Keeping Your Practice Healthy
Diagnose practice management problems and turn challenges into opportunities.
There are some telltale signs that could mean you need outside help with practice management. Most business issues you face generally don't pose a serious threat to your practice. But there can be critical problems that need to be dealt with.
Your overhead began to increase several quarters or years ago and it seems to be on a relentless upward march, while consuming a higher percentage of your gross revenue.
Your computer system is more frustrating than ever. It crashes repeatedly. This causes confusion and delays with patient appointments, billings, and the ability to enter patient information into your electronic medical record system.
Reports indicate more rejected claims than usual. You may also notice that revenue has remained constant or it has decreased despite fee schedule increases and no change in how you practice. You may also have an accounts receivable list that includes unpaid billings that are over 60 days old.
Your patient flow routinely becomes more bottle-necked as the day progresses.
Your support staff has become a group of "BMWs" (beleaguered moaners and whiners) over issues that never seemed to upset them too much in the past.
High Rate of Turnover
Physician and support staff turnover in your practice has never been so problematic and there appears to be no end in sight.
Negative Patient Feedback
You're dealing with more complaints about your support staff, or other problems, from dissatisfied patients. Some are threatening to move to another practice or clinic (or have already done so).
Problems and difficulties, such as support staff conflicts or scheduling concerns, continue to resurface on a regular basis, even though you thought these issues had been resolved.
On occasion, special circumstances require an independent third party to broach one or more sensitive issues. Disputes between physicians, particularly about the clinic's finances (e.g. how to equitably share overhead costs) or concerns regarding the effectiveness of a team member are examples of these problems.
The Good News
You are not alone. MD Financial Management understand the business side of medicine better than anyone.