If you are just starting out, get on the right track early by applying these 4 basic steps to get and stay more profitable and boost profitability in your integrative medicine practice!
1) Reduce denials by minimizing simple errors and/or missing documentation.
Staff members must be trained, skilled and precise. Build a checklist for staff members to use, as a missing birth date or digit could very likely cause a claim to be denied!
On that note, try to avoid delegating documentation tasks to the least paid, lowest skilled person.
Remember that capturing data from patients is essential, but it must be captured while demonstrating warmth, hospitality and great conversation skills.
2) Assure that all staff members are familiar with the new ICD10 codes for your common treatments.
Staff members should quickly complete training on the new codes.
Revisit your fee schedule for new add-ons with favorable reimbursement.
3) Collect the small fees… they really add up!
If five patients pay the $40 co-pay that each owes before leaving, the extra $200 per day adds up to $4000 each month!
Bill for phone consultations, even if reimbursed at only $20-$25.
Track purchases of vitamins and supplements, and create calendar alerts to check in with patients regarding reorders.
4) Finally, be serious and consistent in taking advantage of discounts and/or vendor partnerships.
There is power in numbers! Power2Practice clients enjoy group purchasing options and significant lab discounts through group pricing.
Our clients have reported a monthly savings of $4,000 on up to $10,000—depending on lab volume.