Pearls to Improve Medical Practice Management in 2018

Pearls to Improve Medical Practice Management in 2018 Summary:A systematic approach to planning, implementation, monitoring, improvement is necessary for successful medical practice management.

and

In today’s scenario of increased competition, more regulations, administrative burdens, and consumerism, physicians need to blend business intelligence with medical expertise in order to run a profitable organization. Outsourcing medical transcription can save resources and free up more time for patient care. However, as in any kind of business, a

Pearls to Improve Medical Practice Management in 2018 systematic

approach

to planning, implementation,

monitoring,and

improvement

is

necessary for successful medical practice management. Here are some expert tips to elevate your practice in 2018.

•

Assessment: Whether your practice is new or established, it is important to perform a comprehensive, unbiased assessment of its operations from time to time. A practice assessment can help catch problems early and help you take steps necessary to improve operations. Assessment should involve evaluation of the marketplace, financial metrics, and workflows including comparison against industry benchmarks. Practice assessment will provide a proper view of the internal and external factors affecting its operations, which will help make the necessary improvements.

•

Planning: Strategic planning is necessary to address a practice’s strengths,

A systematic approach to planning, implementation, monitoring, andInternal improvement is necessary for and external factors impact practice operations. factors include retirement, disability or death of a physician or staff member, unproductive successful medicalemployee practiceattrition, management . weaknesses, opportunities and threats (known as a SWOT analysis). Both internal

workers and marketing concerns, while the external aspects include reimbursement rates, government regulations, changing demographics, competition and mergers.

Planning will help decide what needs to be done in the short-term and long-term to move the practice forward. As the value-based care model gains importance, it is important to focus on putting patients first.

•

Improve front office efficiency: Successful medical practices have efficient front desks. There are many strategies to improve front office operations. These include patient

pre-registration

and

appointment

scheduling,

outsourcing

insurance

verification and preauthorization to experts, setting up an online patient portal,

www.medicaltranscriptionservicecompany.com

MTS Transcription Services United States

(800) 670 2809

In today’s scenario of increased competition, more regulations, administrative burdens, and consumerism, physicians need to blend business intelligence with medical expertise in order to run a profitable organization. Outsourcing medical transcription can save resources and free up more time for patient care. However, as in any kind of business, a systematic approach to planning, implementation, monitoring, and improvement is necessary for successful medical practice management. Here are some expert tips to elevate your practice in 2018.

•

Assessment: Whether your practice is new or established, it is important to perform a comprehensive, unbiased assessment of its operations from time to time. A practice assessment can help catch problems early and help you take steps necessary to improve operations. Assessment should involve evaluation of the marketplace, financial metrics, and workflows including comparison against industry benchmarks. Practice assessment will provide a proper view of the internal and external factors affecting its operations, which will help make the necessary improvements.

•

Planning: Strategic planning is necessary to address a practice’s strengths, weaknesses, opportunities and threats (known as a SWOT analysis). Both internal and external factors impact practice operations. Internal factors include retirement, disability or death of a physician or staff member, employee attrition, unproductive workers and marketing concerns, while the external aspects include reimbursement rates, government regulations, changing demographics, competition and mergers.

Planning will help decide what needs to be done in the short-term and long-term to move the practice forward. As the value-based care model gains importance, it is important to focus on putting patients first.

•

Improve front office efficiency: Successful medical practices have efficient front desks. There are many strategies to improve front office operations. These include patient

pre-registration

and

appointment

scheduling,

outsourcing

insurance

verification and preauthorization to experts, setting up an online patient portal, automating the prescription refill process, and so on. An efficient front office can save time, improve patient satisfaction, and enhance workflow.

www.medicaltranscriptionservicecompany.com

(800) 670 2809

•

Focus on building successful teams: Teamwork can make or break your practice.

Effective teams have a proper understanding of their own goals and roles as well as those of other teams. According to a research study published in Family Practice Management, functional work relationships play a key role in a practice’s success. In a medical office, the team should collaborate to achieve the common goal of providing the best patient care. A module in the American Medical Association’s GME Competency Education Program (GCEP) defines interprofessional teams as “when multiple health workers from different professional backgrounds work together with patients, families, and communities to deliver highest quality of care.” Effective communication across the interprofessional teams is critical to their success.

Effective communication could include daily team huddles and ensuring all team members are on the same page on goals to be achieved.

•

Resolve concerns that interfere with IT adoption: The American Medical Association (AMA) recently reported on their survey which found that many physicians have concerns about the efficacy and evidence base of the new digital health solutions.

The research showed that they are also anxious about IT's impact on payment, liability and quality of care. Physicians seeking options that will give them back more face-to-face time with patients.

•

Outsource medical billing: A medical billing company can handle your entire revenue cycle -- from patient demographics and scheduling appointments, to medical coding and billing, claim submission, payment collection and financial reports. Experienced providers can work on any type of medical office software and provide solutions that integrate with your electronic health record (EHR) system to ensure smooth flow of information

from

one

system

to

another,

leading

to

greater

clinical

and

administrative efficiency. A reliable medical billing company can ensure efficient revenue

cycle management processes

which

are

crucial

for

your practice's

financial health and sustainability.

•

Partner with a management service organization (MSO): MSOs are professional physician

practice

management

companies

that

provide

non-clinical

practice

management services for medical practices. MSOs typically take care of most of the business and non-clinical functions of practice, while physicians manage all aspects of patient care and clinical decision-making.

www.medicaltranscriptionservicecompany.com

(800) 670 2809

Improving EHR usability is necessary. Studies have revealed the EHRs are a major contributing factor in physician burnout. EHR usability issues include disruption in productivity, communication, and work flow. Having policies and procedures in place to manage administrative tasks will help reduce the clerical work a physician does, and free up their time. Improving EHR usability can improve practice management, physician wellbeing, and patient care. Medical transcription outsourcing is a viable option to manage EHR documentation challenges, reduce provider burnout, and increase physicians’ face-to-face time with patients.

www.medicaltranscriptionservicecompany.com

(800) 670 2809