Monday, October 28, 2024

Getting Paid Today: Challenges and opportunities for independent practices

In a recent article in Physician’s Practice, we discussed the challenges surrounding getting paid for telehealth this year and beyond. This is an essential issue for independent practices, but it’s not the only one. New legislation, as well as changes in patient expectations, present a host of challenges and opportunities for getting paid for service this year.


E/M Office and Outpatient Guidelines Changes


For the first time in more than two decades, the AMA has revised the guidelines for office and outpatient visit evaluation and management (E/M) codes. It’s been a long time coming—effective this year, CMS has aligned E/M coding with the changes adopted by the AMA. For many providers, this means an increase in their revenue because they will finally be compensated for time spent in activities related to patient care that were previously not easily accounted for in the guidelines.

Clinicians are now able to choose codes for their new and established visits based on either time or medical decision making. Unlike the previous time-based options, which required that 50% or greater of the visit be spent on counseling and coordination of care, the new guidelines include total time spent by the provider related to the visit. This time includes non-face-to-face time spent on the day of the visit performing activities such as reviewing tests, obtaining or reviewing history, performing exams or evaluations, counseling and education of the patient/family/caregiver, and ordering medications, tests or procedures. It also includes communicating with other healthcare professionals and documenting clinical information in the health record, independently interpreting results, and communicating to the patient/family/caregiver, and care coordination.

With the new E/M guidelines, clinicians can now account for all the time they have been spending doing most of these things. One important note is that providers must document the time spent on these activities in their medical records to justify the coding in the event of an audit. This should be relatively easy to accomplish through updates to templates in most EHR systems.

The other option for determining the level of E/M code is medical decision making (MDM). This is not a new concept, as MDM has been one of three elements in determining the level of code for E/M services. The new guidelines, however, allow clinicians to choose MDM based on two of three elements: number and complexity of problems addressed, amount and/or complexity of data to be analyzed, and risk of complications and/or morbidity or mortality of patient management. The AMA has provided a Code and Guideline Changes document on the new requirements including an Elements of Medical Decision-Making table that illustrates the new coding guidelines.


Remote Patient Monitoring Can Improve Outcomes


Patients with chronic conditions who are following their care plan and managing their symptoms don’t always need an in-person visit. In addition to telehealth, adding remote patient monitoring for blood pressure and diabetes can help keep more chronic patients on track with their care plan. Studies have shown that patients who use remote monitoring devices are more consistent with taking their readings, and reporting to the provider is automated so it is easier to see changes in a patient’s condition that might require an in-person visit or an adjustment to medications.

New technologies and service offerings allow providers to engage a third-party vendor to provide remote monitoring equipment and train patients on how to use their systems to monitor and transmit their results. In many cases, the vendor provides monitoring of the patient to ensure compliance. By utilizing a third-party vendor for remote patient monitoring, an independent practice can free up staff time spent reviewing patient logs and can ensure better compliance for patients who may be prone to skip readings.


Surprise Billing


It’s worth mentioning that new surprise billing legislation has been passed that will prohibit providers from sending bills for out-of-pocket expenses that a patient could not have reasonably predicted. This primarily applies to services rendered in hospitals, particularly in emergency situations where not all providers are in the patient’s insurance network. Previously, the patient might receive a bill for the full amount of each (out-of-network) provider’s standard rate.

While the surprise billing guidelines likely will not directly impact many independent practices, they may have a positive effect in that patients will not find themselves crushed under unexpected, astronomical charges for healthcare. This new legislation will go into effect January 2022 and it would be worth it for a provider to review both the federal law and the laws specific to their state to determine how it might impact the practice.


Conclusion


The bottom line is that things are changing rapidly, and independent practices need to stay updated and aware if they are to avoid pitfalls and take advantage of new possibilities for getting paid today.

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Friday, October 25, 2024

How to reduce missed appointments, improve patient satisfaction and increase profitability

The American health care industry has more than its fair share of complexities and inefficiencies, many of which leave patients disaffected and exasperated before support staff ever get a chance to greet them in the waiting room, let alone by the time a caregiver can ask, “What brings you in today?”

An age-old headache in the industry, which at first glance would seem to be one of the easiest to solve, is actually one of its most entrenched: missed appointments. Patients who fail to show up for an appointment can only be accounted for in the moment. A patient who is late can create a downstream effect that interferes with other scheduled appointments. A patient who is simply absent creates a layer of issues for a practice: Is the patient simply running late? Are they out of the mix altogether? How does support staff prioritize and rejigger the patient queue? And what is everyone at a practice supposed to do with the time that had been designated for a person who isn’t there?

In addition to the hassle involved, missed appointments cost the U.S. health care industry an estimated $150 billion annually. But as deep-rooted as this commonplace problem seems to be, the key to solving it could be surprisingly uncomplicated: an “add to calendar” button that delivers patients the reminders many need to prevent their busy schedules from further bottlenecking those of others, while improving a practice’s overall customer satisfaction and boosting ROI.


How missed appointments hurt ROI


A restaurant or a car dealership may technically “lose” business whenever a customer fails to show for a reservation or an appointment. But those are businesses for which a certain ebb and flow is expected and accounted for in their staffing practices and operational infrastructure.

Health care practices, on the other hand, require a highly skilled, trained and educated staff whose services are theoretically booked solid all day, every day. A 2022 survey by AMN Healthcare found that the average wait for a new patient physician appointment in 15 of the largest cities in the United States was 26 days – up 8% just since 2017 and up 24 percent since 2004, the first year of the survey. “Average physician appointment wait times are the longest they have been since AMN Healthcare began conducting the survey, a significant indicator that the nation is experiencing a growing physician shortage,” the provider wrote on its website’s blog.

With fewer physicians seeing more patients nationwide, the pressure on practices to make the most of every moment and all of their resources on hand is indeed higher than ever. As a result, every gap in the patient appointment schedule represents a missed opportunity, complicates the workflows of an entire staff and cuts into the total number of patients a practice can see in a day, diminishing return on investment.


Smart email tactics that elevate small health care practices


For smaller health care providers in particular, missed appointments can have a disproportionate impact. With smaller staffs and fewer resources, these practices have less flexibility to adjust on the fly and productively fill the time left open by a patient no-show. Decreasing missed appointments translates to better resource allocation, maximum number of patients helped and increased profitability – especially for smaller practices.

At the end of the day, decreasing missed appointments also leads to higher overall patient satisfaction. Not only do fewer missed appointments help caregivers and support staff more reliably project timelines and stick to schedules that can reduce patient wait times in the office, they also improve daily efficiencies that can cut down that average 26-day wait period for a patient to schedule a healthcare appointment. That’s a win-win for all parties.

And while there’s no fool-proof solution to missed appointments, there is a simple tool that can help reduce them and provide patients with information that values their time as well as that of their caregivers: “add to calendar” functionality” and appointment reminders. When these tactics are added to a practice’s communication system, patients miss fewer appointments. But with the customization built into these tools, patients also show up more often prepared for a procedure (one that requires fasting, for instance) and having had many questions they might have had for a caregiver already answered.


Leveraging simple tech to optimize operations


Today’s modern health care facilities feature some of the most advanced technological systems to help improve patient outcomes. An entire industry of medical tech sales is built around the sincere aspirations of providers to access best-in-class tools to help patients stay healthier, recover faster and live more productive lives. But what if something as simple and easy to implementing a link or button in your appointment confirmation communication in email or on your website could help caregivers achieve exactly that?

“Add to calendar” buttons have this capability. Missed patient appointments are a fundamental operational issue that can never be fully solved, but these tools are proven to help significantly mitigate the issue. When more patients appear for their designated appointments – and are better informed and prepared for the moment – a host of cascade effects come into play. Caregivers are able to address potential medical problems sooner, more accurately and more comprehensively. Patients enjoy shorter wait times, improved efficiencies and better outcomes. Practices see a lift in ROI and patient satisfaction rates. It all adds up to a happier, healthier health care industry for all.

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Thursday, October 24, 2024

Who is your worthy successor?

You might feel a little uneasy about starting the discussion about selling your medical practice. Your practice is your baby, and the thought of letting go can be overwhelming. However, the truth is that failing to plan is a plan to fail when it comes to your practice exit strategy. Everyone thinks of their future, but they don’t always take active steps in the present to prepare for what they want tomorrow.

But the time will come when you must step away. You need to have a plan to leave your practice — regardless of your age, experience, or long-term career goals — out of respect to your employees, in an effort to prioritize patient care, and to ensure your family’s well-being. Here are several reasons why you should start the succession planning conversation today.


You have increasing family obligations


Owners can run medical practices and have families. Depending on the size of your practice and the size of your family, balancing the two can be difficult.If obligations, such as an ill family member, or your children’s educational or extracurricular commitments are taking time away from your practice, you could experience a negative shift in the dynamic of your practice.If you don’t have a team in place that can run the practice without you for a few days, consider bringing in reinforcements.

Bringing in a physician partner or strategic partners, such as a management services organization or private equity firm, can help free up time for your family while still allowing you to actively contribute to your practice’s growth.These types of partnerships don’t require you to immediately exit from your practice and allow you to discuss future end goals with your new partner(s).


You have personal health issues


Personal health issues are pulling you way from the practice.When your personal health is in decline, it can be difficult to continue business as usual.As the practice owner, you don’t need the undue stress caused by juggling an illness and the medical practice.Furthermore, your priorities might change if you find your health or the health of a loved one declining.

Your view on where your time needs to be spent might shift from a focus on growing your practice to your personal relationships. Spending time away from the practice may be best for you personally, but it will have a direct negative effect on your practice’s revenue and daily operations.This makes the goal of achieving maximum value more challenging.Therefore, having a succession plan is essential.


You don’t have a successor


You’re a great leader, and you run your practice like a well-oiled machine. But what happens when you’re gone? If you find your employed physicians aren’t interested in taking over, or if you don’t have any employed physicians, you need to know what you will do when it’s time to leave your practice.


You’re feeling burnt out


Running a practice takes a lot of tenacity.Burnout can creep in slowly and take hold in what feels like an instant.It’s important to balance your work life and home life, and that takes commitment and constant fine tuning.

You need to set boundaries to make it effective. If you don’t have a good handle on taking time for yourself, and you are just barely keeping things afloat, exiting partially (such as by bringing on a physician partner, engaging private equity, or joining a management services group) might be a good option to help you reclaim time to yourself while still maintaining, and hopefully growing, your practice.


You aren’t doing what you love


You had an ambitious view of starting your own practice.You intended to bring outstanding patient care to a community. You were excited and ready to go.Everything starts strong and innovative ideas are flowing.Then, you hit a wall or find yourself working on administrative tasks.

It’s time to take a step back and reflect on what you are doing what you would like to be doing, then see who can help pick up the slack.


You’re having growing problems


Your practice has grown a great deal, but now you’ve hit a plateau.You aren’t implementing new ideas and performing patient outreach like you used to.You don’t have time to research your competitors. You aren’t bringing new ideas to your practice because all your time is tied up in making sure the practice stays where it is and doesn’t fall behind.

How can you continue to experience growth when you can barely keep up with your practice as it is?It might be time to consider bringing in a partner who can develop a synergistic platform to help take your practice to the next level.

We all know that anything can happen at any time.What will you do if something happens that requires you to step down from your practice sooner than anticipated? As a business owner who is responsible to your employees and patients, it’s important that you consider succession planning before it becomes necessary.

Remember, there are ways to plan so that you can continue doing what your love. Succession planning doesn’t necessarily mean leaving entirely, but it does mean being prepared for the future. Spend some time in thoughtful reflection about your goals, reality, and any changes that you wish to make. Bring your ideas and concerns to a financial adviser or other trusted expert who can help you find the work-life balance you need, both now and in the future.

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