Take out a pen and paper with this tangible advice to improve physician private practice. Omar Khateeb, Head of Growth for Gentem, joins us to discuss how practices can make data driven decisions to help scale their business.
Gentem transforms the reimbursement experience by not only handling the end-to-end billing and revenue cycle processes, but also reimbursing physicians upfront. Leveraging automation, data science, and the latest financial technologies, Gentem is able to increase cash flow while reducing receivable days and uncovering opportunities to increase revenue. Topics include:
-Special offer for our listeners: Get a free billing and revenue analysis from the team at Gentem. Go to gentem.com/orthoshow to submit your information. For MD’s, you can also get 1 CME credit.
–Find your niche and focus on it. Pick something where you want to be the known brand.
–Medicine is a business: What is the workflow, process and environment like in your practice? Put yourselves into your patient’s shoes from the moment they call for an appointment, walk into the office and all the way through their departure. Customer experience is key for patient retention.
–Ancillary revenue streams: You need to diversify and expand on multiple sources of income. Investigate cash pay treatments with positive clinical results to help add revenue streams to practices. It also helps provide options for your patients that are not available under their insurance plan.
–Billing analysis is important for any successful practice. Orthopedics is in the top 5 of claims declined and many practices don’t have the reporting needed to make changes when needed. Ask you billers: a.) How much is in our accounts receivable? b.) What is the average time for things in accounts receivable? c.) What is our net collections rate? d.) What is our charge lag?
–Lost revenue calculator: Go to gentem.com/lostrevenue. Plug in monthly and quarterly collection information to get guidance and advice.
For MD’s, click on the EARN CME link below to capture quick reflections on each learning & how it applies to your day-to-day to unlock a total of 1 AMA PRA Category 1 CMEs.