Medical Practice Management Blog Posts

Dependable healthcare providers are increasingly difficult to find, so once you have hired, trained and on-boarded an employee, you need to do everything you can to retain them for the long term. Every time you have to hire a new nurse or medical professional, it costs your facility money; recent research suggests locating, screening and hiring a single nurse can cost your facility over $14,000. A physician or specialist is even more costly to replace; if you lose one of your doctors and you'll need to fork over a hefty $58,000 in recruitment, screening, onboarding and credentialing costs to replace them. Since the replacement process is so incredibly costly, it pays to retain your best employees as long as you can. 

For many medical practices, office expenses are on the rise, regulatory demands have increased, and reimbursement from insurance companies may be declining. When your overhead continues to rise but your revenue per patient is staying flat, you may be tempted to see even more patients or perform more procedures. Unfortunately, this usually doesn’t work. You end working hard and faster, something that increasingly leads to dermatologist burnout. Instead of working harder, the key is to work smarter and increase efficiency. If your practice revenue has flatlined, the following four medical practice management strategies can help you reduce expenses and increase your revenue. 

Tax season is here again and even for those who file quarterly for business expenses and liabilities, there are still plenty of changes afoot that have likely already impacted your personal and family taxes and deductions and those of your employees, vendors and other associates.

While there was much uncertainty amid efforts to reform some of the more troublesome regulations and reduce their impacts on patient and provider alike, some good news has finally emerged.  The AMA and their various partners among many states have worked to reach consensus among the various industry advocacy groups and organizations among a number of areas needing reform: drug prices, improved EHR usability, insurance abuse and other critical issues. Overall, over 85 victories were won in areas as diverse as reducing gun violence, securing a greater degree of regulatory relief and improving physician reimbursement, according to AMA President, Barbara L. McAneny, MD. 

Why do an annual risk assessment?

Smart clinicians make the time – ideally at the beginning of the year – to conduct a risk assessment of PHI sharing procedures, records management and cyber safety issues. Review the latest changes in governmental and payer regulations and requirements, with the help of your IT team as well as a legal adviser familiar with healthcare billing and reimbursement, to ensure that your practice is compliant with all guidelines.