We all must be familiar with the adage, Health is Wealth; ironically in today’s world this can be taken at face value, more so for the healthcare industry than any individual. If you are a practice manager, practice administrator or stakeholder and have never considered the above concept, then we deeply regret to inform you that for all intents and purposes your practice may already be in the eye of a financial hurricane.
Just like a human body which may harbor latent ailments in any organ system; waiting to be discovered during an annual checkup, your clinical practice may be harbouring dangerous bottom-line reducing agents in any of its manifold departments. Thus, unless you perform an annual checkup of your practice and take stock of the situation, these administrative ailments may very well cripple your practice, forever, financially.
The below is what we, BillingParadise (1-888-571-9069 or email info@billingparadise.com), a medical billing vendor, have been recommending that our clients do. To any clinical practice manager reading this, our advice would be that you may be ignoring the below at your own financial peril.
1. Annually check contracts including those for Payer, Vendor, Equipments, and Real Estate Lease.
2. Check the latest coding guidelines for the following body of codes:
a. ICD & CPT.
b. HCPCS
c. NDC.
3. Staff and physician compensations.
4. Check if your Revenue Cycle Management workflow is functional or if it is time that you start outsourcing it to a dedicated medical billing company.
Au Revoir!!!
