Key Factors Driving a Successful Medical Practice
Though patients always come first, healthcare is also a business. Like any good business, healthcare facilities can only thrive when they have deep understanding of their own finances, from employee compensation to accounts receivable. This understanding helps them develop the right financial strategy to lower operating costs, increase revenue, and ultimately improve patient care.
Datapro experts recently attended the annual Healthcare Business Management Association conference to learn more about improving the finances of healthcare facilities. A report at the conference revealed three key characteristics of financially successful healthcare facilities based on data from 2900 medical groups. These characteristics included:
High tendency toward patient monitoring and staff satisfaction
Higher investment in good staff, technology, and systems with lower overall operating costs
A reported need to improve coding and document efficiency
These top performers find the right people and technology to run a great business. Because their staff is delivering great patient care, they can focus on other needs like improving coding and documentation, which are key to increased revenue.
If your facility is not a top performer financially, the report also identified strategies you can use to improve your business.
1. Establish metrics and goals to maintain performance and accountability. You can measure dozens of different aspects of your care, from infection rates to readmission rates. You need to establish goals for each of these metrics that align with great patient care.
2. Assess compensation models to retain top talent. You’ll also need to look at what you are paying your physicians, nurses, and technicians. Is it competitive with facilities in your area? Even if you provide a great workplace, you may not be able to keep your top performing staff members if you are paying them far less than what they are worth.
3. Review vendor contracts for cost, value and strategic alignment. While you don’t want to skimp on employee pay, you may be able to save money on your vendor contracts. Negotiating new contracts with vendors who are providing you with valuable services can result in hundreds of thousands more dollars per year.
4. Invest in appropriate technology. Technology can improve healthcare delivery and quality improvement efforts. Using the right EMR, billing software, and other tools can improve your efficiency and correct issues with coding and documentation.
5. Revise systems and processes that support the organization, particularly revenue cycle, billing, and collections. Take a long hard looks at your billing processes. Do you have a lot of unpaid claims or denied claims? Improving this process is a top way to increase your revenue. Datapro can help!
6. Increase patient access and engagement with cross-departmental strategies. Your patients are also your customers. Just like any business, the way to ensure repeat customers is to deliver a quality product, ensure they have access to your care, and engage with them both during and after their care. High patient satisfaction scores will ensure your patients always choose you in the future—and tell their friends and family about your care.
7. Focus on efficiently reporting key metrics, then benchmark metrics to identify new strategic opportunities. As stated before, you can measure dozens of outcomes. Focus on key metrics associated with higher patient satisfaction, improved care, or even lower operating costs. By strategically choosing which metrics you want to improve, you can make a plan that puts your facility on the path to financial success.
Whether your facility is a top performer or needs improvement, Datapro provides the services you need to enhance your revenue cycle. From comprehensive reporting to 24-hour claims processing, we offer the solutions you need to improve your bottom line. Contact us today to learn more.