Give Your Practice a Check Up! 7 Easy Benchmarks to Apply.
I can smugly say I have gotten all my check ups out of the way, the well woman, the dentist, the mammo, the eye appointment. What about you? But wait–what about the business? Doesn’t your practice deserve a check up?
First: remember the PookieMD rule of business: you can’t see patients if you can’t keep the doors open!
Here are bench marks to apply to your practice. Go ahead and see how your practice does! (Don’t worry, it won’t hurt a bit!)
- Your schedule is full. Yes, it should be. If it’s not, you MUST fill it. Have your receptionist call and remind people of their appointments, and consider a fee if patients miss their appointments.
- Your front desk collects 100% of co-pays. Yup, ya’ gotta do it. I know two internal medicine offices that are closing because they can’t meet ends meet. Will you be next?
- Your billing company is a bull dog. Insurance companies are taking even longer to pay claims, and making doctors fight harder for what is owed to them. Hire the best and you won’t look back.
- You have a budget for the next year, and have a cash flow budget. What the heck is that, you ask? If you have to ask, you need it more. Read a book, attend a webinar, get savvy! Now, more than ever, primary care needs to know how the business of medicine is conducted.
- You code appropriately. Note, I said appropriately! Get an audit of your coding, and get paid for the work you do. You deserve it.
- Your staff naturally looks for bargains, and you shop for supplies at the big ware houses, you turn down heat at night, and turn off all the electric appliances. (See previous post on the TightMD Gazette.)
- You know who your best and worst payors are. You can up the ante and drop low paying payors in certain circumstances. If we primary care docs are as busy as we say we are, we should be able to pick and chose some payors. Check it out before you say it is not possible.
Now, score your practice: for each item that you (honestly!) could say your practice met the bench mark on, give yourself a point.
Score:
6-7: What are you reading this for? Go write your own post on managing a medical practice.
4-5: Time for some work. Your practice can move up the scale towards financial security with some attention.
2-3: Your practice is in the ICU. Call in the experts or call for bankruptcy. Seriously, get help.
0-1. CODE BLUE! Get help now before you lose your livelihood and everything you have worked so hard for!
Okay, you’ve made it through. At least I didn’t recommend the colonoscopy! Let me know how you scored, and what you will do to go further down the road of financial health.
Tags: billing, doctors, family practice, internal medicine, Medical Check up, revenues, save money
