Physician & Practice Needs Assessment

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1. Are your practice revenues declining?

Explore the root causes of declining revenues in your practice. This question prompts a detailed review of your financial performance trends, including patient volume, service pricing, and reimbursement rates. Understanding whether external factors like market dynamics or internal inefficiencies are impacting your bottom line is crucial for reversing negative revenue trends.

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2. Are your accounts receivable increasing?

An increase in accounts receivable can signal issues in your billing processes or patient follow-up procedures. This question encourages practices to examine their cycle time from service delivery to payment, identify bottlenecks in the billing process, and assess the effectiveness of their patient communication regarding balances due.

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3. Are you experiencing payment delays with insurance carriers?

Have you already made a significant investment in an existing system? If you are happy with your current software vendor and want to improve your revenue cycle and medical billing process, give us a call and we can discuss your options for interfacing your current Practice Management or Electronic Health Record with our state-of-the-art, fully automated Central Billing Office solution.

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4. Is your current billing staff or billing company coding your claims accurately?

Accurate medical coding is essential for maximizing reimbursement and minimizing claim rejections and denials. This query prompts a review of your coding practices, including the qualifications and ongoing training of your coding staff or the performance of your outsourced billing company. Ensuring compliance with the latest coding standards is vital.

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5. Are you worried about the Medicare Audit Recovery Contractors?

Concerns about audits by Medicare Audit Recovery Contractors reflect the need for compliance with Medicare billing and documentation requirements. This assessment item guides practices to evaluate their preparedness for audits, including the integrity and accessibility of their medical records and billing documentation.

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6. Are your practice expenses increasing and profits shrinking?

This question addresses the sustainability of your practice’s financial health, prompting an analysis of expense management and profit margins. It involves reviewing cost centers within the practice, such as staffing, supplies, and operational expenses, and identifying strategies to enhance efficiency and profitability.