Improve billing and collection activities
– Start doing financial benchmarking
– Improve your billing processes
– Improve receivables management process
Improve CPT coding
– Critical in a fixed fee environment – this is where most money is lost
– Review coding for evaluation and management services
– Are you coding for all services you can bill for?
Identify incorrect managed care reimbursements
– Is reimbursement correct?
– Do you have a system in place to detect
Reduce and contain of overhead
– Too many people or not enough?
– Look hard for other reductions
- Make stakeholders out of employee group
Discounted fee for service contracts
– Is current reimbursement acceptable to your target rate?
– Is current reimbursement acceptable compared to your costs per CPT?
The Million Dollar Question: DO YOU HAVE THE LEVERAGE TO RENEGOTIATE?
Find Your Leverage
– Strength in numbers
– Utilization and outcomes data (quality)
– Strength in patient volume
Grow and Expand Practice Revenues