Improving the Financial Success of Your Private Practice
By Kelsey Oliveira
With patient visits still down due to the COVID-19 pandemic and continuously increasing operating costs, it’s important for independent practices to make every dollar count. Focusing on your practice’s financial strategies can help you make more money while meeting patient demands. “Physicians who institute best practices bring in more revenue and profit than those who do not, and this can be the difference between being successful and being out of business.” According to experts at Medical Economics, there are five strategies you can implement to increase your practice’s revenue:
- Benchmark performance
- Analyze denials and accounts receivable
- Understand payer contracts and patient demands
- Communicate expectations
- Create a positive culture
To learn more about these financial strategies and how you can improve your practice’s profitability, click here to read the article or view our related white paper below.
Take Control of Your Finances with CareTracker Practice Management
Utilizing a practice management tool, such as CareTracker PM, can help manage your practice finances in addition to improving your daily practice workflows.
CareTracker PM allows you to manage patient records, insurance eligibility, documents and billing – all in one easy-to-use interface. The system allows you to quickly identify coding inconsistencies prior to claims submission, electronically confirm eligibility and claim status and easily identify unpaid claims.
Additionally, the Dashboard Front Office Command Center acts like a virtual office assistant, monitoring items and notifying you via our smart alerts only if patient data requires your attention – leaving you more time to concentrate on your patients.
CareTracker PM is made to align with your current EHR to fully optimize your practice’s billing and patient data. Our cloud-based solution allows you to connect via web browsers on any computer to access patient data and billing information, available anywhere, anytime.
Click here to learn more about CareTracker PM.
Kelsey Oliveira is a Marketing Specialist at Amazing Charts and joined the company in 2019. She enjoys providing useful content and resources to help independent practices thrive.