EyeWorld is the official news magazine of the American Society of Cataract & Refractive Surgery.
Issue link: https://digital.eyeworld.org/i/1516463
108 | EYEWORLD | SPRING 2024 P RACTICE MANAGEMENT Contact Pinto: pintoinc@aol.com Wohl: czwohl@gmail.com 3. A well-organized billing department recovers allowable fees most efficiently. Are the following components reviewed and reported regularly at scheduled meetings: Insurance contracts with associated fee schedules. (Where are they kept? Have efforts been made to renegotiate fees? Are we getting paid according to our contracts?) Charting and utilization audits A/R aging summary report (with special attention to older/larger open accounts) Monthly financial reporting Key performance indicators (e.g., denial rates, collections reporting, staff produc- tivity) Anti-diversion policies and auditing control mechanisms in place (reviewed regularly by your CPA) An effective protocol to catch coding and demographic errors, and take them back to the provider or staffer who erred, so they can learn from their mistakes 4. The clinical services department can get so busy and focused on patient care, customer service, and meeting doctor needs that admin- istrative functions can be lost in the shuffle. Are the following organized and tracked in your practice? Department operations manual Expired drug calendar and reviews Supply ordering lists Retinal injection drug control (from or- dering and inventory, on through to the billing and claims management process) Equipment and maintenance contracts 5. Because optical services are more of a retail business than a clinical function, the busi- ness components tend to be more organized and prioritized than in other departments. These are typical examples that need regular review and managing. Department operations manual Inventory and loss control processes Financial reporting and tracking Benchmarking performance indicators (e.g., second pair sales, remake rates, goods costs, etc.) Vendor agreements and periodic price comparisons Employee sales tracking and incentiviz- ing 6. Communication throughout the practice is proportional to the frequency and quality of the meetings you hold. The formality and cal- endar of your meetings should be driven by the size and aspirations of your organization. All-staff meetings: ranges from monthly in small practices to semi-annually in larger ones Departmental meetings: typically monthly Management team meetings: weekly or bi-weekly Administrator and managing partner meetings: weekly All-provider meetings: monthly or quar- terly Board meetings: monthly If you find gaps in practice organization and preparedness, there are some next steps to take. Develop a written "let's get organized" plan with goals, including a time sched- ule. Focus on priority items that have the most potential impact on patient care and financial performance. Set small achievable goals. Make daily, weekly, or monthly lists to check off, and celebrate your progress. Adopt tools that work best for you and the team. Some administrators work best with formal by-department check- lists and detailed instructions on a shared computer drive. Some prefer a less formal approach. Ask yourself, "Am I an organized person in other areas of my life?" (A sometimes painful test for this is to look at how tidy you keep your desk or car or garage at home.) If you are not very organized by nature, a consultant may help you jumpstart new habits. continued from page 106