You\u2019re dealing with all the acute challenges of gastroenterology practice \u2014 declining reimbursements, patient scheduling across care sites, and ever-increasing demands on your time \u2014 leaving you little time to focus on your practice\u2019s immediate and long-term profitability.<\/p>\n
Consider the following 3 signs you may be missing opportunities to raise profitability, revealed in a new CareCloud report:<\/p>\n
#1 \u2013 Your gastro practice is not diversified<\/b><\/p>\n
If you\u2019re 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<\/span>. <\/span>Ambulatory surgical services, in-house infusion, lab work, and imaging services are prime examples.\u00a0<\/span><\/p>\n #2 \u2013 You\u2019re doing all the work<\/b><\/p>\n Trying to handle all of your practice\u2019s critical but burdensome administrative tasks in-house can mean sacrificing time and profitability. Outsourcing key revenue cycle management<\/span> (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 \u2014 boosting first-pass resolution rates and reducing lost revenue from unanswered or denied claims.<\/p>\n #3 \u2013 You need to update your software\u00a0<\/b><\/p>\n Feel like you\u2019re working around the quirks of the practice management software you\u2019ve had for years? Gastroenterologists who move to modern, cloud-based solutions<\/span> can see multiple benefits:<\/p>\n * Greater mastery of complex reimbursement rules<\/strong><\/p>\n * Faster medical billing<\/strong><\/p>\n * More claims paid the first time around<\/strong><\/p>\n Staying with a gastroenterology software vendor for billing that\u2019s going to stick you with the bill for ICD-10 upgrades could cost you.<\/p>\n Get\u00a0<\/span>our\u00a04 Ways Gastroenterology Practices Can Boost Profitability<\/b><\/span>\u00a0report to learn more about key strategies to boost revenue, as well as the biggest move your practice can make to cut costs.<\/p>\n","protected":false},"excerpt":{"rendered":" You\u2019re dealing with all the acute challenges of gastroenterology practice \u2014 declining reimbursements, patient scheduling across care sites, and ever-increasing demands on your time \u2014 leaving you little time to focus on your practice\u2019s immediate and long-term profitability. Consider the following 3 signs you may be missing opportunities to raise profitability, revealed in a new […]<\/p>\n","protected":false},"author":1,"featured_media":43213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[38,39],"class_list":["post-14876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","tag-icd-10","tag-revenue"],"yoast_head":"\n