Have you ever felt like your income is getting flatter than a pancake? Have you felt the pressure from decreasing reimbursements? Wondering if you could get that productivity bonus?
Your host, Dave Denniston, was recently reading an article that was eye-opening on a common method that physicians miss.
In this podcast, Dave Denniston talks about this method and how primary care docs (and perhaps many others) can drastically increase the revenue per patient.
(Note: I outsource transcription efforts, please forgive in advance any grammatical errors. I just simply don’t have time to review it all)
Hey this is Dave Denniston and welcome back to the freedom formula for physicians’ podcast. Elementary my dear watson, pure elementary.
Welcome to the freedom formula for physicians podcast with all about slashing your debt and taxes and creating a liberated lifestyle. And now, your host, with the love of fantasy books and funk and the hatred of running more than three miles; Dave Denniston.
Alright, welcome back everyone so glad to have you here. And today we are going to be talking about reimbursement. I took a survey of physicians months ago or so and one of my questions was what is the biggest financial challenge that physicians are facing right now? And time and time and time again it came down to reimbursement. Practically everybody said we are so concerned about reimbursement.
And so I had been learning and studying and talking to a few people to see what can I help educate you guys on regarding reimbursement. And I came across a really cool article that was on physicians money digest by Edward Binnolets and the title of the article is coordination of the chronic care patients enhances reimbursement. And what he said at the beginning of the article which I thought was so good is; did you know that Medicare now pays for chronic care management.
That`s right, primary care physicians can be reimbursed for non-face to face time with medical patients who have two or more chronic conditions. So what`s so interesting about this is the majority of physicians they don’t know about this so I want to educate you guys on this. And you can imagine the dollars that you could be getting more in your practice when you are primary care doc.
Can you imagine that you could be having an extra 500 or 1000, 2000 3000 dollars a month from a patient by having this change?
There is no doubt that when you are dealing with chronic care that it takes a lot more time. And it`s hard, there is no doubt it is hard but compliance they mentioned in the article is a huge issue and you have to get a good handle on that as you look at this potential revenue stream. But you can overcome this challenge you guys. So no doubt that with the right team around you can make this happen because you can help patients get to have better and better outcomes.
And I think with every physician that I talk to, that I know of, and am sure there are some exceptions to this, that most physicians that I know out there are so passionate about their patience. They want to see their patience get better. And here you have this opportunity to work with some third party vendor to provide benefits. But not only specializes in a software but specializes in a process. So overall you guys this is about getting higher reimbursement, this is about patients that have more than two chronic conditions. O
verall we know that more patients that you have the more you can earn. So this is really more than anything else. It`s about looking at your current patients and how can you serve them better. What other services can you offer to them? And that’s what we can all do. Often in my industry you talk about okay if I help a client with this part of their financial situation well maybe I can help them with their taxes.
Maybe you can do a financial plan over here and you add on extra services and make more money. Is often said that it takes a 1000 dollars to gain a new patient for life. But what if you could generate from a same patient an extra five hundred, six hundred dollars. So if you think about a return on investment, when you look at a software or something else it can really change it. And over all at the end of day it really comes down to what is best for this person? What is best for the patient? Is providing this extra service going to change the outcome?
Obviously someone is in Hospers so there is not a whole lot that you can do. Right, I mean you are not going to be able to change the quality of their life. So what other services, what other add-ons can you do to increase your reimbursement. What ways can you streamline your practice? Am going to go ahead and include a link to this article on the show note so definitely check that out is really great idea, I was so excited, so happy to see it.
And I am looking for other ways so I would like to hear from you. What are ways that you are increasing your average revenue per patient? How are you enhancing your reimbursement processes? How are you going to be getting more revenue in the door? So let me know, make comments, send me emails and I`d love to hear from you.
This is Dave Denniston from the freedom formula for physicians podcast, have a good one.
Hey this is Dave Denniston I hope you liked today`s episode. If you did hey please do me a favor and go to iTunes and give this five star review. We have to get those reviews on up so more people can discover how to slash their debt and their taxes and create a liberated lifestyle. As a matter of fact each month I am giving out a price package to one of our viewers for the month. So make sure to go to iTunes right now and place your review. Thanks so much and I will talk to you next time.