subject: Working Smarter in Your Medical Practice: Tips for Reducing Overhead and Increasing Revenue [print this page] Today it's more challenging than ever to run a profitable medical practice reimbursements are decreasing while overhead is increasing, insurance companies are becoming increasingly difficult to deal with, and yet doctors are working harder than ever. With little that can be done to change the system, the best solution for medical practices is to adapt.
In leveraging current technology to automate as many time-consuming and repetitive tasks in the practice as possible, doctors can lighten the average 60% monthly overhead and enjoy increased revenue, reduced stress, and more free time. Solutions like EHR software and outsourced billing can help physicians reduce expenses from labor, transcription costs, paper, and supplies as well as the time, money, and square footage of office space lost due to paper charts.
By implementing a quality EHR and practice management system, like award-winning eClinicalWorks EMR software, doctors can streamline front and back office administrative functions as well as save time and money otherwise consumed by charting. eClinicalWorks allows staff to manage appointments, look up patient information electronically, manage medical records, generate bills and statements, and scan information and charts. eClinicalWorks is also a CCHIT 2011 certified EHR system and with support for program users, the application can meet the requirements for "Meaningful Use" incentives. As managing appointments, charts, and patient records in a paper filing system requires an enormous amount of money, handling office functions electronically saves time and overhead costs.
Another way physicians can save money on overhead is by outsourcing billing to a medical billing service. With electronic medical billing services California practices can enjoy increased accuracy and complete management of the entire collections process while maintaining visibility and control over their billing. Billing experts utilize coding technologies to reduce errors, re-bill, and handle all patient correspondences and unlike a traditional hardcopy billing service, billing records, statements, and information managed by the company are always available for the physician's review.
In addition to handling the entire collections and patient correspondence process from posting payments to sending collection letters to re-billing insurance companies if claims go unpaid Primary Care EMR, gastroenterology EMR, and medical billing company Physician's Trust reviews all charges at inception and audits coding quarterly to ensure maximum revenue for the practice. This eliminates the labor, time, and square footage of practice space required by in-house billing and affords physicians a 97% success rate of claims paid the first time.
Being a financially successful practice may be a challenge, but by leveraging technology to simplify the office functions physicians can avoid many of the most financially draining problems they face. By using the latest approved EHR solutions and services such as outsourced billing, physicians can significantly reduce overhead increasing profits and making working in the medical field as satisfying as it should be.
Working Smarter in Your Medical Practice: Tips for Reducing Overhead and Increasing Revenue
