iMAX Medical Billing Knowledge Hub
What Puts You in a Class of One?
There is something remarkable about you and they way you deliver medical care. The chances are good that it falls right in your sweet spot. Do you have a unique way of treating a medical condition? Do you deliver an over-the-top patient experience? Do you offer a unique relationship? Here are some questions to help you identify your unique offering. Do you create extraordinary medical outcomes? Do you enjoy treating a specific medical condition or performing a specific procedure? The Shouldice Clinic performs one procedure: an inguinal hernia repair. They get such extraordinary results that patients fly from around
How Does Focus Support Practice Growth?
The more you focus your time, attention, and resources in your sweet spot – whether it’s seeing a certain kind of patient performing a certain medical procedure – the greater satisfaction you will experience. Historically, physicians grew their practice by trying to be all things to all patients. This is like a batter swinging at all pitches that come their way, whether or not they are in the strike zone. The best batters wait for their favorite pitches. Some physicians fear that narrowing their clinical scope will slow referrals. While counterintuitive, experience demonstrates that focus accelerates practice growth. Most businesses
How Do You Begin Where You Are And Transform Your Practice?
Just as there is a system to evaluate and treat patients, so too is there a system for building a thriving practice that works for you. Here are the steps: Identify your “sweet spot” where purpose, passion, and profit meet. Gather intelligence to clarify what your patients and referring physicians really want. Put your best foot forward. You only have once chance to make a first impression. Pave a path to your door. Create a culture of referrals. Launch marketing campaigns that work.
Physician’s Beliefs About Sales and Marketing
Physician’s Old Beliefs About Selling Many physicians entered medical school 30 years ago believing, “Doctors shouldn’t sell; it’s unprofessional.” Furthermore, many believed that they didn’t have to sell. If they just took good care of patients, their practice would grow. New Beliefs About Sales and Marketing Here’s how some of those physicians made peace with sales and marketing. They reframed marketing as the process of engaging someone in a conversation; they reframed selling as the process of inspiring someone to take action. You sell everyday. You sell when you persuade your kids to practice the piano, help a colleague see
Why Should Business Strategies Matter to You?
Today, patients are behaving more like consumers. Patients are driving more healthcare choices. They have access to medical information. They can initiate diagnostic and therapeutic interventions without physicians. They have more financial skin in the game, and there is greater transparency regarding pricing. Patients increasingly drive referrals, either directly or indirectly. They choose where and when they seek medical services in much the same way you book air travel: on the basis of cost and convenience and the overall experience. When patients behave more like consumers, you optimize your chances of success by embracing sound business practices. Successful businesses understand
How Do Traditional Medical Practices and Small Businesses Compare?
Let’s compare and contrast the conventional medical practice and a conventional small business. Here are some qualities you share with small business owners: You both generate revenue. You both manage employees. You both have expenses. You both pay taxes. You both use the revenue you generate to provide for your families. The metrics by which you measure success separate you from a small business owner. Small businesses win by optimizing profits. It’s fundamentally about financial outcomes. Medical practices win by optimizing the quality of medical care. It’s fundamentally about clinical outcomes. However, these different paths leads to the same destination
The Reinvented Medical Practice
Do you run a small business? Most physicians say, “No. I run a medical practice.” Thriving physicians KNOW they are running a small business. Yes, it’s a specialized hybrid business venture, but the process of building a successful business transcends the details of who is selling what to whom. Yes, you are running a business too! This idea may make you feel uncomfortable. It SHOULD make you feel uncomfortable. You have the training to care for patients; however, no one laid out the rules and tools to manage the business side of medicine. You learned how to take good care
HHS Announces Fraud Recovery Statistics
The American Health Lawyers association reported the following in its weekly Fraud and Abuse update: The government won or negotiated more than $2.5 billion in healthcare fraud judgments and settlements in fiscal year (FY) 2016, the Departments of Health and Human Services (HHS) and Justice (DOJ) said in their Health Care Fraud and Abuse Control Program Annual Report for Fiscal Year 2016 released January 19. “In its twentieth year of operation, the Program’s continued success confirms the soundness of a collaborative approach to identify and prosecute the most egregious instances of health care fraud, to prevent future fraud and abuse, and to
Survey: 1 in 5 Would Switch to Docs Providing Telehealth
If you’re 35 to 44 years old and have children under 18 years old, you’re more likely to switch primary care providers (PCP) if he or she provides telehealth visits. If so, you’re part of 20 percent of the population who’d do so, recent Harris Poll studies indicate. The studies, commissioned by American Well, a telehealth company, indicates 65 percent of those surveyed are interested in seeing their PCP over video. Parents are keenly interested, with 74 percent saying they’d be interested in video visits. According to the company, chronic care prompts interest in using the services, with 60 percent saying
Evaluation and Management: Time-Based Coding
Time is an alternative option for Evaluation and Management (E/M) coding (on many, but not all of the E/M codes) in lieu of the three key components, history, exam, and medical decision making. Documentation Guidelines for Time According the Centers for Medicare & Medicaid Services (CMS), “In the case where counseling and/or coordination of care dominates (more than 50%) of the physician/patient and/or family encounter (face-to-face time in the office or other outpatient setting or floor/unit time in the hospital or nursing facility). Time is considered the key or controlling factor to qualify for a particular level of E/M services. “If