5 tips to Improve Revenue in 2021
A healthy business approach to the coming new year is to commit to improving the bottom line. This year more than ever, physicians need to get back to basics while embracing the new. From a business perspective, medical practice’s most important driver of future success is “Total Revenue to Practice”. Strong cash flow will always accompany flexibility and growth, but how exactly do you increase fee-for-service revenue without increasing volume?
Here are 5 tips for improving your Revenue.
1: Attract new patients.
Rest assured, every new patient that you treat this year will have sought some information about your practice leading up to the encounter. Online competition is fierce. Independent physicians are outgunned by the marketing machines of predatory health systems, but simple steps like owning your online profile or posting an occasional blog will make you stand out against out-of-touch corporate marketing efforts. The personal touch is lacking these days and can be a key differentiating characteristic in the battle for online attention.
2: Implement Remote Patient Monitoring.
Want to give yourself a raise and improve outcomes? Medicare led you to water with the expansion of remote patient monitoring in 2020. A good vendor will show you tremendous revenue and patient engagement without disruption to your day-to-day workflow. Even just 100 enrolled patients can be a significant boost of appropriate, new revenue. Most practices could easily identify 100 patients that warrant such engagement. Let your vendor do the heavy lifting while your patients and cash flow reap the rewards. (See CPT codes 99453, 99545, 99457, 9945, 99091)..
3: Prepare for a return to telehealth.
Even if your state doesn’t end up in a large-scale lockdown, fear of COVID-19 will again motivate many patients to stay home, forcing care to go virtual. Be sure to have a real plan to manage care from afar as we inevitably will see a return to the frequent telehealth visits of this past spring. Look closely at your telehealth workflow. Many physicians saw high “cost per encounter” during those lengthy telehealth days. Success can be found in Leveraging your staff to work efficiently following a very similar workflow to traditional office visits. Too many physicians fell into the trap of becoming their own front desk while delivering virtual care. Prepare now to avoid this pitfall.
4: Utilize G2211.
The recently adopted 2021 fee schedule reveals a new code, G2211. The agency describes this as “visit complexity inherent to evaluation and management associated with medical care services… part of ongoing care related to a patient’s single, serious condition or complex condition.” This is the agency’s attempt to account for what it believes to be a significant amount of work managing patients that is not currently recognized in the current E/M code descriptions. Think of the amount of time you’ve spent on episodes of care, and longitudinal that require considerable care management above and beyond typical encounters.
5: Incorporate Advanced Care Planning services in your visit workflow.
Explain the considerations of an advanced directive, and aim to memorialize the patient’s choices. This 30 minute, face-to-face encounter, reimburses at around $100 nationally. Again, this is good medicine and a great way to earn revenue without bringing in new patients.
Keep it Simple
These tips are not groundbreaking. With fundamental reimbursement changes taking root in 2021, on average E & M codes will reimburse close to 10% higher while procedures then see a 10% haircut due to budget neutrality. There will be new winners and losers, but you can set yourself up for success. Essentially, it’s about getting back to basics and getting good at the fundamental traits of a thriving medical practice. To be a success you simply have to own your online reputation, exploit new opportunities, and raise expectations of the standard of care.
