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Financial Fails: 13 Common Money Leaks in Your Practice

As a behavioral health specialist, you know that financial issues are a big source of stress in your patients’ personal lives. But if you find yourself or your front office staff bogged down in billing and slogging through denied and frustrated claims, chances are you’re feeling some stress about cash flow, too.

Financial stressors within the independent practice show up in all sorts of ways. In mental health professions, profit margins are admittedly smaller than those in other health and medical fields. When we try to lead from a place of money stressors, relationships with staff may evidence increased tension. Additionally, practice leaders can be hard on themselves, allowing their frustrations to cause self-doubt or to wonder if their efforts are worth it. Trying to play catch up can mean extra long days and even weekends in the office, and time at home with the family can dwindle.

What causes financial fails? The inability to find a path forward. What you need is a proactive, systematic approach to practice management. To turn the situation around, a new approach to money in your behavioral health, substance abuse, or psychiatric practice is needed, as well as a clear understanding of which tasks have the highest value moving forward.

Below are 13 common ways your practice may be leaking money. If you check the box on even one of these items, chances are you’re losing thousands of dollars each year.

Do you and your practice find that you…

  • don’t collect what you’re owed from insurance companies
  • are locked into “cash only” payments
  • don’t code correctly, giving away tons of time and revenues
  • know the website is outmoded and doesn’t attract new patients
  • keep records on paper: statements, checks, credit card information, and more
  • carry a lot of “bad debt” that you have no idea how to collect
  • claims are being denied, or they’re not being filed in a timely manner
  • coding practices leave a lot to be desired, but you’re afraid to upgrade
  • use E.H.R. software that isn’t up to current codes and requirements
  • continue with inefficient systems throughout payment and claims processing
  • have disorganized staff, failing to verify patient information, insurance, and balances due
  • see patients who are unaware they have payment options
  • track pending claims and payments in ways both inefficient and cumbersome

How many boxes did you check? If things are worse than you thought, let’s talk.

dsc_5764-2Debbie Henderson, CEO, is a leading U.S. practice management consultant known for her ability to transform her clients’ practices and revenues so they can take back their passion and their lives. Learn more about her work at www.medicalpracticeconsultingservices.com.

E.H.R. Done Right Can Increase Quality of Care and Revenues in Your Practice

When you’re working in your practice, does the clinical side drive the billing?

The answer to this question should be a resounding “yes!” If it’s not, your electronic health records system is not functioning as it should. And that’s bad for your practice. Check out these 3 facts you may not know about E.H.R. management.

  1. A quality E.H.R. increases quality of care.

Manual entry of claims is outdated. Negatives include increasing room for error, opening the practice to audit issues, and coding incorrectly. Each of these issues can each negatively impact the patient’s quality of care – and the practice’s bottom line.

Instead, choose a quality E.H.R. solution and work with your practice management consultant to set up a system that tracks from the appointment to the date of service. Every patient transaction, financial or otherwise, should be linked, traceable, and clean.

  1. The addition of E.H.R. increases collections.

The fear among practitioners is often that the addition of E.H.R. will cost too much, and affect the bottom line negatively. This fear isn’t the reality. Instead, the addition of E.H.R. creates increase when implemented properly and fully.  A practice manager assures you’re getting full benefit for the system you’ve chosen, and that you get what you pay for. Part of this service includes plugging any money leaks in the collection process for outstanding revenues, ensuring that collections – and revenues – increase.

  1. Choosing the right  medical practice consultant is more important than the E.H.R.

One of the best things you can do to save money in your practice when initiating a new E.H.R. relationship is to include your practice management consultant on your E.H.R. demo call. Too often, practitioners get pushed to choose an E.H.R. solution quickly without understanding the level of support that should come with its successful implementation.

In other words, cheap solutions may not cost less in the long run.

The expertise of a professional practice management consultant will lead to a better software fit for your practice, and they know the right things to ask to make certain you get what you need. The decision to include them as part of the process, not as an afterthought, will eradicate indecision and save a lot of time and money.

In conclusion, as the shift to better quality patient care is the goal for all practices today, having a tried and true partner like Medical Practice Consulting Services is a must to maintain and grow your practice.

Let’s talk about how we can help.
 
dsc_5764-2Debbie Henderson, CEO, is a leading U.S. practice management consultant known for her ability to transform her clients’ practices and revenues so they can take back their passion and their lives. Learn more about her work at www.medicalpracticeconsultingservices.com.

Why Your Electronic Health Records System May Not Drive Revenues

As a leading practice management consultant, I’ve seen and heard just about everything when it comes to reasons why respected, independent health and medical practices have trouble with the business end of things.

Client accounts simply won’t balance properly. The payments aren’t posting automatically – or correctly. Or worse – do it yourself solutions simply aren’t getting the job done.

Scenarios like these can cripple a practice’s revenues.

True, managing a practice today includes an electronic health records, or E.H.R. system, which fits your clinical needs: making appointments, taking notes, writing prescriptions, and optimally driving your patient billing.

But when too much emphasis is placed on the clinical side of things, it can leave the practice vulnerable. Practitioners are working hard, but revenues are challenged.

You know you need an E.H.R., but which  one will work?

Over the past 5 years, we’ve seen a proliferation of medical E.H.R. software in the industry. Knowing which system is the best fit for your practice is only part of the solution, especially since many payers now mandate that providers use E.H.R. software.

Here’s the big secret no-one will tell you. Cheaper is not better. The folks behind the scenes and the systems they create are absolutely the #1 thing that will drive practice revenues.

But failing to set up systems and support to ensure success can definitely present a problem with revenue streams. I’ve yet to see a practice which didn’t need cash flow to keep operations and services running smoothly. When implementation is well planned and managed, any potential revenue slowing can be minimized. Ease of use and compliance actually follow a great implementation plan, not the other way around.

Support from an experienced, reputable practice management professional firm is an imperative during an E.H.R. transition. The best way to manage big change is with the help of the right team, in-house and consulting. I’ve found it’s good to have a system that drives billing, but it’s GREAT to have systems built around the software so it can work for you.

This one decision – to ask for the expertise you need – can save a lot of time and money. A professional practice management firm will help its clients navigate unforeseen issues, whether you’re initiating a start-up, transitioning to an E.H.R. from hand typed or written notes, or upgrading your software to meet the needs of your growing, thriving practice.
 
dsc_5764-2Debbie Henderson, CEO, is a leading U.S. practice management consultant known for her ability to transform her clients’ practices and revenues so they can take back their passion and their lives. Learn more about her work at www.medicalpracticeconsultingservices.com.

Welcome to Medical Practice Consulting Services!

We’re delighted to announce a fresh, new brand and focus to meet the ever-changing needs of independent health and medical practice owners, groups, and managers who want to serve their communities brilliantly in ways that make financial sense.

“We want to make it possible for practitioners to get their arms around their practices,” Debbie Henderson, our CEO, says.

That evocative image is one of fully embracing the community we serve through our work. This, in turn, led to the choice of our new logo in aubergine and plum which features a trio with arms locked around an equilateral cross.

Without doubt, Debbie, Kristin Wiggins, and Dawn Dreyer share strong bonds: that of family, friendship, and commitment to service. Anyone will tell you our MPCS team treats clients like family.

Medical Practice Consulting Services has closed its former Manna Health Professional Services offices, relocating to the heart of Statesville, N.C., – a place where small town Southern hospitality meets the demands of medical practices nationwide. Today, our clients’ practices range in size from 1 to 100+ employees, and include solo medical practitioners, physician partners, dentists, nurse practitioners, and mental health cooperatives, among others.

Each relationship we cultivate directly benefits from the 5 steps of our signature “Proven Passion, Purpose and Practice Formula.” As we continue to provide electronic health records, or E.H.R., solutions field tested for value, we’re also enhancing our partners’ ability to maximize the money created by their practices. Each E.H.R. partner receives the support needed to meet state or federal requirements and exceed earning expectations. We also offer enhanced coaching and consulting options designed to create new cash flow, train team, or mentor those who are ready to step into their leadership capacity in bigger ways.

Are you ready to make great strides in your practice?

We are Medical Practice Consulting Services, and we are delighted to help you.

Call today.
 
dsc_5764-2Debbie Henderson, CEO, is a leading U.S. practice management consultant known for her ability to transform her clients’ practices and revenues so they can take back their passion and their lives. Learn more about her work at www.medicalpracticeconsultingservices.com.