Processing medical records are one way that your medical practice generates income. Each response that you receive generates a fee. However, when you consider the cost of employing your staff, that process brings in little net income. For example, let’s say that each request generates an income of $6.50 and your staff can process 4 in one hour, then you will generate $26 of income for your practice. However, if your administrative staff receive $16 per hour your net gain is only $10 per hour.
Your staff could be doing other things which would generate higher net gains for your practice. For example, they could be calling to book in your patients’ annual wellness appointments. During the same hour, they may call 20 people and successfully speak to 6 patients. If each appointment generates $150 then your practice could generate $600. That is significantly more than they could gain processing medical records. What more could your staff be doing on a daily basis to generate a higher income for your practice?
Apart from booking patients for their wellness appointments or other health screenings, your staff could call to remind your patients of their appointments. This is especially useful if you run a busy practice and your appointments are booked two or three months in advance. A quick call a day or two before, reminding them of the cancellation policy, can help prevent many missed appointments.
Follow up on bill payments
Statistically, only 60% of patients pay their part of their medical bill. While this only makes up for 20% of your income, there are things you can do to make sure that you get what you are due. For example, many patients are unaware of their obligation to pay part of the bill. Your staff could spend time with the patients when they come for their appointments, reminding them of the balance that is due.
In addition to this, some patients may not be paying their balances because of difficulty in understanding insurance billing and deductibles. They may simply not be aware that they owe anything. Your staff could use their time calling patients to remind them of any balances that are due.
No doubt you will want your appointment schedule to be as full as possible. In order to facilitate this, your staff will need to be available to answer the phone. Patients may already find it a challenge to arrange their appointments. If they then find it difficult to get through to schedule their appointment then it will likely fall to the bottom of their list of things to do. So instead of your staff being busy with paperwork, keep them free to answer the phone or reply to messages on the same day.
You will want your customers to feel welcomed and satisfied with their experience at your practice. Your staff should be available to answer their questions, help them with their insurance inquiries and provide a friendly, efficient service. Today’s market for medical care has become more competitive than ever. When you focus on caring for your customers they will more likely be loyal to your practice and refer you to others in the community.
These are some initiatives that your staff could be doing to generate money instead of wasting time preparing medical records. Companies such as ePaper Road can take care of this for you. It’s free for doctors to use and will leave your staff available to care for more important work of caring for your customers and generating a higher income for your practice.