3 ways to increase your practice’s revenue€¦ · has declined, in general change the way we...

KAREO | CONFIDENTIAL

3 Ways to Increase Your Practice’s

Revenue

Starting Now…


Your Hosts Today…

Rochelle Glassman President of Phoenix Physician Services, Inc

Terry Douglas Director Brand Marketing, Kareo


Our Schedule for Today…

1 Introduction & Welcome Rochelle

2 Learn 3 Ways to Increase Profitability

3 Discover Kareo’s Role

4 Answer Questions


Rochelle Glassman

• Nationally-recognized healthcare consultant • Former executive-level consultant for Cigna • Healthcare business entrepreneur • 30 years of healthcare business experience • President/CEO Phoenix Physician Services, Inc. • Physician Advocate • Trauma-trained RN • [email protected] or 602.685.9500

mailto:[email protected]

Has declined, in general Change the way we must do business Some specialties have seen large decreases in

reimbursement and patient volume since 2010 General surgery (-12%) Orthopedic surgery (-10%) Radiology (-10%) Emergency medicine (-8%)

*Source: Medscape Physician Compensation Report 2012

Leave solo or group practice and obtain employment?

*Source: Medscape Physician Compensation Report 2012

• Partners in practice earned on average $308,000 • Solo-practice owners earned $220,000 • Employed physicians earned $194,000

ICD-9 Mining

Managing Schedule Rx Refills

Consumer marketing is traditionally prescriptions and lawsuits

Now recommended by the AMA 1% - 3% (10k – 30K, on average), per million

dollars in revenue

ICD-9 Mining

ICD-9 Mining

Analyze the Diagnoses in your practice!

Data is free! Data rarely ever used to its advantage

ICD-9 Mining


Fixed interval scheduling

Chronic Conditions Schedule Reminders

Patients with high BP

Diabetic patients

Heart disease

ICD-9 Mining


Seasonal scheduling

Summer

Physicals

Well-women

Preventative

Fall

Vaccinations

Flu visits

ICD-9 Mining

Create a text, email, phone and mail reminder system

ICD-9 Mining

Motivate your front-office staff Create bonus incentives

ICD-9 Mining

The results?

Increased patient satisfaction

Increased patient visits

Increased revenue

Free money from health plans for meeting quality indicators

Managing your

schedule

Managing Schedule

Making the most of your time

Time is money Schedule generates revenue Patients that can’t be scheduled

immediately (especially in primary care) will seek care elsewhere

Front office never strategically schedules patients

Every unfilled appointment represents loss of income

Managing Schedule

Capitated vs. Fee-for-Service (FFS)

Fee-for-Service

Services unbundled and paid for separately

Capitated

Set fee paid to physician for a given patient, regardless of what

services are performed (except carve-outs)

Managing Schedule


FFS 70% Capitated 30%

Know what your percentage of capitated versus fee-for-service is and fill schedule accordingly…

Managing Schedule


Triage capitated patients Hire new RN or LPN to triage patients Create triage policies Procedures performed on same day Do not schedule same-day (unless necessary) Allocate appointment availability based on percentage of business

Triage FFS patients Procedures scheduled the next day Block schedule for same-day appointments Have early morning and evening and/or weekend time to

accommodate the patient’s schedule Charge patients for late cancellations or no-show appointments Have waiting lists

Bonus staff for increasing patient volume

Managing Schedule

Categorize your Visits Based on Time

New patient Established Patient

Acute Patient Preventative Procedures

Managing Schedule

Categorize your Visits

Double-book Medicaid/Follow-

up patients

One in every three patients do not show up for appointment (Medicaid)

25% to 50% of follow-up patients cancel or do not show

The 50% to 75% that do show, pay for the visit

Managing Schedule

It’s all in the way you say it!

Call me if you’re not

feeling better

See you in five days

Versus

Let’s get you in right away, when are you available to be seen?

Managing Schedule

Train your Front Office Staff

Implement accountability Set expectations Implement incentive programs Implement a color-coded schedule system

Managing Schedule

Physician/Provider Expectations

Employed providers should have written in their employment contract the number of patients they are expected to see and number of minimum patient hours they are expected to work

Managing Schedule

The results?

Increased productivity

Increased patient care

Healthier patients

Increase patient satisfaction

Increased revenue

RX Refills

Rx Refills Refilling Prescription Refills over the

Phone

Refills over the phone cost practice money Taking the call Administrative time Provider review Calls and faxes made by staff

No physical evaluation

Rx Refills Refilling Prescription Refills over the

Phone

Have patients come to the office to refill prescriptions after 90 days

Write a policy for front-office staff (Provide exceptions when necessary for two-week

prescription refills) Have mid-levels complete follow-up, if available Initial appointments should be seen 30 days after first

prescription filling Schedule patients when medically appropriate (For

example, patients that self-diagnose strep or pain and request a specific prescription)

Family practice, pediatric and internal medicine can realize a 35% increase in volume

Rx Refills The results?

Increased patient care

Increased patient satisfaction

Increased revenue

Up to 35% patient increase and family practice, internal medicine and pediatric medicine

Increased Revenue Increase Patient Satisfaction

Increased patient care Free money from health plans for meeting

quality indicators

Rx refill Policies

ICD-9 Mining

Managing the

Schedule


Our Schedule for Today…

1 Introduction & Welcome Rochelle

2 Learn 3 Ways to Increase Profitability

3 Discover Kareo’s Role

4 Answer Questions


Discover Kareo’s Role

“…Make Your Practice a Best Practice!”



“…Make Your Practice a Best Practice!”

• PAHCOM has approved 1 CEU credit.

• To request your credit, please email

Kareo at [email protected]




Mining the Data!



Mining the Data! User Productivity!



Mining the Data! User Productivity! Appointment No-Show Rates!



Mining the Data! User Productivity! Appointment No-Show Rates! Schedule Management!



Mining the Data! User Productivity! Appointment No-Show Rates! Schedule Management! Patient Info!


Join Kareo!

Visit us online at www.kareo.com

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http://www.kareo.com/


Let’s Answer Your Questions

Is Kareo a clearinghouse? If not, what clearinghouses do you use?

Questions Right Now

888.775.2736 x1 [email protected]

-- Questions After the Webinar --

For Kareo…

For Rochelle… [email protected]

602.685.9500



3 ways to increase your practice’s revenue€¦ · has declined, in general change the way we...

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