Rising costs, unpaid medical claims and an overwhelming influx of patients are among the many reasons why medical practices lose revenue. It is often difficult for a small practice to both provide quality service to patients and effectively manage the business; this is even more challenging for a large facility. A cost effective way to increase efficiency is correctly managing internal resources. This involves ensuring that office staff is:
verifying eligibility- reminding patients of their appointments
- collecting co-payments and deductibles
- keeping a record of all financial transactions
- verifying procedure coverage
- submitting all necessary paperwork for authorization requests
- escalating the authorization appeals process
- updating the fee schedule
- accurately entering patient information for claims processing
- utilizing the proper billing codes
- appealing claim denials
- auditing charts for missed charges
- preparing monthly income and expense reports
- following HIPAA laws to avoid penalties and breaches of confidentiality
While doctors devote their attention to patients, it comes down to hiring experienced and competent office staff to ensure the business functions in the most optimal manner. Many small practices still adhere to the outdated principle of cutting salary in hopes of saving annual costs. As anticipated, these same practices also reflect the concept of “you get what you pay for”. Luckily the curve appears to be shifting, and practices are beginning to see the benefits of investing in their employees and reaping the rewards of an informed decision well into the future. There are of course quality employees willing to work for less, but a considerable amount of time is necessary to find these stable and capable staff. Time or money; a resource investment is crucial for employers wishing to ensure the success of their medical business.
Ilan Cohen, MD
Refractive Surgeon
Founding President of
PAINLESS HIRE
dr.cohen@painlesshire.com