Can Your Medical Practice Afford To Drop An Insurance Carrier?

I received a letter from the University of Chicago Medical Center explaining that effective Jan 2016; they will no longer accept BCBS. The announcement took me by surprise. Not because the hospital was dropping an insurance plan- but because they were dropping a major plan, BCBS. BCBS has a significant market share in Chicago; which translates to a lot of patients having BCBS as their insurance carrier. I can only imagine why the hospital …

Want To Be An Awesome Practice Manager? Learn How To Calculate This Key Performance Indicator

Revenue per encounter is an excellent barometer of your practice's financial health. There are many things that influence the revenue per encounter and consequently allow you to see the impact of things such as: Are your claims being processed timely? Are your claims being paid properly? Are you being paid fairly? Is your payor mix excellent, fair or poor? Are you following proper CPT coding guidelines? To determine your practice's …

What Does Taking Patient Vital Signs Have To Do With A Medial Practice's Financial Health?

I don't know about you, but when I first started managing our practice, it took me a while to understand what part of the business I needed to measure. In other words, what were the best performance indicators I needed to keep tabs on to ensure the practice was doing well. Of course things like cash flow and account receivables were obvious to me due to by background.  But it was apparent that the medical business world is different than, let's …

What Does Taking Patient Vital Signs Have To Do With A Medial Practice’s Financial Health?

I don't know about you, but when I first started managing our practice, it took me a while to understand what part of the business I needed to measure. In other words, what were the best performance indicators I needed to keep tabs on to ensure the practice was doing well. Of course things like cash flow and account receivables were obvious to me due to by background.  But it was apparent that the medical business world is different than, let's …

#8 Key Metrics We Should Use to Gauge the Financial Health of Our Medical Practice, Part II [Practice Management VideoCast]

Chip and I continue our discussion on key reports we ought to be looking at when assessing the financial health of our practices. In this AwesomeCast, Chip and I talk about E/M distribution, specifically the 9921x and how looking at these CPT codes and comparing with each other can provide a lot of insight into the clinic's billing practices, among other things. We also talk about Sick to Wellness ratio. Chip walks us through his process on …

Sharing The Practice Management Love Part 3: Reporting

If you are following my series of post that discuss things our practice is doing to remain viable, thank you for coming back. If you've stumbled on to my blog for the first time, welcome. This post is the third of a series of blog post where I discuss some of the things our private pediatric practice is doing to remain a viable business.  You can check back to read the other two post. Today, I'd like to talk a little about how our office …