The medical landscape is changing rapidly, so it’s important to make sure your practice is prepared for the future. In this article, we’ll outline some key ways you can set your practice up for success in 2023.
1. Keep up with medical coding & billing
Medical billing is crucial to running a successful medical practice. Medical coding goes hand in hand with billing. If you’re not using the correct codes, &/or the associated medical aid rates – you are losing money.
Getting paid correctly for the services you provide means staying up-to-date with medical coding to avoid billing errors & lost revenue. There are a few resources you can use to make sure your billing is accurate. First, use practice billing software that automatically updates medical aid tariffs annually. Of course, you could do this error-prone exercise yourself manually – at the expense of your time & unnecessary effort.
Your other option is to use a reputable private company that offers coding & billing services. These companies can help you keep up with the latest changes to ensure that your practice is billing accurately.
2. Make technology work harder for you
Is your current technology set up (or lack thereof) holding you back from success? Keeping up with technology in your practice isn’t a question of implementing the latest, greatest software. It also has to do with choosing the right technology partner who provides a dynamic product that changes with your practice’s needs, as well as industry requirements.
Here are some technologies that you should consider investing in to help you improve patient care & run your business more efficiently:
- Electronic Medical Records (EMRs): EMRs are a digital version of a patient’s medical history which can be used to track a patient’s health over time. The use of electronic medical records is becoming increasingly common in healthcare, as it offers many benefits over traditional paper records, including improved quality of care & easier coordination of care between doctor & practice staff.
- Telehealth: Telehealth is the use of technology to provide medical care from a distance. It can be used for things like consultations, diagnosis, & treatment. Telehealth can be a great way to improve access to care, especially for patients in rural areas.
- Practice Management Software: Practice management software can help you run your medical practice more efficiently. It can be used for things like scheduling appointments, managing patient records, & billing. Practice management software can save you time & money, & can help you provide better care for your patients.
- Medical Billing Software: Medical billing software can help you streamline the billing process. It can be used to manage patient records, create invoices, & process payments. Medical billing software can save you time & money, & can help you get paid faster.
- Online booking platform: An online patient appointment booking platform can be a great way to streamline the process of booking appointments with your patients. By allowing patients to book appointments online, you can save time & money, & make it easier for your patients to get the care they need.
3. Train your staff
It’s no secret that having a well-trained medical staff is essential to the success of any healthcare practice. But how do you ensure that your staff is properly trained & up to date on the latest procedures & protocols?
Here are a few tips:
- Make sure your staff is properly credentialed. All medical staff should have the proper licenses & certifications for their roles. If they don’t, they may not be able to perform their duties properly or may not be covered by your insurance.
- Keep your staff up to date on the latest procedures & protocols. Make sure they are familiar with the latest changes in the medical field & are comfortable with them.
- Make sure your staff is comfortable with the latest technology. Healthcare is becoming increasingly reliant on technology, so it’s important that your staff is comfortable using the latest tools & devices.
- Make sure your staff is familiar with your practice’s policies & procedures. They should know how to properly handle patient records, billing, & other important aspects of the practice.
- Make sure your staff is familiar with your patient population. They should know the demographics of your patients & be familiar with their needs.
4. Use data analytics to inform your decisions on how to improve your practice.
Data analytics can be a valuable tool for improving your medical practice. By understanding where your practice could be improved, you can make the necessary changes to provide better care for your patients.
For example, you could use data analytics to track the outcomes of your patients & identify areas where care could be improved. This could involve looking at patient trends in BMI, hypertension, or diabetes for example.
Data analytics can also be used to track the financial performance of your medical practice. You should be able to generate easy-to-use reports about revenue, expenses, profitability & more. By analysing this data, you can make informed decisions about the financial health of your practice.
Have you got all of these key contributors in place to boost the success of your practice in 2023? If you are ready to aim for your best year yet, click here to learn to more about how Healthbridge is enabling better business for over 5 000 private practitioners across the country, & how they can help you succeed in the coming year.
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