If you’re looking to cut practice costs and reduce overhead, it is possible to make a big difference without inflicting too much pain.
There are several things you can do immediately – or may have overlooked previously – to boost your bottom line, and we’re here to tell you what those three things are.
3 Ways to Reduce Overhead
Increase Revenue and Reduce Overhead with HybridChart
Choose Technology Wisely. One of the biggest financial pitfalls plaguing all practices is incorrect or time consuming coding and billing. Your practice could be leaving tens of thousands of dollars on the table. Increase revenue and reduce overhead with a hospital rounding software customized to your business and IT needs. HybridChart makes it simple to save money through an electronic system that actually creates solutions instead of generating additional technology and training issues.
“Implementation of HybridChart usually leads to 10% improvement in total revenue, based mainly on capturing previously missed charges,” said Dr. Gregory P. Sanders, M.D. FACC. “The financial gain from improved efficiency and streamlining of the process is immeasurable.”
Integrate your billing software
If your medical billing software is integrated with an electronic charge capture system, instead of the old-fashioned ‘fee ticket’ or ‘charge slip’ method of manual data entry, you will dramatically reduce the time it takes to process billing and reduce errors made during manual entry. Integrating medical billing software with a charge capture system like HybridChart will save you time and drastically improve the revenue cycle.
Establish Smart Workflows
Creating and clarifying smart workflows with clearly-defined role assignments will help everyone involved in the practice operations understand and improve upon their role. Rather than wasting time and money on patients who are no-shows or who cancel all the time, target the most profitable patients instead.
HybridChart provides clear patient assignments and monitors the workflow carefully. The Billing Dashboard can give you an overview of productivity and division of labor. Robust reporting will keep your billing department one step ahead.
Cutting practice costs isn’t just about keeping staff members off the chopping block or penny pinching. It’s about making smart financial decisions to improve your practice’s bottom line.
Learn how to streamline your practice and reclaim what’s most important to you: your time. Download Your Complete Guide to a Streamlined Practice & Happy Team here.
Dr. Gregory Sanders is a Harvard-trained, practicing cardiologist and founder and CEO of HybridChart. He has been coding since the 1980s and has spent his medical career focusing on improving processes. His patient care skills earned him recognition as one of Phoenix Magazine’s TOP DOCs. He lives in Scottsdale with his family.