Issue link: https://viewer.e-digitaledition.com/i/1108468
2. FIND WAYS TO INCREASE PATIENT COLLECTIONS AND REVENUE. Cut down on no-shows in scheduling patient appointments. Remind patients consistently about appointments. Automate a process to reach out to patients about appointments and those who are overdue for care. Know the best way to contact each patient. Keep a wait list of patients who want to be seen earlier to fill no-shows. Make sure your billing and collec- tion personnel are the best at their jobs with timely billing and follow up. Understand the competition in the area and market accord- ingly with more convenient appointment hours or personalized services. Keep asking for referrals from happy patients and other physi- cians. An online presence with an informative, easy-to-navigate website is now important. Get satisfied patients to leave reviews. Look at the use of patient relationship management systems. Make sure that the practice's gross charge rates are above the rate of the highest payer. Reread the payer contracts and put together a master fee schedule. Make sure the front desk personnel take the copays upfront or get deposits when there is uncertainty on a percentage payment insurance plan. 3. OTHER REVENUE-GENERATING IDEAS INCLUDE REVIEWING THE NEW CMS CODES FOR REMOTE CONSULTS AND EXISTING CODES FOR TRANSITIONAL CARE MANAGEMENT, CHRONIC CARE MANAGEMENT AND ANNUAL WELLNESS VISITS. Also, consider addiction/substance abuse care, sleep disorder treatment and obesity counseling. More practices are leveraging their time with nurse practitioners and physician assistants. Adding ancillary services can sometimes require prohibi- tive upfront investment, so consider renting space to complementary specialties. The list of potential ancillary services is large. Meet with a medi- cal practice consultant about the various potential ancillary services. With the ever-evolv ing practice of medicine and the shift on how physicians will get paid for their work, it is even more important to identify a practice's weaknesses and move to resolve them. Jim Rice, CPA , is a shareholder at Sol Schwartz & Associates PC. Rice has 39 years of experience in public a c c o u n t i n g . In a d d i t i o n t o p r o v i d i n g b u s i n e s s c o n s u l t a t i o n , f i n a n c i a l planning and variou s other a c c o u n t i n g s e r v i c e s , R i c e specializes in income tax planning and consultation. He works with a high concentration of physician practices and high net worth individuals. Contact Rice at jprice@ssacpa.com or 210-384-8000, ext. 112. n M D N E W S . C O M /// M D N E W S S A N A N T O N I O ■ 2 019 1 5