Building Your Practice vs. Building Your Business
Often the last thing a physician has in mind is the day-to-day business practices that will make their office run smoothly. Whether it is an office of one or a combined office of two or three physicians, most doctors did not study medicine to worry about billing procedures of collecting payments. They entered the profession to help people.
The truth is that a physician’s office is still a business. Bills must be charged and paid to insurers, HIPAA regulations followed and new government policies implemented. Small physician practices are often guilty of letting their medical billing get out of hand, as it is the last thing they want to deal with after seeing multitudes of patients and writing up medical charts and transcripts.
But for any business to be successful, money must be coming through the door. Understanding how a medical practice produces cash flow, the amount of money generated and used by a medical practice is essential to successfully manage a business.
One way for physicians to get a handle on their medical billing is by creating a business plan. Business plans can help predict long-term and short-term growth. A business plan usually has a cash-flow analysis in it for businesses to understand how to make a profit. A customized business plan for physicians allows many to avoid pitfalls in medical billing, and to increase cash flow.
A medical billing plan will help you take into account how you are billing patients and how long follow-up should take for billing. This increases cash flow and profitability for a practice. Some other areas to consider are:
- Yearly Objectives
- Mission and values
- Key drivers of success
- Staff and office organization
A customized business plan and cash flow analysis is designed to maximize profits and generate positive cash flow in the shortest time possible. Outsourcing this plan to experienced professionals is often the best way to create a customized plan that maximizes profits and generates positive cash flow in the shortest time possible. This can also help with avoiding pitfalls and headaches that go with growing a business, any business, even a medical practice.
Medical billing is a huge part of any physician’s office. By understanding long-term goals of medical billing and having them implemented into a plan, a goal is reachable and understood by everyone in the office. Outsourcing this business plan to a team of professionals that understands medical billing is the key to implementing a successful plan, as they will have worked with hundreds of other physicians who have the same issues.
At Clinic Service, we have worked with more than 400 new medical practices, so we know how to develop a plan that can help you create a viable cash flow within 60-90 days. We also continually review your progress so that we can adjust the plan as necessary. By having seasoned professionals help create and implement these plans for cash-flow improvement, physicians will be way ahead of the business game so they can do what they do best, helping people.
About Clinic Service: For more than 40 years, we have served the medical community. We are a medical billing services provider based in Denver, CO serving locally and nationally.
The Medical Billing Industry is in the News…and it’s the wrong kind of News.
I’m sure you have seen the story in the local news about the Denver-based chiropractic billing company that has been accused of conducting several unethical business practices. If I was a physician or a practice manager of a medical office, this news story would make me pause and consider the potential of something like this impacting my own practice. At Clinic Service, this story encouraged us to revisit our company values and internal/operating practices, and raise the dialogue internally regarding our commitment to ethical business conduct and legal standard.
We are writing this today to reassure you that the fraudulent actions alleged in the news story will never happen in your partnership with Clinic Service. Here’s why:
- Clinic Service works with complete transparency. You are welcome to review our work at any time, and you have complete access into our proprietary billing software to see how the job gets done. You can review patients’ records, the charges we have submit on your behalf, and all the payments we posted. In fact, we encourage you to do this more often.
- You have the expertise and experience to examine and diagnose the patient, and subsequently it is your responsibility to capture a record of the work performed. It is then our responsibility to ensure that you get paid for what you do. Once the codes you identify are submitted, our bookkeepers DO NOT make any changes to the codes our doctors submit to us for reimbursement. We do, however, ensure your accuracy and proper coding practice meets industry standards and regulations.
- To ensure you are coding the right codes correctly, all of your charges are triple-verified before they are submitted for payment. Our bookkeeping team first ensures that all of the codes are correctly aligned with the diagnostics. This team also reviews the coding accuracy based on our understanding on how you practice. This bookkeeping team is further supported by our certified coders on staff as well as their supervisors to make sure the charges are put into our system as a “clean claim.” Finally, our proprietary medical billing software and clearinghouse scrubs all charges to ensure they are transmitted right the first time—which leads to our ability to get you paid promptly and accurately
- You partner with us to be more than a medical billing company. Our trusted business advisor approach helps you to make decisions that will ensure that you are as profitable as possible, and relevant to day’s article, within the rules of running a principled medical practice. Like you, how we do our work is just as important as what we do. Our reputation is created and enhanced by the long-term success of the medical practices we support. We do not take this lightly.
The Clinic Service team takes pride in the business results that we achieve for the community of physicians we support. Our work helps you stay focused on great medical care for your patients. Let’s hope the next news story is in that light.