Are you running reports and tracking your productivity from time to time? What metrics are you using to see if your healthcare business is making as much money as it should? How do you know if you are maximizing your exam rooms, provider schedules, staff, overhead, and coming out in the black vs hemorrhaging dollars?
Well lets look at your metrics:
- How many exam rooms do you have?
- How many providers do you have?
- How many patients are they seeing per hour, per day, per week, per month?
If your provider is seeing a patient every 20 minutes, they are able to see 3 patients per hour, with a 35 office hours per week, a full time provider can see 105 patients per week.
Of course new patients will take longer than this. Additionally 20 minutes may not be sufficient for documenting, doing refills, conducting huddles, reviewing referral feedback and managing special populations. So that number may need to be adjusted down to be realistic or feasible if you care about patient experience, quality, protecting your organization from audits, increasing your HEDIS scores, etc.
If you have additional space, demand, and support staff, not having additional providers may mean you are being inefficient with your potential exam room hours and resources. As you are already paying rent, staff salaries etc. So you may as well be using them to make money.
Thus, if you could have made an average of $75/visit, your potential loss by not having another provider (-their salary and added expenses), would be $75 per potential visit * 105 visits per week * 50 weeks = a loss of $393,750 per unused exam room.
If you are having trouble finding providers, mid-levels, or other staff to utilize them, just reach out to us to find one for you, or find a reputable agency to fill those roles for you.
Other ways to improve your practices efficiency, may be looking into expanding your hours to serve patients on the weekends if the demand is there. Utilizing better software solutions to make documenting, coding, referrals, etc. more streamlined, providing additional hours into providers day. Reviewing the jellybean task list to see how many tasks can be offloaded from the providers to other team members, while still remaining within their scopes.
Additionally, if the issue is lack of demand, options may be renting out unused space, investing in marketing efforts, reaching out for referrals, etc.
Lastly, if you are billing but not collecting, this is extremely inefficient. Ensuring the correct coding is being documented, by reviewing documentation, collections, time in AR, and other solutions may improve the bottom line. As denials, rejections, unprocessed claims, etc. directly impacts your ability to get compensated for work completed. If this is happening, you need to review why this is occurring, ensure that alternative payment is being collected, change policies and procedures etc. Additionally it may be important to ensure front office staff are collecting correct demographic information, copayments, etc. as chasing patients after the fact is not fun or easy, and leads to denials of claims. Lastly use of collections may help save you time and effort chasing down what is owed.