Healthcare providers are dedicated to the health and well-being of their patients. Do you give adequate attention to the financial health of your practice? Here are some questions to consider for your practice's well check:
- What are your most profitable payer plans?
- What are your most profitable procedures?
- When did you last review your health plan contracts and fee schedules?
- Do you have 5 key items to negotiate at the next contract renewal?
- Are you certain that you are charging the maximum allowable?
- Is each payer reimbursing you at their contractual fee?
- What are the most common reasons that your claims are denied?
- How often do you perform internal and independent chart reviews?
- What percent of your revenue goes to pay staff and benefits, occupancy, insurance, etc.? What percent goes to you? How does this compare to your peers?
- Does your compensation formula fairly pay providers and reward desired performance?
We can help you answer these questions and improve the financial health of your practice. Contact us at firstname.lastname@example.org.