A group specializing in providing training for medical professionals has published a report that offers strategies on improving the profitability of struggling clinics across the country.
A panel of experts from the National Society of Certified Healthcare Business Consultants (NSCHBC) has published a new report detailing strategies on how small practices can improve their profitability in 2021.
More information is available at https://nschbc.org/resources/Documents/news/NSCHBC%20-%205%20Things/NSCHBC%20-%205%20Things.pdf
With the release, the organization aims to provide clinics all over the country with strategies that they can implement immediately to improve their revenue both in the short-term and long-term, as well as stay on the cutting edge of medical advancements.
While a number of practices became profitable during the pandemic, many have struggled, the organization said. It found that these financial difficulties stem from a combination of factors, including outdated revenue cycle practices and the suspension of elective surgeries and procedures as a result of the crisis.
In response, the group’s panel of experts came up with five recommendations that cover various aspects of the industry. One of those is the revenue cycle management, which the panel describes as something that needs to be pushed to the next level.
A panel member said that there is a surprising amount of accounts receivable in the industry that no one is going after. The solution is adopting a “21st-century revenue cycle process” that will allow practices to immediately charge the amount they are owed, instead of losing a portion of their revenue from employing collection agencies.
Another recommendation is improving one’s patient recall system, which the report describes as a “low-hanging fruit” available for all specialties. This can be done by determining the patients that should be returning for treatments and then contacting them for an appointment.
Moreover, the report stresses the need to embrace telemedicine as the technology presents opportunities for both patients and clinics. For medical practitioners, telemedicine offers a way to quickly generate revenue without the need to hire more personnel.
It added that this is especially true for both primary care providers and specialists as specialty services, such as cardiology, internal medicine, and endocrinology, among others, can all be done remotely, which means that fees can still be collected.
According to the NSCHBC, their overall message is to remain agile. “Pay attention to what’s happening tomorrow, not just today, and position your practice to be ready,” they stated in the report.
Further details about the organization can be found at https://nschbc.org while the entire report can be accessed using the link above.