Dear Doctor – Get Your House in Order

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

Attack Reimbursement

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

–  Geography

Grow and Expand Practice Revenues

•    Add ancillary services

•    Add doctors/physician extenders

•    Add locations

•    Add other services

•    Increase patient marketing activities

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.