Your business model isn’t working (because it’s old)

Sponsored by Best Practices Academy

Ever wonder how much less complicated practice would be without all of these fastballs coming at you?

What fastballs am I referring to? HIPAA, OSHA, MACRA, Medicare standards—the environment DCs practice within today is much more complicated than it was over 25 years ago when I started.

However, the major difference today is this: DCs have risk but they also have great opportunity to participate in the 21^st century of healthcare. The new payment system, the MACRA law, has now ushered in the context of the value-based system of reimbursement. Medicare and commercial payers have begun the process of transition. But are you ready to be a 21^st century practice?

Let’s look at covering all of the bases within a modern practice.

First base: Know what is required of you

Understanding all of the federal and state regulatory requirements, licensure requirements, and applicable standards for documentation (and much more) affect your practice’s viability.

Do you have updated policy and procedures in place for your practice? Have you covered yourself in the area of being compliant with these regulations and guidelines. And yes, you are responsible to comply with these regulations regardless of the size of your practice. HIPAA, for example, has become more complicated with the recent compliance audits being conducted by the Office of Civil Rights (OCR) and how the legal interpretation of what is required may not match with your current policy and procedures to be in compliance. Are you taking a chance by not having this base covered in your practice?

Second base: Earn your full revenue potential

I can tell you by experience that the majority of DCs are not earning their full revenue potential in their clinic. Without a doubt. And here’s why—most doctors have several key areas within their practice that effectively block their progress and limit their potential. Whether it is improper coding, lack of consistently meeting documentation standards, poor staff relations, and training. This and more contribute to the drag they have allowed to hinder their practice’s growth.

And with it, losing the opportunity for a much higher earning potential. You can experience more growth. You may just need to know where to start and how to move down that path.

Third base: Deploy success systems

A success system is a reproducible, consistent, and organized method and strategy of achieving results within a given set of circumstances. A good place to start is to create a success system for your front desk. For example, how does your staff answer the phone, what scripts are they using, what is the workflow and process for a new patient check-in, report of findings with patients, care management of specific patient conditions, etc? Each practice must analyze their process and workflows to design the best system to generate the preferred end result they desire.

With the advent of the MACRA law, there is much opportunity to develop systems of care which surround the quality measures necessary to perform to meet Medicare’s new payment system requirements. Thereby giving you a positive payment adjustment to your Medicare fee schedule, but also allowing you the opportunity to bring a new service to your patients for their particular condition or health risk.

Home plate: Earn referrals

What wins at the end of the day? Earning referrals in your practice. Every practice needs new patients. New patients are the lifeblood of the practice and there is a good chance you get a special high when a patient is referred by a happy patient or another health provider who trusts us. Earning the trust of others is central to our practice’s future and our lifestyle hinges on us crossing home plate. Monitoring your patients’ experiences in the practice and facilitating strong relationships with other healthcare providers can bring your practice to a new level.

How do you cultivate a high level of patient experience that will result in them recommending your practice to others? Creating a system and deploying it consistently within the practice brings more runs batted in with each effort produced. Seeking and achieving practice recognition standards in the area of patient-centered care (such as the NCQA Patient Centered Connected Care practice recognition program) brings your practice into a new level of respect among the medical community and increased collaboration with co-management opportunities.

So how are you doing in these key areas? Do you have all of you bases covered? Do you find it overwhelming to even think about covering all of these bases? As I mentioned earlier, today’s practice environment has compelled all of us to rethink our business model for practice. There is a reason why practices are struggling today. The fact is the old business model doesn’t work anymore. And it’s now time to move your practice into the 21st century.

Ted A. Arkfeld, DC, MS, CPC is the director of risk management for Best Practices Academy. Arkfeld is one of the nation’s leading authorities in chiropractic coding and documentation. He has authored two textbooks and is a much-sought-out speaker for state conventions. He can be contacted through bestpracticesacademy.com.

 

 

About Best Practices Academy

Providing leadership in practice growth, risk management, quality performance, and certified EHR systems since 2006. Best Practices Academy (BPA) will be sure your practice is ready to migrate from fee-for-service-based to a value-based system, and help you grow the practice of your dreams. BPA studies your practice’s statistics such as CPT codes being utilized,  most common ICD-10 code selections, random review of documentation, capacity analysis, and financial account reports to determine if the practice is healthy or sick.

Best Practices Academy prides itself in having some of the best people in the industry to evaluate practices. A team approach is taken to find out what areas of concern are.  This is usually an eye opener for many DCs.

Best Practices Academy is here to help. The BPA Clinic Management program brings your practice into the 21^st century by covering all of the bases in practice. We invite you to partner with us as we move forward into the opportunities the 21^st century has provided – for the chiropractic profession.