Three Ways to Boost Your Bottom Line

As we ring in the new year, many pediatric practices may be eager to move ahead from the challenges we saw in 2009, including the unpredictable economy, the advent of H1N1, and other unexpected variables. However, many of these challenges could linger on into 2010. As many people make resolutions to start out the year on the on the right foot, why not make yours to get paid for the work you do, starting with three ways you can boost your bottom line in 2010?

Code Better

Looking for that raise that insurance companies aren't giving you? Here's a surefire way to get the compensation you deserve: better coding practices. Many pediatricians forfeit thousands of dollars due to improper coding. While individually, these errors don't seem like much, continuous coding missteps could amount to tens of thousands of dollars over the year. You're already doing the work, so why not make sure you are paid fairly for doing it!

"Undercoding for visits can cost you thousands, and it is just as illegal as overcoding," said PCC's Chip Hart. What he sees most often in practices struggling with their coding is not properly accounting for services such as after-hours or immunization administration codes.

Before you can change your approach to coding, your practice must understand which areas need improvement. Many practices first opt to perform a coding evaluation. "Knowing how well or whether your documentation supports the codes you are billing is the first step to making your records audit-proof," said PCC's Certified Professional Coder (CPC) Jan Blanchard. "Carriers and auditors typically target outliers, whether they're coding at a higher or lower level than their local peers. Having a preliminary professional audit can ease your mind by proving that your documentation adheres to E&M documentation standards no matter how your peers are billing."

Also, remember that while it would be great to have all the doctors in your practice on board to improve coding, you can start taking steps now and let your positive example lead the way.

Add Services

In addition to simply getting paid fairly for the work you do, you can also earn more money by doing more for your patients. Adding services to your practice's repertoire is a great way to accomplish this. There are two kinds of services you can add to your practice–clinical and administrative.

Clinical services include things like screening tests, medicine dispensing, vaccines, ear piercing, and more. The clinical services you provide are driven by patient demand. What do your patients want and are they willing to pay for new services you could provide? Hart said, in addition to considering new service opportunities, pediatric practices should regularly review their clinical service offerings, such as screening tests and vaccines, to make sure that they are properly coded and priced (see the above section on proper coding!).

Administrative services often includes things your practice already does, but likely doesn't get paid for and loses money as a result. Think of how many times your practice has lost money due to vacant slots in the schedule, missed appointments, or how many hours your staff has spent filling out patient forms - costing your practice money with no return!

Your practice should have clear office policy guidelines for patients that detail any administrative fees for things like missed appointments, no copays, late payments, credit card transactions, record copying fees, and completing forms. Alternately, Hart, says your practice may consider simply charging families an annual fee that covers these services, provided to them by virtue of being patients at your practice.

Invest in Staff

Successful businesses have realized that their staff may be their most valuable asset and can't afford not to invest in them. Likewise, PCC has observed over the years that great practices have great staff. Investing in great staff will allow you to keep the employees you have and attract the ones you want. Show staff that you consider them an asset by providing them with attractive benefits, recognizing them for the work they do, and investing in their personal and professional development.

Investing in staff doesn't have to cost your practice a lot of money, and often simply recognizing them for a job well done with praise or small tokens of your appreciation will go a long way. And, when you assist your staff in their overall growth by providing direction, guidance, education, and encouragment, you invest in both the practice's and the employee's future. Doing these things will have immeasurable positive effects on efficiency, office morale, and your bottom line.