CHALLENGES IN PRIVATE PRACTICE
Tarevo, Your Recipe for Success!
Now Servicing Over 1500 Providers and 1.2 Million Patients!
CHAllenge # 1: COST
The Cost to Start, Build and Manage a Practice Can Swiftly Outpace Earnings. Things to Closely Manage to Avoid Cost Pitfalls Include:
- Hidden Costs of an EMR
- Staffing Costs to Relieve You of Administrative Tasks
- Credentialing and Contracting Costs
- Costs for Marketing to Help Get New Referrals
- Cost of Knowledgeable Support for Billing, Coding, and Development
- And more!
Successfully Reduce Costs To Start up or Manage a Thriving Practice.
CHALLeNGE #2: Time
We All Know That Time Is Money. Each Hour of Administrative Tasks You Are Required to Complete, Reduces the Time You Have to Provide Care and Generate Revenue. Industry Standard States That Clinicians Spend at Least 15 – 36 Hours on Administrative Tasks Alone. That’s not including the Time You as the Practice Owner Would Need to Complete Practice Related Tasks Such as:
- Reading Emails and Answering Phone Calls
- Processing Referrals and Obtaining Authorizations
- Registering and Scheduling Patients
- Credentialing and Contracting With Payers
- Supervising Clinicians and Staff
- HR Activities and Payroll
- And more!
Depending on your specialty that can reduce revenue gains by $3000 to $10,000 a WEEK! Now Add Staffing to Help and You Add $4000 per Month in Staffing Costs and Any Potential Profit Is Significantly Reduced.
CHALLENGE # 3: KNOWLEDGE
There is So Much You Need to Know to Own and Manage a Successful Practice. Stuff they DO NOT teach you in school. So Unless You Are Lucky Enough to Work in A Practice or Facility Where They Teach You These Things, You Are Somewhat Destined for A Hard Launch. Things You Will Need to Know Include:
- How to Find or Build an EMR that is Tailored to Your Needs
- How to Code Your Services Appropriately
- How to Process Claims and Link to a Clearinghouse
- Understanding Documentation Requirements to Avoid Recoupments
- Understanding What Constitutes a Clean Claim
- How to Work a Denied Claim
- How to Follow Up on an Unpaid Claim
- How to Post a Payments and Reconile Patient Accounts
- Understanding Medical Necessity Requirements
- And So Much More!
CHALLENGE # 4: CHOOSING AN EHR
EHRs are often too expensive or are too complex to navigate making time required for documentation and management overwhelming for a Busy Clinician. Choose an EMR that Can:
- Support Services Provided in an Office, via Telehealth or Both
- Help Ensure That Documentation is in Compliance
- Integrate the Superbill Into Your Visit Notes
- Reduce the Burden of On-Boarding New Patients
- Provide the Ability to Complete Rapid Charge Entry
- Provide Automated Appointment Reminders to Your Clients
- Tracks and Automatically Communicates with Your Referral Sources
- Monitors Authorizations and Alerts You When New Requests are Needed
- And so Much More!
CHALLENGE # 6: Patient Growth
One of the Most Difficult Challenges for a New Practice Can Be Getting New Patients! Unless You Are Lucky Enough to Come From a Practice Willing to Give You Your Caseload When You Leave, Or Happen to Have Cultivated a Referral Base that Will Follow You, This Can Pose a Special Challenge. Getting and Keeping Patients is a Major Function of a Practice Owner! Growing Your Practice Depends on a Solid and Frequent Referral Source. More Patients = Higher Revenue. More Patients = More Clinicians. Building a System and Workflow That Can Feed That Need is Essential. For Example:
- How Do You Build a Referral Base
- What Local Conditions Will Make or Break Your Practice
- How to Integrate a Feedback Loop Into Your EHR
- How Do You Market and Draw in an Untapped Market
- How Do You Communicate With Your Referral Sources and Have Time for the Clinical Follow Up They Need.
- What Makes Your Services the Best and Most Sought After
- How Do You Develop Collaborating Relationships With Clinicians and Providers in Your Community
- What are Some Alternative Less Known Sources for Getting New Patients
- And so Much More.