Equally important is managing revenue. To do this efficiently:
- Maximize documentation and coding. Other columnists and I have written extensively on this subject over the years.
- Ensure that your bookkeeping team challenges all claim denials, and follows up in a timely manner.
- Train your staff in effective patient collection techniques, and make sure they keep up on rule changes. If you haven’t started asking each patient for a credit card number, so that you can bill patient-owed portions after insurance payments come in, now would be a good time to start.
- Evaluate new ways of generating revenue; think outside the box.
Managing overhead requires conscious, consistent, and continuous oversight.
Dr. Joseph S. Eastern
As I wrote in the May column, I sincerely hope that all of our practices will return to some semblance of normal in the coming months; but we cannot assume a best possible scenario. And even ideal scenarios suggest that overhead management will be more important than ever in future years.
As always, consult with your own attorney, accountant, and other business advisers before making any life-altering decisions.
Dr. Eastern practices dermatology and dermatologic surgery in Belleville, N.J. He is the author of numerous articles and textbook chapters, and is a longtime monthly columnist for Dermatology News. He has no disclosures. Write to him at dermnews@mdedge.com.