Are you leaving 30% of your revenue on the table?
It’s all about the numbers. How much money can you earn in one year? How can you increase the revenue of your medical practice? What is the lifetime value of each patient? How many patients can you see in a day? At what age do you want to retire? How many years do you have left to reach your goal?
Numbers tell you in black and white, without drama or judgement, how well you are doing. They will tell you how much revenue you are successfully capturing or how much money is hemorrhaging from the practice monthly.
Consider the clear picture that numbers can paint for us:
- There are 293 ways to make change for a dollar.
- There are 318,979,564,000 possible combinations of the first four moves in Chess.
- The Eiffel Tower has 2,500,000 rivets in it.
- On average, a 4-year-old child asks 437 questions a day.
That brings us to the one important question that we want to ask:
Are you successfully collecting every single dollar you have earned or, like the majority of practices, are you leaving 30% of your potential revenue on the table?
It bears repeating: according to the MGMA the majority of practices leave 30% of potential revenue on the table. Can you live without that? Of all the concerns you have and strategies you have put in place, of all the hours you spend cutting costs and employing efficiency measures, you wouldn’t consider collecting every dime and reaping an additional $30,000 or $90,000 or more? When we handle billing for you, we check every single rate you are paid against the negotiated rate you have earned. Every. Single. Time. It’s the single best way to increase revenue at a medical practice: get paid every dollar you are owed.
Think about your current uncollected dollars as though they were the rivets of the Eiffel Tower:
• They are the core strength of your organization.
• They may be too numerous to count.
• They are the key to everyday survival, yet usually overlooked.
• Without them, your business is a house of cards that can easily collapse on itself.
Clear away the frustrations of practicing under the ACA, remove the clouds of quality measurements and ignore for a moment the looming changes of ICD-10. At the root of your practice is the ability to care for patients. That mission remains alive only to the extent that you collect the money you have earned.
There may be 293 ways to change a dollar but there is only way to get your practice on sound footing- and that is to make absolutely sure that you are paid your negotiated rate for every code, from every payer: Every. Single. Time. That’s what we do for you.
Would you like to increase your medical practice revenue by 30%? And one more important question: If you are leaving 30% of your potential revenue on the table, who is using it instead of you?