The top five questions every orthopedic practice should ask

In Collaboration with MPOWERHealth -   Print  |

According to the Journal of Bone and Joint Surgery, orthopedic practices spend more than $33,000 per month per surgeon to maintain overhead in addition to ancillary, medical malpractice and capital expenditures.

The economic effects of the pandemic along with increased pressures of added regulatory requirements, the cost of doing business and a shift from fee-for-service to value-based care are just a few of the many challenges orthopedic practices face.  

Keeping a finger on the pulse of every aspect of the practice is critical for future success, but can be overwhelming with limited time and the aforementioned challenges. MPOWERHealth Practice Optimization offers a comprehensive review of a practice – from clinical throughput to business and administrative processes – and provides an objective overview and analysis of where the physician practice can improve.

Below are five questions every orthopedic practice should consider: 

1.  Do you have a comprehensive diagnostic review of operations, including clinical workflow, revenue cycle, financial systems and human resources processes/procedures? 

You may have your raw data, but it’s not enough to tell you what is going on with your practice. A comprehensive diagnostic analysis provides the roadmap necessary for driving impactful improvements in critical areas. Remaining efficient is key to surviving and thriving in healthcare, especially when competition is fierce and reimbursement is declining. 

2. Are your current business office operations (specifically, front desk procedures, billing, collections and revenue cycle processes) running as efficiently as they should be?  

Beyond just tracking a claim, your revenue cycle starts when a patient first makes an appointment and doesn’t end until there is no longer a balance on the patient’s account. Identifying gaps in workflow allows for updated and improved processes. Streamlining operations is necessary, but having the tools and time to do it can be challenging for a small private practice.

3. Are you leaving money on the table? 

Maintaining a pulse on financial performance is essential to survive. It is important to have the ability to monitor your financial performance on a routine basis, since knowing if your practice may be leaking cash can directly impact cash flow and profitability. 

4. Is your practice current with policies and procedures to minimize risk and ensure compliance with HIPAA and other documentation requirements? 

According to HIPAAJournal.com, the industry has seen a 25% year-over-year increase in healthcare data breaches. Don’t become a statistic. Physician practices are a prime target for cybercriminals due to the large amount of protected health information shared within the practice. Stay current with continuing education and have a risk analysis completed to identify vulnerabilities and areas of improvement. 

5. Does your practice have a prominent and positive presence online? Is it driving new patients to seek services?  

According to a recent survey conducted by Doctors.com, 80% of respondents used the internet to choose their healthcare provider and 63% chose one provider over another based on their online presence, noting availability of relevant, accurate and compelling information. Sixty percent said they would not book an appointment with a provider who had received poor reviews. Having an online presence is key to driving new patients and can directly affect the success of a practice. Providers need to maintain a strong presence to attract patients and to provide them the patient service they expect. Having an online presence has become essential for directing patients to providers and handling customer service requests, such as a FAQ and live chat.

For more information on MPOWERHealth Practice Optimization, including how to schedule a free consultation, please visit https://www.mpoweringhealthcare.com/practice-optimization-solutions/

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