Does your practice struggle with ways to be more profitable? Most practices know their monthly expenses and budget accordingly. But, there are only so many hours in a day to see patients. And cutting expenses can be hard, especially if you’ve already made the mover to cut day to day spending. The question begs, ‘Do you know where your money is coming from?’. The knee jerk answer is insurance and patient payments. But, how much money do practices leave on the table because of missed opportunities to capture other patient revenue?
Below are 5 things you can do in your practice to capture more revenue without seeing more patients.
Copay's and Deductibles – Since the adoption of the Affordable Care Act, copay's and deductibles have played an increased role in the financial make up of a practice. Copay's alone can make up to 35% of some practices income. Capturing every copay and deductible can increase the bottom line significantly over the course of a year.
Eligibility – Utilizing your EHR or practice management systems eligibility services will help your staff increase collections on both copay's and deductibles. Knowing the correct copay and deductible will allow your staff to have informed conversations with your patients and collect more revenue up front rather than waiting on EOBs and capturing revenue months later.
Card on File – Card on file is another powerful tool that allows you to capture patient money more readily. It’s also a great service to your patients. Having card on file allows your practice to set up payment plans for your patients who have high deductibles or who have incurred unplanned medical costs. It allows you to control cash flow in your practice by being able to communicate with your patients about how and when payments will be made.
CCM, AWV or other specialized visits – If your clinic sees Medicare patients there is a wealth of opportunity to increase revenue while improving the care and overall health of your patients. Chronic Care Management or CCM is an exciting program that allows patients to have communication with your practice during times they may not be being seen by you. CCM can help with medication management and adherence, exercise management and much more. Annual Wellness Visits or AWVs help you stay on top of the patients’ overall health and see what conditions may need to be addressed that have been overlooked on problem focused visits. CCM and AWVs can be outsourced to qualified companies with professional staff. The providers does not have to increase patient load to benefit from the income potential.
Patient Statements – Patient statements are a timely and costly effort for your office staff. The average patient statement costs $1.25 to send out from a provider’s office. That includes, paper, ink, toner, envelopes, stamps, labor, etc. If you outsource you’ll generally see a statement cost around $.68. If you’re a busy practice and send 600 statements a month that is a savings of approximately $4,100 a year.
Most providers would rather focus on quality care than seeing more patients. How to reconcile the financial aspect of that is the trick. Implementing more streamline procedures in the office can help make more money without seeing more patients daily. Adding services in the clinic such as CCM will also increase income without increasing the number of patients the providers sees.