Now that the New Year is upon us, it is time to evaluate whether your medical practice could make some improvements to enhance productivity, improve cashflow, and keep patients and staff happy. Most—if not all—medical practices can, and there is no time like the present to set goals and stick to them. Consider these five resolutions every office manager should make in 2019 to ensure a productive year.
Improve medical practice operational efficiency
What are the tasks that require the most staff time, and can you use technology to reduce the burden? For example, do patients and other providers frequently call the practice asking for the fax number and address? If so, include this information on your website and in your initial voicemail prompt. Do new patients often forget to come in early to fill out paperwork? If so, send paper forms in the mail before the visit, or go paperless using technology that prompts patients to provide information electronically. Does the manual process of industry rep scheduling require time? If so, adopt technology that allows reps to self-schedule. There are also many free apps that can greatly boost productivity and efficiency
Increase HIPAA compliance
Data breaches affect medical practices of all sizes and in all specialties. Have you conducted a security risk assessment to determine where your protected health information (PHI) could be at risk? For example, are your smartphones, laptops, and tablets secured with encryption? Do users have strong passwords with multi-factor authentication? Do staff exchange sensitive health information via pre-approved HIPAA-secure applications only? Do you have business associate agreements in place with all entities that manage the transmission and storage of PHI on your behalf? Do you provide ongoing HIPAA compliance training for your staff?
Focus on staff satisfaction
Happy employees often equal happy patients, and happy patients equal sustained revenue. What can you do to assess and improve staff satisfaction? Consider meeting one-on-one with staff members to ask for candid feedback or launch an anonymous survey to obtain input. Some employees may simply seek more direct praise while others may want benefits such as a flexible schedule, ergonomic equipment, or a raise. It’s important to understand what motivates each generation of workers, including millennials.
Reduce claims rejections
A 5%-10% denial rate is industry average; however, keeping the denial rate below 5% is more advantageous because it promotes smooth cashflow. Do you know your overall denial rate? What about your denial rates by payer? Pay attention to the remark code for every denial, and look for trends. Even one small change (e.g., verifying insurance before rendering services) can reduce denials significantly.
Enhance patient engagement
An engaged patient is often a healthier one with better outcomes. And better outcomes (combined with lower costs) equal more revenue under value-based payment models. What is your patient engagement strategy? Do you even have one? For example, have you made a concerted effort to engage patients through the portal? Do physicians regularly recommend consumer-facing healthcare apps? Have you updated your medical practice’s website to enhance the user experience?
With every new year comes the opportunity to start fresh with a clean slate. Seize this opportunity for your medical practice, and make 2019 the best year yet.
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