You’re dealing with all the acute challenges of gastroenterology practice — declining reimbursements, patient scheduling across care sites, and ever-increasing demands on your time — leaving you little time to focus on your practice’s immediate and long-term profitability.
Consider the following 3 signs you may be missing opportunities to raise profitability, revealed in a new CareCloud report:
#1 – Your gastro practice is not diversified
If you’re not increasing your scope of practice, you might be leaving some important financial opportunities behind. More than one-third of private practice gastroenterologists raise total revenue potential through ancillary services, according to the 2014 Medscape Gastroenterologist Compensation Report. Ambulatory surgical services, in-house infusion, lab work, and imaging services are prime examples.
#2 – You’re doing all the work
Trying to handle all of your practice’s critical but burdensome administrative tasks in-house can mean sacrificing time and profitability. Outsourcing key revenue cycle management (RCM) steps, for example, can help you free up your staff to tend to other essential responsibilities. Also, re-assigning RCM to an expert team can mean financial benefits — boosting first-pass resolution rates and reducing lost revenue from unanswered or denied claims.
#3 – You need to update your software
Feel like you’re working around the quirks of the practice management software you’ve had for years? Gastroenterologists who move to modern, cloud-based solutions can see multiple benefits:
* Greater mastery of complex reimbursement rules
* Faster medical billing
* More claims paid the first time around
Staying with a gastroenterology software vendor for billing that’s going to stick you with the bill for ICD-10 upgrades could cost you.
Get our 4 Ways Gastroenterology Practices Can Boost Profitability report to learn more about key strategies to boost revenue, as well as the biggest move your practice can make to cut costs.
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