Here are the five key mistakes that commonly crop up, and the experts' thoughts on how to prevent or fix them:
No matter the size, running a practice is a challenge. By being aware of — and more importantly steering clear of — some common but unrecognized pitfalls, you can increase your odds for success and profitability.
Catherine Lightfoot, CPA, CHBC, president of the National Society of Certified Healthcare Business Consultants , has her finger on the pulse of what's right and what's wrong when it comes to running a medical practice. Although she says there are no hard and fast rules on how to run a thriving medical group, there are common mistakes that physicians often don't recognize.
"If one of your colleagues calls with a referral patient, and they consider the matter urgent, you need to heed that," explained Maissel."So have a breadth of availability for these referral cases." Through word of mouth, you'll get a good reputation for patient care and availability, and that will go a long way toward helping to grow your practice.
The solution for many practices is to outsource billing, which Lightfoot supports."They specialize in this, and that's a great start," she said."But it's not as simple as handing it off and forgetting it." Another important aspect of this billing relationship is understanding what you're receiving for your payment."Sometimes going with the cheapest offer amounts to a billing partner who isn't working on those claims and denials as much as they should," said Lightfoot."I've seen fees anywhere from 4% to 9%, and the lower end can mean you'll need to chase down every penny.
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