Author Box
Articles Categories
All Categories
Articles Resources

Medical Billing - Get Top Value Out of What You Have Before Diversifying

June 03, 2012 | Comments: 0 | Views: 155

In today's fast-paced medical world, many doctors are feeling squeezed in a financial sense. Between a down economy where patients may default on more of their medical debt, be responsible for more of their bill because of a high deductible insurance plans and shrinking reimbursement, or government changes that sometimes seem onerous and scary, today's physician is faced with seeing his passion for healing people focused on keeping the door open. That said, there are some pretty interesting solutions being thrown around by medical consultants and others on the fringes of the industry.

One of these is the idea of expanding services or "diversifying" what a doctor or practice can offer to the public. The idea is somewhat simple especially when practices are not recognizing a lot of revenue from conventional family practice consultations or specialist visits. By adding an 'accessory' service that may not be medically necessary, but more focused on elective 'self-care', doctors can create additional income streams. Facilities like spas and rehab centers are examples of this trend.

Building Your Practice On a Solid Rock

Before you think about adding on services in order to bring in more money, it's extremely important to understand whether your practice is collecting as much revenue from billed services as possible. Many practices actually fail to collect to certain benchmarks. This means you may be losing a whole lot of money and jeopardizing the bottom line for your practice or clinic. This often has to do with insufficient administration, problems with routine health insurance denials, and inadequate patient collection strategies.

We feel that in order to really succeed in today's health care industry, you need to invest in good core management before branching out to other locations or auxiliary services. This means taking a hard look at the money that you bill for procedures and services provided each day, and how much of it is coming back into your practice, versus being written off as uncollectible. Many practices will find that there is a significant potential to get more money without exerting energy into expanding a practice. That's a win-win for any business.

Good Ideas for Diversification

In many cases, however, the doctor's office can benefit from either expanding services or partnering with other businesses. Creative discounts and local business collaborations can give your practice more visibility in a community and a fuller patient roster. However, unless you're actually collecting all of that money that is going out on your letterhead, you may still struggle financially. Take a look at whether to bulk up in-house patient financial strategies or outsource some of your medical billing administration to a competent third-party firm that can help you do more with less.

Ron McLaughlin and the RMK team makes it easy for you to see how your healthcare practice can increase its predictable cash flow with end to end cash flow strategies. To receive your free, no-obligation FreshLOOK(TM) Review or for more information, contact Ron at You'll see just how you can increase your revenue by up to 40% with RMK's all-inclusive medical billing, revenue management, and pre to post collection services including third party collection agency services.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Medical Billing


Family Practice


Medical Billing Administration


Financial Strategies



Auto insurance is probably one of the most expensive insurance types in Canada. An average car insurance policy in Canada costs approximately $1,200 per year and in Ontario, the largest Canadian

By: Alex Saltykov l Insurance > Car Auto l July 09, 2013 lViews: 553

Your house is often your largest investment that you need to protect via insurance. We created a list of multiple savings tips related to Home insurance and hope that these will help you to save a

By: Alex Saltykov l Insurance > Home Owners Renters l December 27, 2012 lViews: 380

Most auto insurance companies design specific car insurance policies for classic and antique cars. If you think you have a classic car and want classic car insurance, you will need to be sure that

By: Richard l Insurance > Car Auto l October 17, 2012 lViews: 570

Business Overhead Expense Insurance Plans can provide cash flow to the business in the event of a disability to a key employee or owner. For a small, growing company it might make the difference

By: T. Spencer White l Insurance > Disability l July 17, 2012 lViews: 243

Workers compensation costs are rising. According to a recent report by the Workers Compensation Research Institute (WCRI), indemnity costs per claim (the loss of earning capacity, payments for lost

By: Kelly C. Williams l Insurance > Workers Compensation l July 08, 2012 lViews: 221

One of the most helpful government programs out there is the SSI Disability program. A person that is legitimately disabled, and cannot work to provide an income for themselves for their family

By: Oleg Winter-Burnett l Insurance > Disability l July 04, 2012 lViews: 282

How often does one protect health, the way one protects an expensive commodity? "Not so often", would be the general consensus. And yet we say things like "health is wealth," which may make us sound

By: Deepak Shrivasl Insurance > Medical Billingl June 07, 2012 lViews: 180

Understanding Medicare Supplemental Insurance In order to understand what Medicare supplemental insurance is, we first have to define what it is. This is the insurance that is given in addition to

By: Teka Mullwanil Insurance > Medical Billingl June 06, 2012 lViews: 175

As an outsourced medical billing company I get many questions regarding Medicare. I will keep track of these questions and publish some of them periodically in one of my articles. Below are answers

By: Marina Halll Insurance > Medical Billingl June 03, 2012 lViews: 161

In part II of this article we will further discuss costly medical billing practices. In some cases, these have led to the loss of medical licenses for false reports include billing unnecessary

By: Marina Halll Insurance > Medical Billingl May 28, 2012 lViews: 151

It's easy to get behind in billing, but collections need to be made. With the help of billing companies, get back on track and collect the proper payments.

By: Lyndsay Flagell Insurance > Medical Billingl May 28, 2012 lViews: 162

A degree in medical coding is a great opportunity to develop a steady career these days - so you should know what your options are and how to make the most from them if you're trying to make a

By: Lowell Joshual Insurance > Medical Billingl May 24, 2012 lViews: 203

  In other industries, it's old hat that a good business is worthless without actual sales, but in the medical field, that's been an idea that has gone by the wayside - until now. With more insurers

By: Ron McLaughlinl Insurance > Medical Billingl May 12, 2012 lViews: 131

Medicare's PECOS aids physicians by creating a record of who has authority to use their provider identification number. Doctors are reminded that they need to know who is using their number to bill

By: Ron McLaughlinl Insurance > Medical Billingl April 02, 2012 lViews: 150

Not all EHR systems are created equal or will cost efficiently evolve with the ever changing regulations. Implementing the right EHR system for your environment can mean the difference between

By: Ron McLaughlinl Insurance > Medical Billingl February 16, 2012 lViews: 151

Discuss this Article

comments powered by Disqus