There aren’t many things as reliable as the tried and tested methods that have proven their effectiveness over the years. Instead of being focused on creating a new wheel or rethinking the way healthcare is delivered, concentrate on the aspects you can influence, for example:
Collection and billing. When did you last look at your practice’s billing and collection practices? Have your accountant had an in-depth look? Is your contract with your collection and billing firm provide guarantees for performance? Why is that? This is a simple step 1 and should be carried out regularly.
Managed Care contracts, analysis of contracts and dispute resolution. Are you aware of the amount each contract must pay you? Do you have your computer set up to monitor compliance with the contract’s terms to ensure you receive what you’re entitled to? The basics. Do you know disputes time frames and other requirements in Florida law? Have you ever appealed a payer’s decision? Are you aware that many taxpayers “win” just because their choices can’t be appealed administratively?
Reduce overhead. What are your most significant expenses for overhead? If you are looking at employees’ expenses, for example, do you know the appropriate amount of benefits and salaries? In terms of overhead costs are concerned, did you know that there are businesses who promise to reduce overhead costs and only pay for it when they achieve this?
Audit of Coding. Does your coding look correct? If it isn’t, then the probability that you are losing a significant amount of cash every year, in the opinion of most experts. Contrary to what many believe, self-directed coding audits usually result in finding money! In risk aversion, the wrong code can cause hundreds of dollars in False Claims Act exposure.
Business plan. Are you using a method for your business? Don’t you wish that every firm you invest in has one? What can you do to get the direction you want if you’ve decided on the order you’d like to go? Hire someone to help you do it.
Leadership in the business. What amount of time do you take up tasks that could better be managed by someone other than you? Most physicians believe that their most effective and practical application is in their practice of medicine, not running the business. Most physicians lack the experience in industry or the training needed to run and develop an enterprise. Unfortunately, most practice practices across Florida tend to be on the smaller side. Are you aware of professional business consultants with experience who will provide real value that is far more than their expenses? You must look at full-time professional supervision if your business generates 5 million or more per year. If you consider entrusting anyone with your valuable assets, consider their fidelity and surety bonds.
Marketing. In a marketplace where buying is low, such as in the present healthcare market, where are the top firms spending their money? Marketing. That includes things such as website development and search engine optimization. Advertising, appropriate sponsorships, and so on.
In times of change, such as today, it’s easy to be overwhelmed by uncertainty and fear. Remember that the healthcare business changes roughly every five years in relatively regular and predictable cycles is excellent practice (e.g. the PPM industry and PHO and IPA times). IPA or PHO instances). Concentrating on what you can do to improve your situation is better!
As the founder of the Florida Healthcare Law Firm, Jeff Cohen utilizes his 25plus years of experience in healthcare law to provide better services to the community. As part of his mission of providing top-quality legal services and advice, the Florida Healthcare Law Firm combines principles like honesty, transparency and integrity. Cohen has. Cohen has strategically placed his team of attorneys to assist him in bringing his dream come to life. Please visit him online at https://www.crunchbase.com/person/shlomo-rechnitz to view blogs, free videos and other valuable information.
