Leverage Your Practice to Generate More Revenue

I have said to many physicians, the best revenue is the revenue you did not directly generate.  That is where leveraging your office resources comes in.  A physician always thinks to generate more revenue they need to work harder but that is not always the case.  Diagnostics are an excellent source of indirect revenue.  Diagnostics that does not require a physician’s direct supervision is even better revenue.  Staff can often perform independent diagnostic studies which lead to billable testing revenue and follow-up visits or procedures.

When you leverage technology information system to drive better medical billing processes a physician can realize significant benefits over older legacy systems.  Simple things like missing charge reports can identify possible lost charges or point to office process issues that need to be addressed.  Having needed information in the web based electronic medical records to make decision and facilitate follow-up also saves physician and staff time.  Better documentation of a patient encounter provides complete information for the encounter to be coded accurately leading to higher reimbursement.  You should prioritize your review of your information technology systems to improve your processes and bottom line.

Staffing is also a great resource to expand revenue.  Clinical task, such as office rehab, PT, diagnostics, device clinics, extenders, and even research can all lead to revenue opportunities with the labor component focused away from the physician’s already busy schedule.  With all these options a provider needs to review their scope of practice, time and cost required to implement, as well as the supervision component that will be required of the physician.  All these areas can lead to additional revenue opportunities as well as a great opportunity to better utilize office and staffing capacity within the practice.