Is It Time For Your Medical Practice To Have A Quick Check-Up?





Is It Time For Your Medical Practice To Have A Quick Check-Up?










Here’s our Rx to protect and enhance your bottom line so you can spend more time practicing medicine and taking care of patients:

1)    Hire Better – This will save you money in the long run as having to replace staff is expensive in many ways and bad employees can cost you patients. You wear a lot of hats in your practice, but remember that patients spend a great deal of time in front of your employees so make sure they are technically skilled, but also compassionate and personable. The more your staff can do, the less time you have to devote to tedious tasks, and you might just help your stress level as well as your financial statement.

2)    Don’t Be Afraid of Change – When your practice stagnates so does your bottom line. Embrace technology that streamlines daily tasks, billing, processes, patient intake and records, etc. In the end it saves time, and makes compliance and collections easier. On another note, be aware of tech trends that are changing the status quo such as telehealth and telemedicine – there may be financial opportunities there as well as a way to better serve patients!

3)    Look Beyond Reimbursement – What insurers and other payors, including the government, are willing to reimburse is not controlled by physicians, and we have already seen how $$$ for quality vs procedure has shifted the financial landscape. Focus instead on internal costs which you can control. Focus instead on proper coding and compliance to avoid penalties.

4)    Better Billing – Train staff to increase time for revenue producing activities, code and bill accordingly, and reward staff for opportunities seized to streamline activities and avoid waste/duplication.

5)    Toot Your Own Horn – You can easily grow your practice by figuring out what is special about your brand or medical niche and then marketing that. If you are not ready for a facebook page, at the very least make sure all your online profiles are accurate, and your website is visible and accessible. Join a local medical society or professional organization and network with other doctors or large employers in your area who can refer patients to you.

6)    Avoid Burnout – You are the practice leader as well as the healer. You can’t do either well when you are seriously fatigued. Remember exhaustion is mental, physical and emotional. Know your limits, when to slow down and when to ask for help. Communicate, build a team, re-evaluate scheduling and workload, delegate where possible, and accept your limitations.


CONTACT US: Perhaps it’s time to consider an accounting ally in the healthcare industry with single or multiple physician practice expertise whether internist, specialist, surgeon, chiropractor, podiatrist, dentist, etc. In addition to tax and accounting services, our new financial dialogue includes a 360 degree business advisory program. All designed to take the burden off you and your physician partners because worrying about costs, reimbursement, margins, operations and finances shouldn’t be keeping you awake at night! Call 855-534-2727 to learn more.



 

In The News

Fuoco Group would like to share the exciting news that we have just opened a satellite office in the Fort Lauderdale area to better serve our Broward County clients and expand our footprint in the Fort Lauderdale/Miami area.
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Press and Events

2019 Best of Palm Beach County Award! We are proud to announce that Lou Fuoco, CPA, CEPA, of The Fuoco Group, has been chosen one of the Top 3 Finalists for The Palm Beach Post’s “Best of Palm Beach County” in the Finance category under Accountant! Thank you to all who voted for Lou – we will keep you posted as to the final results!
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August 3, 2018 — Fuoco Group, is proud to announce that Russell Seyffarth, accountant in our Hauppauge office, has been selected as an Honoree in the Long Island Business News 30 Under 30 Class of 2018.

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