Financial Fails That Are Costing Your Medical Practice Money
A successful medical practice requires more than just excellent patient care – it requires smart financial management. Unfortunately, many medical practices unknowingly waste money due to common financial fails. These money leaks can add up quickly and significantly impact the bottom line of your medical practice. In this blog post, we’ll discuss the financial fails that can cost your medical practice money.
What Causes Financial Fails?
A few common issues can cause financial failure in medical practices include:
Practice owners may not closely track their finances and cash flow.
Staff and practitioners are not properly trained to support the practice's financial goals.
Practice owners may not be aware of the costs associated with providing services, or they may be missing out on reimbursement opportunities.
Owners may lack the resources to keep up with the changes in the healthcare landscape. All of these issues can create financial issues and result in a decrease in revenue for the practice.
Common Ways Your Medical Practice May Be Losing Money
Are you collecting what you’re owed from insurance companies?
Are you stuck with “cash only” payments?
Is your coding correct, and are you getting paid for all the work you do?
Do you have an up-to-date website that attracts new patients?
Are you keeping records on paper, creating unnecessary paperwork?
Are you carrying many “bad debts” you don’t know how to collect?
Are your claims being denied or not filed promptly?
Does your E.H.R. software have outdated codes and requirements?
Are your systems throughout the payment and claims processing inefficient?
Is your staff disorganized, failing to verify patient information, insurance, and balances due?
Are patients unaware of the payment options available to them?
Do you track pending claims and payments inefficiently and with cumbersome processes?
If you’ve checked the box on any of these questions, then chances are that your practice is losing money each year. It’s time to look hard at your finances and assess where improvements can be made. By streamlining processes, improving technology, and providing more payment options to patients, your practice can start to save money and improve profits. If you need help getting started, let’s talk.