Many cardiology practices are struggling to achieve their financial goals in recent years. Since many practices are growing in size, overhead costs have also increased as a result. Practices are trying to find ways to increase payment reimbursements to help with their profit margins. Discover how this is possible with the following tips.
Keep Close Tabs On Your Physician Referrals
How are physicians at your practice being referred and why? Taking note of this is important. With this valuable information, physicians can learn what they should focus on to improve and help attract more patients to their practice.
Track All Your Denials And Follow Up With Them
A cardiology practice should follow up with all of its denials. Physicians and staff members should always try to understand the reasons for the denials to see if they can be corrected. In many cases, practices don’t check on denials because they are under the assumption that a claim is correct just because the payer has denied it. A professional billing company can ensure this is done properly. If you want to increase the revenue of your practice, follow up with denied claims and appeal them when you think it is necessary. By not tracking your denials, you are essentially leaving money on the table.
Increase The Number Of Patients A Physician Sees In A Day
On average, how many patients does a physician see in on a typical day? If your number is less than most practices in your area, there should be a reason for concern. It may be because your scheduling process is insufficient or another major underlying cause. The more patients a physician sees, the more revenue you will see coming through your doors.
Physicians To Learn More About Coding
In an effort to avoid under coding, physicians need to be properly educated on the various coding rules. Under coding refers to potential revenue that is left behind because you didn’t code correctly. This ultimately leads you to miss out on any kind of reimbursement. Under coding is extremely common and can be avoided. Physicians should carefully monitor reports for any errors or oversights on a routine basis.
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