DoctorsPartner EMR and PM - Electronic Medical Records - Practice Management

DoctorsPartner Electronic Medical Records - Practice Management - Fast Solutions

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DoctorsPartner EMR and PM - Electronic Medical Records - Practice Management

DoctorsPartner Electronic Medical Records - Practice Management - Fast Solutions

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DoctorsPartner EMR and PM - Electronic Medical Records - Practice Management

DoctorsPartner Electronic Medical Records - Practice Management - Fast Solutions

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DoctorsPartner EMR and PM - Electronic Medical Records - Practice Management

DoctorsPartner Electronic Medical Records - Practice Management - Fast Solutions

How NOT to get Financially Suckered

It is true. You are a doctor. You have spent far more time learning far more important (and life saving) things than how to work on your office revenues. But even the greatest minds in the world need to be bankrolled, and even the most brilliant physician will be out of business in short order, if they don't pay attention to their office finances.

Having worked with doctors for a while now, it never ceases to amaze me how many of them believe in the purity of human nature. Too many times, this very admirable trait gets taken advantage of much to their own detriment. In a small way, following some of the steps outlined below, will help at least hold the fort down in your office, which is the single largest source of your income.

Where does your revenue come from?

The first step in financially tracking your office and your career is to identify where you make your money. Obviously you make your money seeing patients.

The first step in financially tracking your office and your career is to identify where you make your money. Obviously you make your money seeing patients.

But where do you see your patients? You could see 100% of your patients in your office, or you might have a good percentage of your patients in the Hospital or Nursing Home or Assisted Living Facility etc. It is always good to know where your money comes from, and what percentage of your billing for each source is getting paid.

Why is this important? You only have so many hours in a day. If you find that you are getting only a small percentage of your income from a Nursing Home that is a 45-minute drive away, you will definitely be better off trying to improve your presence somewhere else with better returns than wasting your time on this source. There is also the question of revenue analysis, such as are the CPT (E&M) codes I am charging getting paid? Am I overusing or under using a code? Etc. that is critical for you to address. More on this in a separate article, but this is something to keep in mind.

Who is responsible for the revenue cycle?

Simple answer? You (the doctor) are. It does not matter if you have a an excellent biller or an office manager extraordinaire. You are responsible for the revenue cycle.

What do I mean by the revenue cycle? The processes of generating a bill, submission to the clearinghouse/insurance carrier, follow up on open bills (collection calls), receiving and posting payments and the patient billing cycle is the overall revenue cycle.

Does this mean you should do all the work yourself?Not at all. The idea here is that on any given day, you better have a darn good idea of our outstanding receivables (in the 30, 60, 90+ buckets) and your average cash flow (how much you collect versus how much you spend per month). Your employees will do the work, but you will have to carefully review the data and supervise the work.

How do you do that?Not that difficult really. Any good billing software package (PM) should have reports at least on the following:

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DoctorsPartner EMR and PM - Electronic Medical Records - Practice Management

DoctorsPartner Electronic Medical Records - Practice Management - Fast Solutions

DoctorsPartner EMR and PM - Electronic Medical Records - Practice Management

DoctorsPartner Electronic Medical Records - Practice Management - Fast Solutions