4 Practice Management Steps to Increase Your Revenue Cycle

There is nothing more annoying than someone telling me the blatantly obvious things I already know. Yet sometimes the obvious things are the things that we often overlook the most frequently. So, if you were to look at any good sports organization or coaching strategy they focus on maintaining and drilling the fundamentals of the sport to ensure that all of the players are up to speed and that they never forget where their base lies. This basic principal can be applied to other avenues of life and business the same way. By focusing on the basics you ensure that all of the other objectives that need to be met are already reinforced by a solid base, thus ensuring that all players at each level are able to perform and execute his/her responsibilities seamlessly and without hesitation to achieve the desired result or to make a play.

After reading the above passage you are probably wondering what does that have to do with my medical practice right? Well I’ll tell you and explain the direct correlation to the passage above. With any business, and as we know a medical practice at the end of the day is a business after all, you have a base, and standard that you started with and want to continue to build upon.  Granted you are not coaching a sports team but you are leading patients and your staff. The correlation to a sports team and your practice is simply this, you are trying to orchestrate the performance of the individuals that collectively make up your staff and you want them to achieve a common goal that will ultimately lead you to success.

Establishing Goals

With anything in life we have to set goals and benchmarks that we wish to achieve our ultimate goal of success. So I would like to pose a question to you, what are the goals of your medical practice?
When faced with the above question, often providers will respond with “well that’s obvious” or “isn’t that pretty evident what we want to achieve”. But when asked to clarify or specify verbalize the actual goals they have for their practice they have trouble clearly stating those goals. The question I have is why? It should be obvious, but its truly not. Which takes us back to the fundamentals of running a successful team, organization, or medical practice. So it is safe to say that when starting out one must clearly specify their goals and objectives also known as a “mission statement” and it should take a considerable amount of effort to layout the mission of your business. Now lets discuss how you as the provider can build from the bottom up and improve your revenue in your practice by using some simple steps.

1st Step to Increasing Your Revenue

Write a clear concise statement that outlines the goals and objectives that your practice is trying to achieve. 

2nd Step to Increasing Your Revenue

Be sure to effectively communicate the goals you have set forth for your medical practice.  Work closely with your employees to ensure that they are developing sub-objectives to the primary objectives that will most effectively support the goals you have for the practice. You should be reviewing the sub-objectives to ascertain that they are truly supportive of your goals for your practice.

3rd Step to Increasing Your Revenue

Keep a close eye and monitor the gap in performance, understanding and training. It is virtually essential that an ongoing program be implemented to monitor the performance of the staff members to ensure that all of the goals and objectives are fully understood and that they are all putting their best foot forward to attain success and patient satisfaction. It is imperative that an evaluation system be established to show growth in performance, this ensures that all of the staff is actively working toward the goals established in the “mission statement”. Such management review might indicate that additional staff training may be required to effectively meet their sub objectives.

4th Step to Increasing Your Revenue

Periodically update the goals and objectives as they may be required by changing circumstances. Some examples of changing circumstances are implementation of a new EMR/EHR system, or practice management system, transitioning from ICD-9 to ICD-10 coding, and conforming to new HIPAA and HITECH guidelines under the new health reform. It is imperative that management is effective and demands that the objectives and sub-objectives of your practice are updated to refelect the changes and keep the staff in line with the mission and vision of the practice.

Here at Triple E Medical Solutions LLC we offer the solutions that are needed to get your practice on track to increasing your revenue and developing a lasting brand that will give you the comfort you deserve. Let the Evolving Efficient Experts in Healthcare give you real time solutions to the real time problems you are experiencing. You will be given the time to focus more on patients and not on paperwork. Let Triple E Medical Solutions handle your business.

For more information on Triple E Medical Solutions
visit www.tripleemedicalsolutions.com or email us at info@tripleemedicalsolutions.com


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