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Financial Archives - Office Practicum

Financial

20 Mar

Posted at 20:53h in Financial, RCM + Billing by

Very few things about medical billing are straightforward, but it’s especially true in pediatrics. Proper coding, modifiers, and changes in Medicaid rules and payer guidelines can turn a simple office visit into a minefield of dependencies. Add staffing shortages and the challenge of finding qualified medical billers to the mix, and it further exacerbates the stress of billing for pediatric practices. When it comes to running a pediatric practice, the days of “one size fits all” are over. You can no longer thrive and work efficiently using a generic, non-specialty-specific EHR, and the same is true for billing and revenue cycle...

27 Feb

Posted at 03:17h in Financial, Growing Your Practice, Patient Engagement, Practice Marketing, Reporting, Staying Independent by

Pediatric care providers need to ensure that patients with health needs requiring follow-up, as well as those due or behind on their well visits, are receiving the care they need. This is also vital to having a healthier population and increasing practice revenue. And that’s where something like “DAR” comes in.  Using a Tool for Patient Recall DAR stands for Demographic Analysis and Recall. It's a powerful tool for analyzing demographic data that's integrated in OP. Based on the findings, it recalls specific patient and practice information.   Let’s say that I’m a busy clinician. I want to know how DAR can help my...

02 Feb

Posted at 14:45h in Financial, Growing Your Practice, RCM + Billing, Reporting, Staying Independent by

If a pediatric practice has some extra down time, pause and remember the financial health of your practice starts with having an appropriate fee schedule. While contractually the payers determine how much they are going to pay you for each service you provide, it starts with how much you charge.  Scheduled Processes and Procedures At a minimum, at the beginning of the year, your practice should have a scheduled process and procedure for updating your fee schedule so you can be sure you are not leaving money on the table (and in the insurance company’s pocket.) The AAP has resources for pediatricians...

15 Dec

Posted at 19:23h in Financial, RCM + Billing, Reporting by

As a pediatrician, your primary goal is to deliver the best possible healthcare to your patients. Just as it's important for your patients to have regular check-ups as part of their wellness, it's also critical to regularly evaluate your pediatric office's financial health. But how? There are some key analytics that you can consistently examine to stay on top of your practice's financial well-being, while successfully planning for the future.  Whether your billing is done in-house or outsourced, here are 3 data analytics you should always have included in your monthly and yearly billing reports. 1. Number of Days in Accounts Receivable (A/R) You...

25 Oct

Posted at 16:44h in Clinical, Financial, Staying Independent by

Everybody needs education, and that may be doubly true when it comes to your pediatric EHR. To put it simply: education is power. Power to do your job more effectively. Power to contribute and make decisions. Power to be able to use the software competently — and by doing so, to provide better patient care.  In other words: no matter how advanced your EHR is, if you’re not engaging in ongoing education, you’re limiting the effectiveness of your system, your people, and your practice as a whole. Why is Training Necessary? Of course, when you first adopt a system, you need training in...

08 Oct

Posted at 20:49h in Clinical, Connectivity, Financial, Patient Engagement by

Operating a pediatric practice that runs on time has always been important. Staying on schedule is essential because it affects everyone's workflows and keeps appointments on track. Happy patients = a happy practice. Here are five tips for fostering an environment where everyone runs on time. 1. Have an Honest Baseline It’s important to be honest and realistic with yourself. Start by measuring your baseline. Look through your data, appointment by appointment. For example, perhaps you’ve been scheduling all ADHD rechecks as 20-minute visits, but you occasionally conduct those appointments and notice patients who are not stable on their medications. This means encounters...

15 Sep

Posted at 14:27h in Clinical, Financial, Patient Engagement by

Have you ever thought to yourself, “Wouldn’t it be cool if parents could self-schedule appointments?” If you’re part of a busy practice, you know how much time a simple feature like this could save. How about the frantic parent who calls the office one minute after opening because they lost the daycare form you gave them last week and little Niko’s first day is tomorrow? Wouldn’t it be great if little Niko’s mom could simply print the form herself rather than coming into the office and picking up a copy? With older EHRs, that might have been mere wishful thinking, but no...

15 Jul

Posted at 01:19h in Clinical, Financial, Patient Engagement, Uncategorized by

Having a fully functional patient portal is necessary for today’s healthcare environment. Parents of young children expect to have the world at their fingertips. This includes being able to access medical records on their phones and tablets. But what are the advantages of a patient portal for pediatric practices? Here are 4 benefits we are already seeing after implementing our new portal. Improved Communications and Documentation A patient portal strengthens relationships between families and providers. Patients’ parents can communicate with your practice when it’s convenient for them, and you can respond when it’s conducive to your schedule. Parents can also update their children’s...

13 Aug

Posted at 06:05h in Financial, Growing Your Practice, RCM + Billing by

When reviewing (or developing) your revenue cycle management plan, don't overlook the first steps: making sure all your providers are appropriately credentialed with all your payers and associated products. Credentialing and Provider Enrollment are more than just arduous tasks of paperwork; without them, claims aren’t paid and revenue suffers. Opportunities to grow your practice and strengthen your revenue depend on a solid credentialing and contracting game plan. Key functions that help your practice receive proper reimbursement from insurers: Payer Product Analysis: Most insurers offer multiple products and these products can change annually, especially Medicare Advantage, Medicaid HMO, and ACA plans. Review your...

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