Navigation Links
The Top 10 Business Mistakes Made By Physician Practices
Date:10/28/2009

DENVER, Oct. 28 /PRNewswire/ -- Many medical practices are struggling. Shifting reimbursements are a significant factor, but many are making basic business mistakes, according to Andrew Graham, MBA, President of Clinic Service Corporation.

Here are the top reasons practices struggle, said Graham.

  1. No business plan. A practice's strategic plan needs to include goals for revenue generation, customer service, performance and operational processes, and innovation measures.
  2. Poor understanding of customer flow. A practice should retain two-thirds of its patients annually. Practice managers need to discover which managed care contracts feed them patients and which doctors send referrals.
  3. Revenue cycle confusion. Doctors are typically reimbursed within 30 days. Based on a predictable flow of payments, practice managers should be able to predict cash flow. It might be time for a revenue analysis.
  4. Performing procedures that are unprofitable. No one is suggesting doctors perform only treatments that pay best. Medicine is first a humanitarian calling. However, it does not make business sense to focus a practice on an unprofitable sector either. Practices need to code patient visits consistent with the level of care provided and consider whether they are wasting time bundling codes.
  5. Unfavorable Payer Contracts. A good place to start this exploration is with a discussion with a practice's billing company.
  6. No marketing plan. Many physicians will spend thousands on phonebook ads, but more savvy doctors understand the Internet can play a big role in their success. Medical marketing firms can be helpful here.
  7. Poor office culture. A healthy workplace culture is critical to a practice's success. Step one is to define the practice's mission and communicate that mission to all staff.
  8. Not hiring help. Doctors today are confronted by fiscal, technological, managerial and communications challenges. Hiring specialists to help is a no-brainer.
  9. No staff training. Doctors are required to "sharpen the saw" frequently. It may be time to apply that education mindset to the physician's staff too.
  10. Poor location. Having a poor location can sink all but the most sought after specialists. Many physicians will say they are hunkered down within their current space. They should reconsider. Changing location could be the spark they need.

Clinic Service Corporation is the largest Colorado-Based medical billing firm. Information available at http://www.clinicservice.com.

SOURCE Clinic Service Corporation


'/>"/>
SOURCE Clinic Service Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Mylan Commences Tender Offers and Consent Solicitations for Its 5.750% Senior Notes Due 2010 and 6.375% Senior Notes Due 2015 in Connection With Its Proposed Acquisition of Mercks Generic Pharmaceutical Business
2. Novo Nordisk Appoints New Leader of North American Business
3. Pioneer Surgical Technology Hires Vice President of New Business Development
4. WeissComm Partners Makes 10 New Hires as It Wins New Accounts and Grows Existing Business
5. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
6. WellPoint and M-Plan Enter Into Endorsement Agreement as M-Plan Announces Exit From the Commercial HMO Business in Indiana
7. Braun Challenges Business School Talent To Create A Buzz
8. Dow Jones Sustainability Index Again Recognizes Abbott for Continued Leadership in Business, Environmental and Social Performance
9. Karen Vigil Named Senior Vice President and Chief Executive Officer, Blue Shield of Californias Individual, Small Group, and Government Business Unit
10. Health and Business Groups Launch Ad Campaign About Need for Comprehensive Smoke-Free Law in Pennsylvania
11. Business Executives Discuss National Health Care Reform at Conference Sponsored by The Century Foundation, with Support from The Commonwealth Fund, and AARP
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... ... February 09, 2016 , ... ZipHearing.com is proud ... affordable hearing aids , increase industry transparency, and promote awareness of hearing ... , “For the average consumer, the hearing aid industry is esoteric and difficult ...
(Date:2/9/2016)... ... 09, 2016 , ... IsoComforter, Inc., one of the Nation’s ... designed, innovative shoulder wrap. The newly designed shoulder wrap has been specifically ... and shoulder to promote faster healing. It is highly recommended for arm or ...
(Date:2/9/2016)... ... February 09, 2016 , ... ... “Ebola: In Praise of Prevention,” an animated video designed to prevent ... French translations of the video are being distributed throughout Togo, Liberia, Sierra Leone, ...
(Date:2/9/2016)... ... 09, 2016 , ... i2i Systems, an early innovator and developer of population ... the latest KLAS report, Population Health Management 2015: How Far Can Your Vendor Take ... health management (PHM). The latest KLAS Report, leveraging over 200 user interviews, shines ...
(Date:2/9/2016)... VA (PRWEB) , ... February 09, 2016 , ... ... Small Mammal Prize has officially been won. A team from 21st Century Medicine ... discovered a way to preserve the delicate neural circuits of an intact rabbit ...
Breaking Medicine News(10 mins):
(Date:2/9/2016)... The leader in accelerated orthodontics, OrthoAccel ® Technologies, ... of the 2015 Townie Choice Award in the accelerated ... that speeds up orthodontic tooth movement by as much ... treatment, AcceleDent was selected by orthodontists from across the ... survey of the most reliable and reputable products in ...
(Date:2/9/2016)... N.J. , Feb. 9, 2016  Johnson & ... RBC Capital Markets Global Healthcare Conference on Tuesday, Feb. ... City.  Dominic Caruso , Vice President, Finance & ... Chairman, Consumer will represent the Company in a session ... www.investor.jnj.com . --> www.investor.jnj.com . --> ...
(Date:2/9/2016)... BETHESDA, Md. , Feb. 9, 2016 /PRNewswire-USNewswire/ ... community for pharmaceutical professionals developing and manufacturing sterile ... Global Sterile Manufacturing Regulatory Guidance Comparison – With ... regulatory guidance documents issued by the U.S. FDA, ... World Health Organization. --> ...
Breaking Medicine Technology: