How to Ensure Your Psychiatry Practice Survives Changes in the Medical Industry

Some behavioral health practices are suffering today because they are not adequately prepared to deal with changes in the medical industry. From new reporting requirements to quality initiatives to provider reimbursement changes, it is a challenging time for practices of all types.

 

There are several things a psychiatry practice can do to stay ahead as the industry changes. Here are four tips to help ensure that your practice continues to thrive.

Reinforce Your Brand

Branding is an important aspect of any business, particularly for medical practitioners. A brand is everything patients hear, see or experience when it comes to you and your practice. If you haven’t created a brand for your practice, the time to do so is now. To start, identify the best traits of your practice. Decide what kind of patient demographic you wish to target. Keeping your brand consistent – both in messaging and graphic “look” — will give you the greatest impact.

Maximize Profits Where Possible

Making a profit can be difficult in the face of rising costs, lowered reimbursements and other financial pressures. Implementing expensive upgrades to attest to meaningful use also puts a strain on the budget. Maintaining tight control over your finances — and running your practice like a business — will help ensure that you get paid for all the services that you provide.

Take Charge of Claims and Billing Problems

Insurance claims are indeed a big source of income for most practices. One way to ensure insurance claims are properly accepted is by cutting the mistakes. Validate all patient information in insurance documents, including patient ID numbers. Even one small error will lead to a denied claim. Don’t let that happen for the sake of a wrong digit.

Poor coding and incorrect billing also lead to denied claims. Having the right billing solution in place can make all the difference. The payoff with an improved billing process comes from pursuing denied claims and collecting outstanding fees.

Step-by-Step Action Ensures Progress

If staying independent is important to you, stay on top of these issues. Every action you take that pushes your practice forward is a sign of progress. Make sure you’re in a network where you can discuss industry changes with other independents. Staying informed will help you stay afloat.

 

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