Big data, artificial intelligence, machine learning, deep learning, data lakes-these are the darlings of today’s healthcare. From improving collection to identifying high-risk patients, the delivery prospects of these technologies are so great that it is estimated that more than 70% of healthcare executives will invest in these areas in the next three years. Regardless of the size of the doctor’s practice or the intention to invest in new technologies, the real wealth of doctors lies in their practice management system. Here are five things doctors can use to improve their business using only the practice management data they already have.
Attract and retain talent through a reliable compensation plan
Money is the lifeblood of independent practice. Therefore, it is important to understand how reducing accounts receivable by one day affects cash flow, how the ageing of accounts receivable affects the ability to charge doctors for work, and how small changes in billing processes can bring huge benefits to the cost of processing claims. These revenue cycle process improvements can provide the free cash needed to invest in compensation plans to ensure that independent doctors can compete for scarce talent.
Make better use of the provider’s time and office resources
Some exercises are too busy, and there seems to be no need to worry about loopholes in the schedule. However, if doctors complete the complete schedule by repeating appointments and overlapping appointments, they will put poor schedules on long waiting times and busy front desk procedures. A simple analysis of no-shows and cancellations can reveal patterns that may not be immediately obvious. Maybe doctors account for 40% of office absences. Perhaps the last-minute cancellation on Friday morning will be particularly burdensome. Avoiding absences, last-minute cancellations, and rescheduling can be as simple as providing patients with a written policy or adjusting messaging at the time of scheduling. For example: “Please understand that the doctor’s schedule is very busy and it is difficult to make up for missed appointments. If you need to reschedule, please be sure to notify us at least 48 hours in advance.”
Expand to new location
Whether expanding or transferring your current practice, there are obviously many factors to consider. The main consequence question that doctors should ask themselves is “How will this affect my current patients?” This may seem trivial, but the reality is that drawing addresses on a map is an important exercise for keeping patients. From the city to the zip code all the way to the roof, knowing the location of a certain location relative to the location of the patient in the clinic is something that must be done, and it can be achieved with basic tools such as Excel.
Maximize collection
The practice of doctors strives to provide the best patient experience and results. Practice must ensure that it collects everything it deserves for these efforts. If the doctor does not check their net collection rate, then they are really not sure—basically, the collection amount minus adjustments, bad debts, and write-offs. This key indicator is usually used in conjunction with the number of days in the accounts receivable. For example, you can see that the days of AR look very strong, but checking the net collection rate may reveal that this is achieved through write-offs rather than collections. The strong net collection rate is approximately 95%. However, most practices will be in the range of 75%-85%, which means that approximately 20% of claims are touched more than once.
Measure supplier productivity
There is no doubt that this is a controversial topic. But love them or hate them, the relative value unit of work is the main content of productivity, and is closely related to program reimbursement. Although it may not be perfect, wRVU is superior to other productivity indicators, such as the number of patients visited or the volume of collection per patient. They recognize efficiency and complexity, and at the same time encourage proper documentation to ensure that the coding is at the proper level. Appropriate and regular reviews of wRVU while considering other provider responsibilities (such as teaching obligations or administrative work) can help ensure proper and fair compensation for providers in your facility.
There are many exciting things about the advancement of data technology. Artificial intelligence, machine learning and similar advancements are progressing every day, and investment is also increasing. However, when getting excited about what will happen next, it is important to properly respect the data available in the system that already exists in the doctor’s practice. With the right tools, it is possible for doctors to use what they currently have to improve their business.
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