Here are the five biggest mistakes physicians make that have the biggest negative impact on practice revenue.
Sloppy cash controls
Make sure the practice’s “daily close procedure” balances changes and collected amounts with the totals shown on computer reports. Reconcile patient encounter forms and electronic numbers daily to be sure each has been “closed out.” Make sure the month-end bank balance matches the practice-management system report of total collections. Don’t allow the person who opens the mail to post payments or write refund checks.
Not conducting background checks during hiring
Reduce your risk by conducting background checks for all final candidates. Trusted Employees is one company that provides this service at reasonable rates.
Being too casual about electronic safety
Start with simple steps, such as insisting that staff use strong passwords and not share them. Hire an IT consultant to conduct a data security assessment.
Ignoring vital information
The practice could be at risk if physician leaders don’t understand essential business functions and review vital reports. For example, If you take the time to review the adjustments report at least quarterly, you’ll be more apt to ask questions about why so much is being written off to categories you don’t recognize.
Under-coding E&M services
Consistent under-coding can draw unwanted payer attention to the practice. For example, CMS analyzes coding patterns of physicians in the same specialty and state, as well as national averages. Falling outside the norm of your peers’ coding patterns can make you a potential audit target.