2017 is ending in just a few weeks. The New Year brings new resolutions. Practices and providers everywhere are searching for methods that lead to increased profitability. The profitability of your practice depends on many factors and tools. Some of these tools are easy to implement, and others are much more difficult. Developments in technology and information are always changing how providers manage their practice and whether they reflect an increase in profits at the end of the year. Some of the tools needed to help your practice succeed are getting harder to access. The good news is, there are three key ways your practice can achieve increased profitability in 2018. This article will show you the key tools for your practice’s success in the coming year.
Increased Efficiency Equals Increased Profitability
A core competency your practice should focus on is increasing efficiency. This will lead directly to increased profitability. There are a few ways your practice can do this. The first way is to utilize electronic tools like eFax. This electronic method of faxing or exchanging information is great for your practice workflow. What you probably don’t realize is that when comparing the cost of paper, ink, and the burden on your staff, it will save time and give increased profitability. It also helps to keep your practice organized. E-Faxing cuts the need for paper filing and organization that can slow your practice down. It helps you better locate and track documents than traditional faxing methods often complicated. Another great way to increase efficiency is with automatic appointment reminders. This gives your team back the time that they spend calling patients to remind them of appointment. Increased efficiency gives time back to your practice, so your staff can focus on more important things and will help you gain increased profitability.
Chronic Care Management and Telehealth
Another great way your practice can achieve increased profitability is by adding Chronic Care Management and Telehealth. The key point is that these programs not only meet requirements under the Quality Payment Program (QPP), they also add income to your practice through reimbursements and increased office visits. Additionally, because you’re meeting those requirements under the QPP you’re more likely to score better and get increased reimbursements. Again, this directly feeds increased profitability. Based on national averages, offering CCM services to your patients can earn a practice more than $250,000 per year and approximately half of that even if you choose to outsource the service. There are similar reimbursement and payments that your practice can earn by offering telehealth services.
Outsource Medical Billing
The last way your practice can work towards increased profitability in 2018 is by outsourcing your medical billing. By outsourcing your billing you can save your practice a lot of money. Staffing your own billing department can be costly when you consider benefits and paying for the expertise of specialists. Even then, you are subjected to sick time, vacation and other events that can interrupt your regular billing cycle. By outsourcing, you allow the experts who do medical billing all day, every day, improve your clean claims rate and reduce errors resulting in better revenue cycle management overall. Implementing these changes in your practice will surely help your practice achieve increased profitability in 2018.
If better profitability in 2018 is a goal of your practice, we recommend making these changes as soon as possible.