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:8/21/2017)... ... August 22, 2017 , ... The ... as a 2017-2018 inductee into its VIP Woman of the Year Circle. She ... nation’s leading networking organization exclusively for professional women, boasting more than 850,000 members, ...
(Date:8/21/2017)... MINNEAPOLIS, MINN (PRWEB) , ... August 21, 2017 ... ... Sports Group, today announced that it has become the Official Technology Partner of ... their AES (Advanced Event Systems) volleyball software, along with providing sport ...
(Date:8/21/2017)... ... August 21, 2017 , ... Duncan ... program serving the people of Michigan. The new initiative fundraises for the Kalamazoo ... the very forefront of animal protection and welfare by addressing the root causes ...
(Date:8/21/2017)... ... ... The American Hospital Association (AHA) has elected Claire Zangerle, Chief Nurse Executive ... of Trustees for a three-year term beginning January 1, 2018. , The ... are committed to the improvement of health in their communities. Founded in 1898, the ...
(Date:8/21/2017)... ... ... The Industrial Designers Society of America (IDSA) hosted the ... Aug. 19, 2017 in Atlanta, GA—revealing which 25 designs won Gold and which 52 ... See all the winners at http://www.idsa.org/awards/idea/gallery . , “I hope you’re as excited ...
Breaking Medicine News(10 mins):
(Date:8/15/2017)... , Aug. 15, 2017 Diplomat Pharmacy, ... to Michigan residents. ... Flint retail pharmacy, G-3320 Beecher Road. ... by the Food and Drug Administration, is intended to ... drowsiness, slowed breathing, and loss of consciousness. The medication ...
(Date:8/11/2017)... CAESAREA, Israel , Aug. 11, 2017 ... company with mobile health and big data solutions, today ... results on Monday, August 14 and host a conference ... second quarter 2017 operating and financial results and its ... call will be hosted by Erez Raphael , ...
(Date:8/7/2017)... Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), ... Board of Directors has approved the payment of a quarterly ... The cash dividend of ... 27, 2017 to stockholders of record as of the close ... are subject to approval of the Board of Directors and ...
Breaking Medicine Technology: