Our new “Complete Guide to Practice Profitability” eBook includes 5 essential strategies medical practices can adopt to bolster profitability in the face of considerable challenges, now and in the future.
Expert tactics include:
#1: Benchmark your practice. Do a practice examination (PE) and compare your operational and financial health with 5,000+ physicians participating in the second annual Practice Profitability Index. Are you part of the 19% with a positive outlook on profitability? Or the 30% who expect things to stay about the same? Unsure? (You’re not alone — that’s 12%).
#2: Discover the ‘trifecta’ of best practices for gaining the greatest potential ROI from an EHR. Find out what factors to consider when choosing an EHR to enhance profitability. Multiple capabilities, seamless integration with practice management, and technology that obviates on-site server maintenance and related fees are just a few examples.
#3: Maximize Meaningful Use payments. Make sure your practice doesn’t make a misstep on attesting for Meaningful Use, one that could cost you important incentive payments. The eBook identifies two important areas where physicians and staff should pay particular attention to ensure the best chances for accurate attesting.
#4: Focus on the 5 must-track metrics for practice profitability. Less can mean more. Avoid getting lost in an avalanche of practice data reports and focus instead on 5 metrics that matter for optimal reimbursement, revenue, and profitability. Tracking these 5 numbers against historic and industry benchmarks can also provide important insight into the financial health of medical practice. Find out which “key performance indicators” are most critical.
# 5: Consider a case study in success. Find out what happened when an office manager moved her medical practice to modern software and shifted revenue cycle management to a team of experts. (Hint: collections jumped almost immediately.)
eBook for more specifics on using these strategies and others to boost your potential for profitability. Gain the insight you need to keep a medical practice thriving and efficient in the face of current and future challenges.
Do you know what you need when setting up a new medical practice?