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Case #1: Dr. P. |
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Location: Midwest, suburban |
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Years in practice: 7 Years in current location: 1 |
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Problem: Not attracting new patients |
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Annual collections: $248,952
Patients per month: 253
Collections per encounter: $82
Overhead: 57% |
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Recommendations: Patient newsletter and Patient referral system |
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Results:
Consistent increase in visits by 20 -30 % compared to prior year. |
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Slight increase in collections due to wider range of services provided
Increase word-of-mouth awareness in the local area
More pride of ownership for Dr. P
Overhead went down on a percentage basis because of high fixed overhead costs.
New Annual collections: $330,480
New Patients per month: 324
New Revenue per encounter: $85
New Overhead: 45% |
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Comments: The best new patients are referrals. Focusing on keeping patients longer, educating them on the services you provide and asking for referrals got this physician a $70,000 increase in “take home” pre-tax income. |
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Case #2: Dr. S. |
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Location: Southeast, suburban/urban |
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Years in practice: 15 Years in current location: 8 |
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Problem: Exhausted and underpaid – considering a new profession. High percentage Medicare and Medicaid |
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Annual collections: $420,168
Patients per month: 574
Collections per encounter: $61
Overhead: 52% |
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Recommendations: Revise payor mix and work on coding and documentation skills |
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Results:
Collection per encounter increased by 54 % compared to prior year. |
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Slight decrease in patients per month
Better adherence to clinical guidelines and more appreciative patients
Overhead went down on a percentage basis because of high fixed overhead costs.
New Annual collections: $587,496
New Patients per month: 538
New Revenue per encounter: $91
New Overhead: 40% |
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Comments: This is the application of the 80-20 rule: 80% of your results come from your best 20%... best payors, best patients, best staff, etc. Massive increase in take home pre-tax revenue without seeing more patients. |
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