As a medical care provider, summer may bring a seasonal dip in your volume. You might use this time to sit back, relax, and enjoy the sunshine. But really savvy providers take advantage of the down time to review their office policies and procedures. An annual review can ensure that your office is running as efficiently as possible so that you can maximize your revenue once things get busy again.
Here are ECM’s tips for an annual expense/revenue review:
Review all contracts with service providers such as your IT company, billing company, cleaning service, shredding company, and telephone service provider. Comparison shopping for these services could save your practice $1000 or more per month.
Have your charts and processes audited to make sure you are capturing all billable codes. It may pay to have a third party vendor do this for you.
Compare your monthly income to the same period a year earlier. This will help with planning and projecting income and expenses.
Examine your malpractice policies. Did you know that the market has recently become more competitive with the addition of new carriers? This could be a good time to negotiate a better rate with your current carrier or consider turning to a risk retention group (RRG). Talk to your broker about your options.
Assess the benefits package that you will offer your staff next year. Consider joining a Professional Employment Organization (PEO). This may save significant money on your group health insurance costs, provide assistance with other human resources concerns, and help with compliance, taxes, and other business needs.
Review the reimbursement rates you are receiving from insurance companies and/or your Independent Practice Association (IPA).
Let ECM guide you through each of these steps to drive your practice to success in the New Year! Click here to schedule a complimentary 15-minute telephone consultation to find out how E Central Medical Management can help you maintain your independence.