29 Mar Ensuring Your Medical Practice Goals Are in Sync with Your Medical Billing Goals
For a medical practice to thrive it needs two primary components: doctors who are knowledgeable, well trained, and skilled along with an organized billing and coding system that ensures payments are processed properly on all ends. Insufficient billing and coding practices can undermine a medical practice, putting undue stress and strain on those professionals who are charged with offering quality healthcare.
The Primary Problem
Of course, providing healthcare to patients and making sure that the fiscal aspect of a practice is running smoothly involves very different skills. Medical billing and coding is a complicated and challenging area, and doctors don’t have the time or training to deal with it.
However, if healthcare practitioners focus on efficiency and quality in terms of the delivery of healthcare services and allow those trained and experienced in the area of medical billing and coding to attend to that area, the result can be a practice that is coordinated in both sectors.
For many healthcare professionals, the best choice is to outsource their medical billing and coding to a company that specializes in this area and is compensated for productivity. Doing so allows doctors to do what they are trained to do: provide services devoted to the wellbeing of the patients that they serve.
It’s essential that medical practitioners set goals for their practice in terms of services and medical billing, and that both are properly aligned. Doing so allows healthcare professionals to remain competitive and helps to underpin the growth of a practice. Here are four steps that healthcare providers can take that will enable them to interlace the goals of their practice with their fiscal objectives.
Defining Specific Goals
Ask yourself and define your practice’s goals concerning the care of and service to patients. What principles, standards, and services make up the foundation of your healthcare group? Having a clear focus regarding these elements will allow you to utilize your resources, energy, and time effectively, and this can, in return, enhance revenues.
It’s important to carefully define these goals and that involves writing them down and refining them. As an example, a primary goal may be to “deliver general healthcare services to a diverse population in a manner that enriches their quality of life and maintains a high level of wellness while increasing practice revenues through refined delivery methods and an efficient and accurate medical billing system.”
You practice’s goals must be clearly communicated to everyone involved in the practice, including your medical billing and coding staff. If objectives are not communicated, then that results in a staff that is blindly working throughout the day with little to no direction and no way of measuring their level of success. Whether your billing and coding system is in-house our external, clear communication with this group is very important. You can’t expect those in charge of the fiscal side of your practice to excel and meet or exceed goals if they have no idea what those goals are, or if they are generally and vaguely stated.
Bridging the Gap with Training and Monitoring
Along with communicating your goals to those charged with your medical billing and coding, you’ll want to make sure that you are able to bridge the gap between basic understanding and practical application through training. Also, it’s important to monitor those who are working in the financial aspect of your practice through ongoing interactions and communications. This will help improve efficiency and productivity.
In order to be competitive, your medical practice, including those providing you with billing and coding services, must stay current on any and all laws, regulations, and guidelines regarding HIPPA, HITECH, HER, and RAC. Changes in the law, new regulations, and revised guidelines can affect how you deliver services as well as payment procedures.
Billing and Coding Services
If you’re able to coordinate the various goals of your medical practice in a manner that relates the delivery of healthcare services with fiscal goals, you’ll be able to create a thriving medical practice.
Medical Practice Management Resources possesses the expertise, experience, and personnel to help make your goals a reality. Contact us today at (951) 757-2056 for a free consultation.