Whether you’re running a private practice or you want to open one, knowing ways to manage common challenges can give you an edge. Most practices in the US report facing similar challenges, from high operating costs to medical billing management and retaining high-talent employees. So here are just some of the common challenges and ways to address them to help you get started.
High Operating Costs
Fewer patients, high technology costs, and decreasing payments to physicians can cripple your practice financially. The surest way to manage these high operating costs is to closely monitor them and find ways to cut costs.
Some of the best areas to focus on include:
• Office supplies: Go paperless.
• Medical supplies: Buy in bulk and look for free trial opportunities.
• Medical equipment: Buy used instead of new equipment and look for online auctions. If you’re worried about cash flow, consider medical equipment financing.
Attracting and Retaining High-Quality Talent
Outsourcing your HR duties can reduce your costs significantly. If you prefer to keep it in-house, you must be proactive in attracting, recruiting, and retaining high-quality medical staff. High employee turnover can hurt your practice’s efficiency, patient satisfaction, and bottom line. So focus on offering great perks, having a solid recruiting strategy, and being creative when motivating your employees.
Negotiating Managed Care Contracts
Medical contract costs can add up quickly and hit thousands of dollars, so it is useful to know how to cut great deals. This requires a wide knowledge of contracting processes, such as understanding reimbursement rates, payment terms, effective dates, claim filing procedures, termination dates, and more.
Medical Bill Collections
Most practices have become aggressive in their medical bill collections. This may be due to the high operating costs that could cripple most of them. If you don’t maximize your reimbursements, you will most likely be out of business soon.
Nonetheless, collecting payments from your patients can be a breeze if you borrow a leaf from the following strategies:
• Advise your patients about your collection policy before they visit, such as during the initial scheduling.
• Post signs in your practice informing patients about your medical bill collection policies.
• Offer great discounts to patients who pay their bills on time.
Running a medical practice can be easy if you handle these challenges well and work with partners like Advanced Reimbursement Solutions in Phoenix and Wilmington. We want to help you discover more ways to manage your practice successfully. Contact us today to book an appointment to speak with a specialist and get started.