Falling or plateauing income in a private practice may signal the need for an overhaul of office processes.
New Jersey-based medical practice management company MpowerMed offers tips for reshaping your practice’s policies and procedures to boost efficiency and improve revenue flow.
Document thoroughly. Maybe you asked a staff member to perform a particular task. Or maybe you only think you did. Failing to document important information invites inefficiency, confusion and excuse-making, according to MpowerMed. Opt for written rather than merely verbal instructions.
Delegate judiciously. Patients do not benefit when physicians spend inordinate amounts of time on duties other staff can handle. A nurse is perfectly capable of relaying normal test results to a patient, for instance, whereas a physician should share any abnormal results.
Beat the clock. If an appointment is available at 2 p.m., simply ask the patient to arrive at 1:45 without specifying the precise time the appointment begins. This allows the patient to complete paperwork and other bureaucratic tasks prior to clinical time with the provider.
The financial impact of effective practice management cannot be overstated: A Medical Group Management Association survey found overhead consumes more than half of the revenue of an average family medical practice.