Find the Right EHR for Your PracticeAre you still keeping paper-based health records? Don’t worry, you’re not alone. In fact, at least a third of all medical practices have not gone digital. That number fluctuates depending on your speciality and practice size. It turns out that smaller practices are less likely to use electronic health records (EHRs). But with so many positives that come with using EHRs, should you consider it for your private practice? Is going digital right for you and your clients? And, if you do go digital, what are the best practices for keeping electronic health records?
Should You Implement a Self-Pay Strategy?Interested in implementing a private-pay strategy for your private practice? At first glance, the idea seems to teeter on blasphemy. Is it really possible to not accept insurance and deal only with self-paying clients 100% of the time? The answer is yes. In fact, it’s a growing trend that a lot of practices are now embracing – forgoing managed care for a more direct relationship with clients. Of course, there are pros and cons to a self-pay strategy. Below, we’ll dive into the particulars and help you decide if this strategy will work best for your private practice. Let’s discuss the pros first.
What Are the Penalties Associated With Not Submitting PQRS Codes?If you accept Medicare Part B Fee for Service (FFS) patients, there are a lot of rules you must follow precisely to avoid penalties in the future. Don’t worry– we’re here to help you each step of the way. In this post, we’ll discuss everything you need to know about PQRS and what penalties, if any, you may face for failing to comply. Let’s jump right into it.
How to Price Your Services without OverchargingThis may sound radical, but you should get paid what you deserve. You work hard, you’re an expert at what you do, your clients love you. Why are you charging peanuts? On the other hand, your clients come to you expecting great service at competitive rates. Even if you provide top quality service, you may end up losing clients if you overcharge them. An unsteady economy has everyone clutching their purse strings just a little closer– including you.
Administrative Mistakes that Will Close Your PracticeWhen it comes to running a successful therapy practice, there are a lot of factors to consider. One major area that often slips under the radar is the administrative side of the business. After all, when you were dreaming of opening your own practice, you probably weren’t excitedly thinking about client information sheets and organizational systems. Just because it’s not the most passion-inducing part of the business doesn’t mean it’s unimportant. Administrative errors can end up being costly if you aren’t paying careful attention. Here are some of the most common mistakes you’ll want to avoid in your practice.
Transition to ICD-10 SmoothlyThe deadline to start submitting all billing claims using the ICD-10 format is October 1st, 2015. After this date, mental health practices, along with the rest of healthcare are required to use ICD-10 codes to bill insurance companies or help clients submit claims for reimbursement. For mental health and therapy practices, there is the added complexity of DSM-IV to DSM-5 transition. You cannot submit claims using the DSM codes, and will need to convert them to the appropriate ICD codes when billing or providing a superbill to your clients for reimbursement.
Disclaimer: This is not legal or tax advice. This information is for educational purposes only. You should consult with an attorney and a CPA to determine which type of business will best meet your needs.
When you decide to go into private practice, you need to first start by changing your mindset and begin seeing yourself as a business owner. Your business now has legal, tax, and other regulatory requirements that must be attended to.
The Most Important Measures for a Successful Practice
So now you’ve started a practice and you’re beginning to get clients. How do you spend the little amount of time you have on the business side of things effectively? Building a successful private practice, or any business for that matter, requires a focus on certain key metrics.
For best, easily measurable results, especially at the beginning, spend your limited time laser focused on these 3 core areas.
Therapy Practice Software For Spending More Time With Patients
What do you look for in a software as a therapist? My guess is that you will look for a software that makes life and business easier. Something that makes it easy to focus on the task of actually practicing your craft, not something that will become it’s own full time job. This is 2013, you shouldn’t be worrying about backups and spending hours figuring out how a software works.
Don’t Let No Shows and Cancellations Destroy Your Practice
You need to think of cancellations and no shows not just as a client not showing up but as a business killer.
For every client who walks through your organization’s doors, there is a cost of acquiring that client. After they walk through your door as a client, there is a cost of meeting their needs. The way to be sustainable is to make sure the revenue from your clients covers the cost of acquiring them, as well as meeting their needs. Keep in mind that not every potential client you spend money to acquire whether through ads, or your time and resources will become a client. The goal is to ensure that enough of them become clients to cover the overall cost.