In an ideal world all we would have to think about is good medicine, but in the real world with the current healthcare system, keeping an eye on the bottom line is part of our job. When is the last time you sat down and studied coding and billing like you study a disease state or new treatment?
Follow these simple tips below to save money and increase revenue for your practice:
- Participate in Medicare and Medicaid CMS program PQRS (physician quality report system) incentive payment program: The Centers for Medicare and Medical Services (CMS) allows providers to report three-to-five quality measures from a list of nearly 200. If you report these measures, your practice is eligible for a 1% incentive payment.
- Knowing how to code: By far the least interesting and maybe most confusing aspect of modern medicine. If you don’t know how to properly code and bill for your services the only group you’re giving a deal to are the insurance companies!
- Taking the next steps: The next steps in the process include knowing how your office bills for services, accounts for checks received, handles rejections or bundling and deals with outstanding patient balances.
This topic is ever evolving and needs to be on your radar regularly.