Interesting story on how one MD turned a practice around with changing the way she did business....BD
One of Lander's first acts of financial self-preservation was cutting loose three insurers—Aetna, Cigna, and UnitedHealthcare—whose miserly fee schedules were depressing revenue.
Landers' biggest move on the revenue side, though, was dropping her outside billing agency in 2004 and taking that job in-house. The company that she had relied on to collect her money was lackadaisical at best. Instead of getting claims out the door within 24 hours of the service, it sometimes sat on them for a month. The company also was slow to work denied or underpaid claims. If an explanation of benefits came back stating that the patient wasn't covered under a particular health plan, the company would dun—and irk—the patient instead of finding out if he had a new health plan. When checks from health plans and Medicare didn't arrive when they should, Landers' urgent calls to the billing agency were met with nonchalance.
To set up her own operation, Landers purchased billing and scheduling software....
She's also implementing an EHR system with the hope of reaping such benefits as quicker charting to get her out of the office sooner and more accurate coding to boost revenue. The system will also qualify her for a deeper discount on malpractice premiums.