Is your small practice struggling to stay afloat amid this crisis? This new report can help you improve your profitability with recommendations that you can start applying immediately.
Is your clinic one of the many who struggled in 2020 due to the pandemic? This new profitability guide can help turn things around for you this year.
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.
Go to https://nschbc.org/resources/Documents/news/NSCHBC%20-%205%20Things/NSCHBC%20-%205%20Things.pdf for more details.
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 It found that these financial difficulties stem from a combination of factors, including outdated revenue cycle practices and the suspension of elective surgeries and procedures as a result of the crisis.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.
Make 2021 a profitable year. Download this report now and start applying strategies from a distinguished list of healthcare experts!
You can find out more at https://nschbc.org or the URL above!
