{"id":21097,"date":"2020-07-30T16:02:27","date_gmt":"2020-07-30T20:02:27","guid":{"rendered":"http:\/\/www.carecloud.com\/continuum\/?p=21097"},"modified":"2025-10-17T14:10:39","modified_gmt":"2025-10-17T14:10:39","slug":"5-key-steps-for-optimizing-practice-profitability","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/5-key-steps-for-optimizing-practice-profitability\/","title":{"rendered":"5 Key Steps for Optimizing Practice Profitability During a Crisis"},"content":{"rendered":"

Maximizing profitability and cash flow is a perpetual objective for successful medical practices. In a time of crisis, however, healthy practice revenues become even more critical.\u00a0<\/span><\/p>\n

Here we review the five key steps you can learn from and implement to optimize your practice\u2019s profitability.<\/span>
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Financial Resources<\/b><\/h2>\n

Leverage the financial resources that make sense for your practice. The CARES Act appropriated $100 billion in financial support for hospitals, physician practices and other healthcare providers through Health and Human Services Public Health and Social Services Emergency Fund. These funds were made available specifically to eligible providers for lost revenues or healthcare-related expenses due to the COVID-19 outbreak. It\u2019s important for any provider or practice that\u2019s experienced COVID-19-related difficulties to research and apply for financial resources to alleviate any financial pressures. Additionally, there are four separate loan<\/a> <\/span>programs the SBA has created or expanded especially for meeting needs that have arisen due to the pandemic. These programs include forgivable funding to help practices provide payroll and retain employees, emergency advances to offer economic relief, existing SBA debt relief, and more.<\/a><\/span><\/p>\n

Telehealth<\/b><\/h2>\n

Increasingly everywhere and accessible <\/span>today<\/span>, telehealth services have become more valuable than ever. Powerful, efficient, and effective now and beyond the pandemic, limitless options are available when a practice implements a telehealth platform that works for them. If you\u2019ve never offered the option of telehealth visits, it\u2019s more important than ever before to consider incorporating it as part of your practice. The needs of patients are changing, and you can make sure you\u2019re filling the gap for them by offering multiple treatment options. If you\u2019ve avoided telehealth in the past due to reimbursement disparities, good news: CMS has made changes to the telehealth billing rules in your favor. During the pandemic, telehealth bears the same <\/span>reimbursement<\/span> rate as an in-office E\/M visit. With convenient, accessible telehealth technology available and a ready willingness from patients to be treated remotely, now is the opportune moment to implement telehealth in your practice.\u00a0<\/span><\/p>\n

Business Operations<\/b><\/h2>\n

Your practice\u2019s revenue cycle begins with front-end staff processes. If those processes are not as strong as they need to be, the ultimate consequences to practice revenues can be serious. Continue to examine your business operations, take the opportunity to make improvements, evaluate productivity, and be growth-minded around those operations, like:<\/span>
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