While the recent changes with the Patient Protection and Affordable Care Act (PPACA), known simply as the Healthcare Reform Act, doesn’t directly address reimbursement issues. may be necessary, they're making it difficult for small clinics to turn a profit. Fortunately, some providers are finding ways to increase practice revenue without having to see more patients. Taking on more patients can certainly lead to more revenue, but it also decreases the amount of attention the doctor can can dedicate to each person. However, concentrating more on preventive benefits both the patient and the clinic.
1. Preventive Care for Increased Revenue
It would be immoral to introduce patients to medicine and treatments simply for the increased revenue. However, preventive treatment is beneficial to the patient, because it may decrease the frequency with which they have to visit the clinic. Preventive care can also detects more serious conditions before they become so severe.
2. Dispensing Preventive Medicines
When properly implemented, this plan can increase a clinic's revenue from a small loss to a small gain. These are all products that benefit the patients and using them allows the patient to treat some ailments from home while bringing more revenue to the clinic. Biofreeze is one such product that can be sold for twice the purchase price and distributed to patients with a variety of pain issues. There is a roll-on, spray and gel form of the products so it meets the needs of far more people. The Biofreeze also relieves pain in the patients so they may not need to visit the clinic so frequently.
Read More: Improve Medical Claims Reimbursement Rates
3. Other Preventive Products for Clinics
- Dr. Jill's Gel Pads- These pads are designed to address structural issues in the feet. Plantar fasciitis, hammertoe, bursitis and a number of other issues can be treated by these pads.
- Wound Care DME Products- These products are ideal for patients with wounds and they too can increase your revenue.
4. Giving Ultrasounds
Ultrasounds are excellent ways to increase revenue, because the clinic can bill the insurance company, but the initial cost can be between $10,000 and $12,000. However, an ultrasound can detect soft tissue injuries better than an X-ray and there less expensive than an MRI. The clinic can even charge an additional fee for the CPT 76942 + J Code injectable steroid. The injection allows the doctor to target the specific problem area. The only drawback of installing an ultrasound is the time it takes to learn to use the equipment. However, this is a good investment to make a clinic more profitable. The ultrasound also lets the doctor give a more accurate diagnosis to determine the true source of the patient's angst. Small clinics should also consider offering In office vascular testing. This also increases revenue while also offering benefiting the patients. In office neurologic testing has the same benefits. Unfortunately, the use of neurologic testing is regulated differently by each state so some clinics don't have the freedom to offer this option.
5. Collect the Co-Payment at Front Desk
Before seeing patients that have major insurance coverage, try to collect the co-pay. Even before they see the triage nurse, the staff at the front desk should request the co-payment. Over the course of a week, a clinic can loose hundreds of dollars by not collecting co-pay. This can become thousands over the course of a year, turning a profit into a loss. Patients no longer feel obligated to make the payment after they've been seen, so train the front office staff to ask for the co-pay.
It may seem as though a room full of new equipment is the answer to making a clinic profitable, but there are a few drawbacks. It takes a lot of time and effort to train the staff to use the new equipment, which is an unseen cost. Fortunately, equipment can be leased for which saves money initially, but costs more in the long run.
We can help your practice or organization navigate through the maze of health reform’s changes to ensure that your practice is fully compliant, resulting in improved reimbursement rates. As a leader in the medical billing services industry, M-Scribe has helped practices of all sizes stay compliant and increase practice revenue. Contact us at 770-666-0470 or email email@example.com for a free evaluation of your medical practice.