No matter what the nature of your specialization is, medical billing for Orthopedics is an uphill task. Most generally, orthopedic practices thrive on efficient billing practices that help in streamlining revenue cycle management by cutting out delays and minimizing stress on cash flows. However there are other things that when managed can help you grow your business.
Here are some pieces of advice from experts:
Tip I: – Track Key Management Measures for Your Orthopedic Practice
It’s important for both physicians and administrators to have the knowledge about the progress of the business. A monthly report that tracks key management measures pre-determined by your orthopedic practice helps you look at the clear picture of where you are in terms of reaching your goals. This report is made up of critical measures that give an idea about the growth of the business. It needs to clearly dictate what factors are working in favor of the practices and what areas require a change. Factors like billing amount, cash collections, collection rates, and average wait time for a patient appointment, non-physician cost per patient and payer mix are some important measures that are important for an insightful report. Once prepared, you should compare it to reports from previous months/quarters and also with reports from same period previous year.
Tip II: Know the Market Evaluation of Your Orthopedic Practice
Market evaluations are keys to determining your clinic’s position in the marketplace, figuring your competitors, determining strategic payers and employers and other such things of importance. With help of some specifically designed software programs the task of plotting your location, drawing comparisons with competitors, and mapping the driven values against data from latest census becomes easy. All this assessment helps you figure the rate at which you are acquiring patients and the areas they are coming from. Market Evaluation helps you chart a direction towards which you gear up in the future for great success of business.
Tip III: Figure out The Long-Range Financial Projection of Your Orthopedic Practice
Projections are based on present performance in combination with practical assumptions of the future performances. Factors like inflation, expansion, revenue increases due to business growth and price of product in future are also counted while deciding on projections for the practice. This strategic tool helps to figure what strategic changes need to be made in the business to achieve desired goals.
Tip IV: Develop a Strategic Plan
A strategic plan needs to very simply define the actions you need to take, answer the questions about what you want your business to be. It should answer questions surrounding size of the practice, services you intend to offer in the future and expansion plans etc. After outlining a strategic plan, and direction you need to finalize how you are going to accomplish that plan? It is also important to review and update it annually.
Tip V: Diversify Your Revenue
When you are looking for brighter horizons in terms of revenues from your orthopedic practice, include diversified revenue streams in your practice. There are a host of related medical services you can provide that can fetch profit and diversify your revenue stream.
Tip VI: Focus On Marketing
You would stand surprised with the effect a proficient marketing strategy can have on your orthopedic practice. The bottom line is that you need to tell your story or share identity and work with your customers. Develop an effective marketing plan that caters to the kind of consumers you are looking for. Brochures, Email marketing, Door-to-door campaigning, representation at healthcare events in the area are some of the many marketing techniques that can be used to reach out to the customers.