Today more than ever, medical practices are trying to cope with increasing costs while keeping the revenue stream steady or, better yet, increasing. How can you thrive in tough economic times?
Here are some tips to help your practice flourish:
- Strive for excellent customer service—a patient called to get a copy of a bill for a particular service they needed to submit for insurance. A friendly staff member answered the phone the first time the patient called and assured them they would email the copy of the bill within the hour—and then they did it. This patient was so stunned at this high level of customer service in an age where every service-related matter takes days or weeks to resolve that they kept relaying the story to their friends. When these friends needed a podiatrist, whom do you think they called? Personal contact and good service can bring in new patients and help you keep the ones you have.
- Stay current on treatments and technologies—minimally invasive surgery, laser treatment for toenail fungus, extracorporeal shockwave therapy, and other new, cutting-edge technologies are sought after by today’s podiatric patients. Of course, you have to balance the cost of equipment and training with your office demographics, but when patients hear about new treatments for foot ailments, they will seek a podiatrist who offers them.
- Improve efficiency for higher patient volume—seeing more patients translates into more billable services. However, this strategy will backfire if you overbook, resulting in long wait times. The key is to improve the flow and efficiency of a patient visit in your practice. Increased efficiency in your office will enable you to see more patients without compromising on care.
- Invest in your billing staff or go pro—podiatric billing is complicated, and rules and codes change frequently. Many practices lose revenue because they do not file clean claims, to begin with, and they don’t have the staff to pursue rejected or denied claims. This results in a good deal of money being left on the table. Designate specific staff for billing and give them the training they need or consider moving your billing to a professional service.
We can help you avoid billing errors. A Step Above Health Management Systems provides specialized podiatric medical billing services to clients nationwide. Let our firm provide your practice with a plan customized to manage all your billing needs. Please call us at (877) 448-6233 to learn how our solution can save you money and help streamline your billing process.
It’s a new year and a good time to take a look at what’s happening in the field of podiatry and how those changes may impact your practice and your bottom line. Below are some trends for 2023:
Staff Shortages—In the “Great Resignation” many employees have decided to leave healthcare positions in exchange for lower-stress jobs. In fact, 58% of medical practices anticipate that staffing will be their biggest challenge in 2023. Decreases in physicians, assistants, and podiatry students are all contributing to this shortage. This means taking good care of your team members will be essential. Avoiding overburdening staff and utilizing technology to decrease the clerical and billing workload will be essential.
Need for Increased Patient Engagement—Medical practices are still seeing Covid fallout in terms of patient behaviors. Many patients decreased their podiatric office visits during Covid and searched for at-home alternatives or sought podiatric care through other types of practitioners. Maintaining good patient relations is more important than ever. Studies show that patients want the ability to make appointments and pay their medical bills online. Making sure that the technologies and services you use for these are user-friendly and run smoothly will increase patient loyalty.
Declining Reimbursements—A recent survey by Podiatry Management showed that podiatrists are collecting on average 56% of their listed fees. Medicare, Medicaid, and private health insurers do not cover routine foot and ankle care to the same level as a primary-care physician visit. Podiatrists are becoming more dependent on patients’ out-of-pocket expenditures. Offering specialized services and above-average customer service will be critical in maintaining a healthy bottom line.
We wish you a happy New Year and hope it will be a profitable one for your practice!
We can help you avoid billing errors. A Step Above Health Management Systems provides specialized podiatric medical billing services to clients nationwide. Let our firm provide your practice with a plan customized to manage all your billing needs. Please call us at (877) 448-6233 to learn how our solution can save you money and help streamline your billing process.
