The triple aim of healthcare, as outlined by the Centers for Medicare & Medicaid Services (CMS) is better care for individuals, better health for populations, and lower cost. These are also the basic goals of a Care Management program for your patients and your independent practice. Lowering costs can also help increase your independent practice revenue.
Most independent physicians are searching for ways to increase their practice revenue. In a 2019 Physician Report, “22 percent of respondents said their practice is doing better than a year ago, 52 percent are doing about the same, and 26 percent are doing worse.” Options for increasing revenue include increasing the patient panel, which would require additional staff, and improving productivity and efficiency.
Care management enables the physician to more effectively and efficiently manage a patient’s treatment plan by coordinating with other healthcare providers to reduce unnecessary tests or office visits. While primarily a mechanism for improving the patient’s healthcare outcomes, the program also results in lower costs for the independent physician’s practice. When costs are lowered, net revenue increases.
How does a quality electronic health record (EHR) solution
improve your independent practice’s efficiency?
To further increase your independent practice revenue, you might consider adding services within your practice rather than referring patients to other specialty providers. For example, Coley Bennett, CMM, CHA, practice manager at A Plus Medical, P.C., an independent primary care practice in Tacoma Park, Maryland, suggests that embedding a behavioral health specialist in the practice makes sense since the physician has established a rapport with the patient. The independent physician’s office can serve as a resource for the patient and the additional offering can potentially increase revenue for the practice.
Reimbursement for additional services will certainly increase your practice’s revenues. A behavioral health specialist can also help diagnose and address underlying problems that could benefit the patient and the physician. Improved outcomes for the patient’s physical health conditions are typically realized when the mental health and social determinants of health are also addressed. Treating all aspects of the patient’s condition and coordinating that treatment in the most effective and most cost-efficient manner are integral to a quality care management program, which will help increase your independent practice revenues.