Revenue Generating Programs
Historically, physicians were able to build their practice on reputation and referral. Those days are not gone. Reputations can be smashed with a simple blog post that a disgruntled patient puts on the web. Referral relationships can be severed due to changes in partnerships or in-network associations that are changed.
Reimbursement fees are on the decline. Overhead expenses are on the rise. It’s getting tougher and tougher to make ends meet in a healthcare practice. Physicians must look to additional sources of revenue for their practice. Numerous strategies have shown promise for physicians. Our programs fall into three categories:
1. Health Plan Contracting and Payer Mix Analysis: Most physicians have focused on getting credentialed with the top health plans in their community, whether or not they pay well. However, there are over 20,000 health plans in America. Few healthcare practices have the time or resources to seek out 20,000 health plans to become a Preferred Provider. Every health plan in America can potentially bring patients into a practice, due to the fact that many companies have employees scattered across the county. CPC has established relationships that enable providers to get quickly credentialed by thousands of health plans in a simplified two step process and can analyze your current payer mix.
2. Identify New Reimbursable Services: It is not uncommon for physicians to ignore procedures or services that offer reasonable reimbursement rates and found revenue for the practice. CPC can analyze the services or procedures that are not being activate and provide guidance to implement the billing processes to provide reimbursement. Reimbursable services in the area of Durable Medical Equipment and Pharmaceuticals are but a few of these areas
3. Identification of Lost Revenue through Billing Processes: Some of the easiest money to find in a healthcare practice is the most obvious; that which falls through the cracks as a result of improper coding, missed diagnosis, lack of follow-up and other common oversights in the billing process. CPC can do a quick and easy audit to determine if your practice suffers from this condition.
4. Cash Medicine Strategies: Smart, progressive physicians are shifting at least a portion of their practice to cash. Americans spend more out of pocket money on their health than any other service. They are willing to pay cash and prefer to spend it with someone they trust, their doctor. Lifestyle medicine programs have become very popular with patients as well as various laser therapies.