Bookkeeping for medical practices can be a complicated process. Technology may be the resource you need to ensure a potentially complex process does not result in missed opportunities or lost revenue.
When you've been with a medical practice for a while, it can be hard to imagine leaving. After all, you've built up a good rapport with your patients. You know the ins and outs of the office, too.
Addison Internal Medicine has spent a decade working toward what it is today: a premier destination for advanced primary medical care. The practice has achieved success in quality of care provided, patient satisfaction, and has shown the ability to adapt and grow with the community’s evolving needs.
Although it’s never easy, there are times when ending the relationship with a patient from a medical practice is absolutely necessary.
Research shows that today’s average medical practice overhead is actually between 60% and 70%.
Overhead is calculated as costs as a percentage of revenue. Basically, this means any and all revenues that don’t go into your pocket.
The Electronic Medical Record (EMR) system is designed to provide comprehensive, up-to-date information regarding the patient journey that can be shared among different departments or medical centers, facilitating effective communication between clinicians and improving the quality of patient care.
What’s in a name? It turns out that names are very powerful, especially when you’re selecting a name for your practice. Your practice name is how patients will share recommendations with friends and family. It’s how people will find you online, and it’s the cornerstone of your medical practice’s identity.
The Physician Self-Referral Law, commonly referred to as the Stark Law, is a federal law passed in 1989 that prohibits healthcare providers from referring Medicare and Medicaid patients for “designated health services” to entities with which the provider has a financial relationship. This includes physician practice management companies, such as those that employ new physicians and offer administrative outsourcing.
Much like any business, running a medical practice is a lot of work. To reasonably handle everything it takes to run a clinic successfully, day in and day out, there must be a high level of optimization and efficiency.
This goes beyond inventory management and scheduling. This means prioritizing patient experience and making sure each staff member is prepared to facilitate success each day.
In previous blog posts, we’ve spent some time talking about the steps that go into starting your own medical practice.