There are some key financial indicators that can tell practice owners how their practice is performing. From metrics to benchmarks to the bottom line, financial performance is something that keeps most practice owners awake at night. However, some of those numbers may not be telling the complete story about your practice. It can tell you how much you are spending on technology for your EMR, Scheduler and A/R. But how do you know if the technology that powers your practice is negatively impacting your financial performance? Here are 4 ways to tell if your practice management system is causing you financial pain:
- Nickel and Dimed: You have practice management software, but the fees associated with using the software are adding up significantly. Are there additional user fees associated with using the platform? Are there separate fees for PQRS and Functional Limitation Reporting? Are there fees for billing integration and document management? How about for basic functionality like the Scheduler? Take a look at your monthly invoices and fee schedules to see what you are really being charged in addition to the monthly usage fee. If the fees are starting to tally up, then it is time to reassess your vendor.
- Clean Claims: Can your vendor demonstrate proof of sending out your claims 98% clean the first time? Probably not. BMS Practice Solutions is the industry leader in first pass clean claims submission. Clean claims mean you get paid faster and have fewer denials. Rejected claims cause your cash flow to be negatively impacted.
- Coding: Are your therapists coding correctly and is your EMR prompting them to do so? More importantly, is your staff being trained to code correctly? Coding could be costing your practice money that can add up to thousands of dollars. With BMS, we make sure our clients and their staff code correctly for the time they spend with each and every patient.
- Payment Per Visit and Timed Units: Are you trending upwards? When was the last time you reviewed your payment per visit? Take a look at some of our clients in your region:
Payment per Visit (PPV)
If that doesn’t prompt you to learn more about our services or to schedule a demo with us, check out this video that demonstrates how one of our clients has achieved greater financial performance with our guidance and technology.