM listserve that addressed this notion of when is it the right time to bring on a physician. We thought it was a great discussion topic so we decided to dedicate an entire episode surrounding some of things one ought to consider when bringing on a new doc. To give you a heads up, below you'll find part of the email that was submitted to the listserve. I recently interviewed a potential MD … [Read more...]

Are You Being Intentional In Your Medical Practice?

Like many of us, I was gaining weight year after year. And of course, every couple of months or so I'd have plans to eat less and exercise more. I'll just start making better choices; I'll also bring food from home instead of eating out for lunch everyday; Oh, and I can also start walking in the evenings with the dog. These were all these things that I kept on telling myself and others. Of course, you all know what happened. I never stuck to … [Read more...]

#9 Marketing Your Pediatric Practice [Practice Management VideoCast]

Marketing is a topic that most private practices are interested in. Who doesn't want to get the word out about their practice and draw more patients, right? When we think about marketing, however, we often focus on the tactics. In other words, we think about whether an ad in the paper or a post-card or social media is better than mailing a letter to daycares in the area announcing the new doc that joined the practice.  But marketing is much … [Read more...]

How to Prepare For ICD-10 The Right Way

If you've done any reading about ICD-10, you know that this transition will be a monumental task. Fundamentally speaking, ICD-10 is a paradigm shift. It is designed to completely transform medical documentation. And since documentation is a lot of what doctors do, inevitably these changes will impact our day-to-day practice. In a recent AMA publication, the authors concluded that the two biggest challenges with implementing ICD-10 will be … [Read more...]

How Many Billers Should A Medical Practice Employ?

We've talked about in-house billing vs outside billing before. I even teamed up with my friend Chip Hart and devoted a full podcast to the topic. But we've never talked about billing staff ratios. How many billing staff should we have? How do we know if we are understaffed or overstaff? Should we calculate the ratio based on charges and collections or should we base it on physician count? Dr. Suzanne Berman, one of the many outstanding … [Read more...]