When posting payments in a practice management system the need for accuracy is essential. Inaccurate postings can result in serious downstream financial affects for your practice. Though the importance and possible negative ramifications of posting payments inaccurately are seemingly obvious, mistakes can easily occur with a simple typo. When posting an insurance payment to the […]
Improve Your Practice Financials in 5 Steps
Running a successful healthcare practice involves more than just providing excellent patient care. It also requires sound financial management. Here are five steps to improve your practice’s financial health: 1. Streamline Billing Processes Efficient billing processes are crucial for maintaining a healthy cash flow. This includes timely invoicing, accurate coding, and diligent follow-up on unpaid […]
5 Questions to Ask to Reduce Denied Claims
We’ve all seen it. The patient comes to the check-in window, and you ask “Name… date of birth… have there been any changes in your address or insurance?” The patient quickly replies, “Nope”, and takes a seat in the waiting room. The charge is entered and billed to the insurance on file and two weeks […]
5 Tips to Collect Outstanding Patient Balances
High deductible health plans and higher copays have driven practices to focus more attention on collecting large outstanding patient balances. For many practices, patient collections account for 20-30% of their overall revenue, so it’s more important than ever that the practice staff be comfortable with and trained on how to collect overdue self-pay balances. 5 […]
The Perfect Team Roster to Open a Medical Practice
Opening a medical practice is an exciting venture, but it’s also a complex one. One of the most critical aspects of this process is assembling the perfect team. A well-rounded, competent team can make the difference between a thriving practice and one that struggles to get off the ground. Here’s a guide to the key […]
Why Physicians Should Open a Medical Practice
In the healthcare industry, physicians often grapple with the decision of whether to open a private practice. While it may seem daunting, there are several compelling reasons why physicians should consider opening their own medical practice: 1. Autonomy and Control Having your own practice gives you complete control over your work. You can make decisions […]
How to get a Medical Practice Loan
Starting a medical practice is a rewarding but challenging endeavor. One of the most significant hurdles is securing the necessary funding. Here’s a step-by-step guide on how to get a medical practice loan. 1. Understand Your Needs Before you start applying for loans, it’s crucial to understand your financial needs. Consider costs like equipment, real […]
Medical Practice Fee Analysis: Complete in 2 Easy Steps!
Are you finding that your practice’s fees are below other similar specialties in your area? On your insurance payments, are you noticing that the carriers are occasionally reimbursing your practice 100% of the billed amount? If you answered yes to either of the two questions above, it may be time to complete a medical practice […]
Concierge Medicine: The New Movement for Physicians
Concierge medicine, also known as boutique medicine, is a relationship between a patient and a primary care physician in which the patient pays an annual fee or retainer. This may or may not be in addition to other charges. It’s a growing trend in healthcare, and it’s changing the way physicians practice medicine. The […]
Skin in the Game: Keys to Success in a Private Dermatology Practice
Dermatology is one of the medical specialties best suited for private practice. The field is growing quickly and it is projected to maintain its steady growth rate over the next several years. The rise in demand is fueled by increasing occurrence of skin cancer coupled with an aging population looking for cosmetic interventions to maintain […]