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Practice Revenue

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What Story Do Your Numbers Tell About Your Medical Practice?

Thursday, September 1st, 2011

Recently in assisting a practice with analysis of RVU’s (Relative Value Units), it dawned on me that most practices do not utilize any methodology to analyze whether they are actually making money on procedures and visits being performed in their practice. Maddie Brown, CPA recently shared at an event I attended in North Carolina that our numbers tell a story that reveals what is actually unfolding within our businesses.  It is the same with medical practices and so much more so today in the ever changing world of healthcare.   So the question is what do your numbers reveal or not [...]

Implementing New Ways to Build More Revenue for Your Medical Practice

Friday, March 25th, 2011

Last week at a local POMAA meeting, I spoke on the topic of generating more revenue for your practice. Here are just a few of the highlights from that talk: There are many conventional ways to generate revenue for our practices which involve some of these just to name a few: Recalls Phone Calling Systems Tracking Missed Appointments/No shows Increasing fee schedules Utilizing wait lists to fill empty slots Increasing hours of operation Providing comments on statements Evaluating paper vs electronic (i.e. statements, collection letters, etc.) Collections – Collecting at time of service Up-to-date Profiles Incentives – PQRI and E-Prescribing [...]

Working Accounts Receivable – Part Two

Monday, July 26th, 2010

To successfully work your accounts receivable and get more accounts paid in a timely manner, as a responsible practice manager, it is important to implement a system.  These tips are a continuation from a previous medical billing post entitled Working Accounts Receivable – Part One. To recap, last weeks tips: 1. Know what your practice management system can do for you. 2.  See Staff As Resources. Now for this week’s tips: 3.  Utilize a Daily Tickler System You will know more of what to do next if you are creating or utilizing a daily tickler system.  Some practice management software [...]

Working Accounts Receivable – Part One

Monday, July 19th, 2010

(This is Part One of Working Accounts Receivable.) In assessing accounts receivable (A/R) it is often distressing to know just where to start.  You want your medical practice A/R to come down, but right now it might seem almost impossible with everything you have on your plate. In conducting A/R analysis, I often find these tips to be helpful in addressing the need to lower the A/R and increase the revenue of the practice: 1.  Know what your practice management system can do for you. Knowing your financial system will help you to determine which reports provide the best look [...]

How Social Media Can Help A Medical Practice

Monday, June 28th, 2010

Are you on Facebook practice manager?  Whether you are or are not it is important to note that Facebook had a growth of 145% just in the last year.  From a business standpoint there is something to take note of here.  How many businesses do you know that are growing at this rate? Social media is here to stay; and it is important that medical practices see the value that it has to offer for their business.  Concentrating on the media part rather than the social part can help enhance your practice visibility by: Attracting more attention to your medical [...]

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