Start the Year Right By Becoming a Business

Billing and collection. When was the last time you took a nice look at your practice's billing and collection? Has your accountant taken a close look at it? Does your contract together with your billing and collection firm have performance guarantees? Why not? This is simple step one kind of stuff and must be done on an ongoing basis.

Few things are as sure as tried and true practices which have demonstrated their value over time. In lieu of focusing on inventing a used wheel or redesigning healthcare, focus on what you can control, like:

Reduce overhead. What are your largest overhead expense items? When taking a look at personnel expenses, for example, do you know the reasonable range of salaries and benefits? As far as overhead expenses, did you know there's businesses that promise to reduce your overhead and only get paid when they do so?

Managed Care contract analysis and disputes. Do you know what each contract you participate in is necessary to pay you? Is your computer set up to track compliance with the terms of each contract so that you can be sure you are getting what you are owed? Basic stuff. Are you aware of the dispute times frames and criteria under Florida law? Have you appealed a payer decision? Do you know that lots of payers "win" because their decisions are seldom appealed administratively?

Coding audit. Is your coding correct? If not, the likelihood, according to most specialists, is that you are losing lots of money each year. Contrary to popular belief, self directed coding audits most often lead to found money! On the risk aversion side, getting coding wrong can lead to thousands of dollars in False Claims Act exposure.

Business plan. Do you have a business plan? Would not you need any business you invest in to have? How are you able to get where you are going in the event you have decided where you need to go? Do or hire anyone to do.

Promotion. In a market when purchasing is down, as in today's healthcare market, where are the smart businesses spending money? Promotion. That means things like web-site development, search engine optimization, the right sponsorships, ads and such.

Business leadership. How much time are you spending on details that can better be handled by anyone else? Most physicians find that their highest and best use is in practicing medicine, not managing a business. Most physicians don't have the business experience or training necessary to run and grow a business. Regrettably, most practices in Florida are on the small side. Are you aware there's experienced part-time business consultants who can deliver actual value far in excess of their costs? If your practice generates $5 Million or more each year, it ought to look at full-time professional management. And as far as trusting anyone together with your asset, look at fidelity and surety bonding them.