Three Hidden Costs Killing Your Practice
Stop wasting time, money and energy on these three things and your practice will enjoy increases in patient satisfaction, profits and revenue and a decrease in costs.
1. Credit Card Processing Fees. Most practices process their credit card transactions through their bank. It is an easy add-on service for the practice and a very profitable add-on sale for the bank. Instead, invite a Merchant Services company like Tanker Consulting Services to review your transaction fees, swipe fees, terminal fees, and the like. Many can save medium sized practices $2500-$4000 per year. The best part is that after installation, there is no interruption to the practice work flow. Employees still swipe cards- the only difference is that you keep more money per transaction.
2. Cable TV. Daytime television is very destructive to an office. Aside from the obvious disharmony on what to watch and the lost productivity from your staff watching their shows, the actual shows are not conducive to good practice health. Commercial breaks enable patients to see what drugs they should ask for, what fast food they are going to eat after their appointment, where to go if they do not like your service, and who to call to sue you for medical malpractice. For the same price as cable, turn your waiting rooms into learning centers that increase per patient revenue, reduce perceived dwell time, and increase patient satisfaction scores. Contact Halo Health International to learn more.
3. Off Site Services. Reevaluate the risk/reward for all of your off-site third party programs involving revenue cycle, compliance, human resources, benefits, training, etc. The quality of these services directly affects the profitability of your practice. Are you getting paid in ten days on claims? Are the claims being paid based on all of the services you provide? When have you reviewed your HR policies and procedures? Do they match federal compliance guidelines? Does your vendor know or care? Do you send your staff out for CEs or do you have on-site/online learning seminars? These little details are the difference of having a paid two week vacation and working every day until you die. A full service practice management firm can help you understand where you stand.
The difference between profitability and middling through walks a very fine line. Eliminating these pitfalls will help you improve your practice’s footing. To learn more, please contact Jim Cucinotta at firstname.lastname@example.org or at 856-520-8655.