E19: HOW TO IMPROVE BILLING WHILE PROVIDING PATIENTS WITH BETTER CARE

The Connected Physician

Welcome to this insightful episode, where we dive into the strategies that can significantly increase revenue for medical practices. Katharina sits down with Don Self, a seasoned consultant with 39 years of experience, to discuss how physicians can optimize their billing practices to generate at least $100,000 in additional yearly income—guaranteed or no charge. Don’s approach combines financial expertise with a focus on improving patient care.

In this episode, Don and Katharina explore:

• Key Challenges in Billing & Insurance: Learn how Don identifies inefficiencies in billing processes and ensures insurance companies fulfill their obligations, uncovering missed opportunities for revenue.
• Prioritizing Revenue Optimization: Don walks through vital steps such as reviewing the assignment of benefits forms and analyzing coding frequency reports to identify underutilized revenue streams.
• Common Billing Mistakes: Discover how under-coding and improper documentation can lead to hundreds of thousands in lost revenue and why accurate patient visit records are crucial for proper reimbursement.
• Sustainable Revenue Practices & Staff Education: Don shares strategies for educating staff on correct billing and coding practices, ensuring sustainable revenue growth, and preventing future losses.
• Maximizing Preventive Services: With only 12% of eligible Medicare patients receiving annual wellness visits (AWVs), Don provides tools for simplifying the process and integrating it with routine visits to boost revenue.
• Opportunities in Chronic Care & Remote Monitoring: Don discusses tools like the Ankle-Brachial Index (ABI) machine to detect early vascular issues, as well as how chronic care and remote monitoring can become valuable, underused revenue streams.
• Reducing Physician Burnout: Learn how offloading time-consuming tasks to third-party services can reduce burnout while maintaining high-quality care and revenue.
• The Decline of Independent Practices: Don reflects on the pressures faced by independent practices and why he believes autonomy is vital for patient-centered care.
• A Success Story in Practice Restructuring: Don shares the powerful success story of a physician who revitalized their practice by focusing on Medicare patients and reducing hospital visits, leading to improved financial stability and work-life balance.

Links and Resources:

• Don Self

Thanks so much for joining us this week. Want to subscribe to The Connected Physician Podcast? Have some feedback you’d like to share? Connect with us on iTunes or Spotify and leave us a review!