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Looking to boost your practice's revenue? Check out these five strategies that can help independent physician practices thrive financially. From optimizing billing processes to improving patient engagement, these tips can make a significant difference. Learn more here: https://lnkd.in/d9ckurx7 #MedicalPractice #RevenueGrowth #HealthcareInnovation #IndependentPhysicians

One MGMA poll asked physician group leaders how often they audit payer payments versus contracted rates. The responses are: 🔎 Monthly - 26% 🔎 Annually - 25% 🔎 Never - 24% 🔎 Quarterly - 15% 🔎 Semi-annually -10% NEVER? There’s a Never category? The payers for that significant cohort are getting away with robbery. Even Annually is too infrequent. How do we know? A study published in Becker’s Hospital Review found providers lose 1% to 3% of their net revenue annually due to commercial payer underpayments. In our experience with clients, we find provider groups are typically losing up to 5% of net revenue to payer underpayments. In one example, we found $10 million in underpayments for a 120-physician orthopedics group with 30 locations. You bet that made a difference in their physician compensation and growth goals. Unfortunately, right now we find many practices too overwhelmed with revenue cycle duties during a staffing shortage to pursue underpayments. When automation steps in, underpayment recovery rolls out with little work required from staff. With MD Clarity’s RevFind, you can improve net revenue by automatically detecting payer underpayments and alerting staff to discrepancies. Pursuing underpayments can result in millions of dollars in cash recovered and improved margins. 🤖Your revenue is waiting…send automation to bring it home! #revenuecyclemanagement #underpayments #rcm

Outsourcing Patient Collection Services Can Increase Practice Stability 🩺💰 The healthcare industry is becoming more challenging for independent medical practices and smooth, timely patient collections is key to financial stability. https://hubs.la/Q02Dzsvs0 #medicalbillingservices #billingexperts #practicemanagement #patientcollections #RCM

Attention private physician practices: if you're concerned about being bought out by private equity firms, there are steps you can take to protect your independence and profitability. One key strategy is to cut waste by preventing lost revenue from empty appointment slots. As a physician, you know that missed appointments are a common and frustrating problem. Patients may forget, cancel at the last minute, or simply not show up, leaving your staff with empty slots that could have been filled by other patients. Not only does this result in lost revenue for your practice, but it also wastes valuable time and resources that could be used for other tasks. To prevent lost revenue from empty appointment slots, consider implementing a few simple strategies: 👉🏼 Send appointment reminders: Whether by phone, email, or text, remind patients of their upcoming appointments a day or two in advance. This can help reduce no-shows and give you time to fill empty slots if needed. 👉🏼 Use a waitlist: If you have a lot of demand for your services, consider creating a waitlist for patients who want to schedule appointments but can't get in right away. This can help you fill open slots quickly and reduce the amount of time you have empty slots (OpenSpot works with any EMR and allows you to text patients off your waitlist to fill spots!) 👉🏼 Offer telemedicine appointments: If appropriate for your specialty and patients, consider offering telemedicine appointments. This can help you see more patients in less time and reduce the number of empty slots in your schedule. By taking these steps to prevent lost revenue from empty appointment slots, you can improve your practice's profitability and make it easy to stay in practice rather than selling to PE!! #practicemanagement #physicians #privateequity

Conversion factor update: The 2024 Physician Fee Schedule conversion factor has changed from a 3.37% uptick to 1.68% for the remainder of the fiscal year. Read more here: https://lnkd.in/ghai_3js #cms #conversionfactor

As healthcare moves towards cash-based payment models, the shift in healthcare delivery can mean simpler billing and stronger doctor-patient relationships. BUT there are risks healthcare professionals should understand and implement for alternative payment systems safely and legally. Want to learn more about this growing trend? Check out this article from Becker's Hospital Review: https://lnkd.in/gbPFkEmJ #WellnessLaw #MedicalPractice #HealthcareInnovation #MedEd #HealthcareProfessional

Attention private physician practices: if you're concerned about being bought out by private equity firms, there are steps you can take to protect your independence and profitability. One key strategy is to cut waste by preventing lost revenue from empty appointment slots. As a physician, you know that missed appointments are a common and frustrating problem. Patients may forget, cancel at the last minute, or simply not show up, leaving your staff with empty slots that could have been filled by other patients. Not only does this result in lost revenue for your practice, but it also wastes valuable time and resources that could be used for other tasks. To prevent lost revenue from empty appointment slots, consider implementing a few simple strategies: 👉🏼 Send appointment reminders: Whether by phone, email, or text, remind patients of their upcoming appointments a day or two in advance. This can help reduce no-shows and give you time to fill empty slots if needed. 👉🏼 Use a waitlist: If you have a lot of demand for your services, consider creating a waitlist for patients who want to schedule appointments but can't get in right away. This can help you fill open slots quickly and reduce the amount of time you have empty slots (OpenSpot works with any EMR and allows you to text patients off your waitlist to fill spots!) 👉🏼 Offer telemedicine appointments: If appropriate for your specialty and patients, consider offering telemedicine appointments. This can help you see more patients in less time and reduce the number of empty slots in your schedule. By taking these steps to prevent lost revenue from empty appointment slots, you can improve your practice's profitability and make it easy to stay in practice rather than selling to PE!! #practicemanagement #physicians #privateequity

Attention private physician practices: if you're concerned about being bought out by private equity firms, there are steps you can take to protect your independence and profitability. One key strategy is to cut waste by preventing lost revenue from empty appointment slots. As a physician, you know that missed appointments are a common and frustrating problem. Patients may forget, cancel at the last minute, or simply not show up, leaving your staff with empty slots that could have been filled by other patients. Not only does this result in lost revenue for your practice, but it also wastes valuable time and resources that could be used for other tasks. To prevent lost revenue from empty appointment slots, consider implementing a few simple strategies: 👉🏼 Send appointment reminders: Whether by phone, email, or text, remind patients of their upcoming appointments a day or two in advance. This can help reduce no-shows and give you time to fill empty slots if needed. 👉🏼 Use a waitlist: If you have a lot of demand for your services, consider creating a waitlist for patients who want to schedule appointments but can't get in right away. This can help you fill open slots quickly and reduce the amount of time you have empty slots (OpenSpot works with any EMR and allows you to text patients off your waitlist to fill spots!) 👉🏼 Offer telemedicine appointments: If appropriate for your specialty and patients, consider offering telemedicine appointments. This can help you see more patients in less time and reduce the number of empty slots in your schedule. By taking these steps to prevent lost revenue from empty appointment slots, you can improve your practice's profitability and make it easy to stay in practice rather than selling to PE!! #practicemanagement #physicians #privateequity

Nearly 40% of patients delay medical payments due to rising costs, which can understandably strain both individuals and practices alike. Executing point-of-service collections offers a proactive solution that can secure more upfront payments while ensuring continued quality care. Read our latest blog for essential information on this process and how you can implement it smoothly in your own practice. #RCM #RevenueCycle #RevenueCycleManagement #MedicalBilling

The following article published by Becker's Healthcare features insights from VMG Health experts on physician practice transaction trends in 2024. Discover how operational challenges are driving consolidation and how PE dry powder is fueling investment. Read the full article, "Physician Practice Transactions in 2024: Navigating Headwinds and Tailwinds" here: https://lnkd.in/gArCqy4v This article was written by Isabella Rosman and Timothy Spadaro, CFA, CPA, ABV and published by Becker's Hospital Review in collaboration with VMG Health. #healthcare #physicianpractices #transactiontrends