Is Your Psychiatry Practice Headed Out of Business?

Regularly evaluating how your psychiatry practice is running is an important part of keeping a healthy business. Improving the following areas can help ensure that your practice remains relevant and profitable.

 

You’re Stuck in The Old Way of Doing Things

Medical technology has gone through tremendous change in recent years. If you still are using old technology, such as paper and pen for your scheduling, billing and charting, then you are definitely behind the times.

One technology that is improving the efficiency of mental health practices is electronic health records (EHR). Although there is an initial investment in implementation, an EHR will save you time and money in the long run.

When choosing a psychiatry EHR, be sure that you pick one that is best suited for your psychiatry or mental health practice. A few things to consider are efficiency, ease of use, improvements available and the EHR’s ability to integrate with your existing systems. Once you get an EHR system in place, everyone working in your practice should be trained so that you can get the most benefit from the technology.

Dwindling Profits

Some independent psychiatry practitioners forget that they are running a business and therefore should be generating a profit. With most offices, practitioners are able to form a personal touch with their patients. Though good for a practice, this familiarity can lead to less-than-accurate billing and payments.

A proper billing system that ensures everyone pays what they are supposed to pay, including patient and insurance companies. This will ensure that every claim is filled out correctly and all necessary documents are submitted for proper payment. An EHR with integrated billing can help keep your scheduling and coding accurate.

High Employee Turnover

Employee sustainability is very important to an independent practice. A high employee turnover is a big problem. This means that you have to keep training new people all the time, which takes up valuable time and is costly in the long run. Finding the root of the problem or problems and addressing them will pay off for both you and your staff.

Take some time periodically and really look at how things are doing in all areas of your practice. Examine every aspect of the business with an eye toward continual improvement.

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