Are You Sick Over Losing Revenue?

No business likes losing revenue, but for medical practices, lost revenue can affect patient health and care. As a result, analyzing revenue needs to be a top priority for healthcare professionals.

Unfortunately, many find themselves so busy throughout the day that they aren't able to find the time to focus on this endeavor.

While electronic health records have helped to reduce errors in coding that lead to lost revenue, these systems can't find every cause of lost revenue.

Problem with Electronic Health Records

When run properly, an electronic health record system can be effective at noticing problems.

The issue, however, is that not all systems are created equal and not all are installed or maintained correctly.

This is why it's crucial to do your research before investing in a system, and this research isn't just about the system itself. You'll also want to thoroughly research the company that is providing the system and its track record. A system provider may boast about claims on its website, but you may find outside sources that give a different point of view.

Also, if a different company will be completing system maintenance, it needs to be scrutinized as well.

Follow Up Visits Are Revenue Generators

Many patients are encouraged to follow up are an initial visit, but if these patients don't receive reminders, they may forget about the appointment, costing your practice.

As pointed out in the article, "5 Hidden Ways Your Medical Practice is Losing Revenue," electronic health record systems that do not sync properly will likely not send out notifications, causing patients to miss appointments.

This, once again, is where proper and regular maintenance comes in.

Have a Policy for No Shows

Now, while some patients miss appointments because they didn't receive reminders, some miss appointments even with reminders. These patients cause a loss in revenue and need to be dealt with in order to stop the leak.

Craft a policy that charges no-show patients, but be fair about it. Remember, your patients have their own lives to lead and sometimes, things just happen that prevent them from getting to the doctor's office.

Perhaps consider writing your policy in such a way that the no-show charges do not begin being applied until a certain number of appointments have been missed.

Also, you have to be sure that each patient receives a copy of this policy.

This can be done during the patient intake process, and you can also post the policy in each room of your practice.