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Top 10 Series. Top 10 Business Practices that will Guarantee Your Practice is not Profitable. Frank Bostock, MBA, CO Southwest Region Vice-President Hanger Prosthetics and Orthotics. “Top 10 Business Practices that will Guarantee that Your Practice is not Profitable”. Frank Bostock, MBA, CO.

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Top 10 series

Top 10 Series

Top 10 Business Practices that will Guarantee Your Practice is not Profitable

Frank Bostock, MBA, CO

Southwest Region Vice-President

Hanger Prosthetics and Orthotics


Top 10 business practices that will guarantee that your practice is not profitable

“Top 10 Business Practices that will Guarantee that Your Practice is notProfitable”

Frank Bostock, MBA, CO


Business practice 10 collecting co pays and deductibles
Business Practice # 10 Practice is Collecting Co-Pays and Deductibles

To be honest,

collecting

Co-Pays

and Deductibles

has never been

one of my

priorities.


Business practice 10
Business Practice # 10 Practice is

When you do not collect patient co-pays and deductibles:

You are offering an additional discount for your services

You are increasing your A/R collections costs

You maybe in violation of a payer contract

You are decreasing your practice’s earnings

Patient co-pays, deductibles and receivables are

usually ignored, mismanaged and/or neglected.


Business practice 101
Business Practice # 10 Practice is

Make it easy for your staff: Provide them with scripted protocols to use when discussing co-pays, deductibles and collections with your patients.

You pay co-pays and deductibles at your doctor’s office and at hospitals, so why shouldn’t your patients pay you?


Business practice 9 please tell me you didn t say you don t have a compliance program
Business Practice # 9 Practice is “Please tell me you didn’t say you don’t have a Compliance Program!!!”


Business practice 9 compliance programs
Business Practice # 9 Practice is Compliance Programs

  • Compliance Risk Areas

    • Medicare/Medicaid

    • HIPAA

    • OSHA

    • Labor Relations

    • ADA

    • DMEPOS Supplier Standards

    • Payer Contracts


Business practice 9 compliance programs1
Business Practice # 9 Practice is Compliance Programs

Compliance Risk Areas

Medicare/Medicaid

Non-compliant prescriptions

Incomplete Verification of Delivery

Inadequate clinical documentation and justification

Labor Relations

National Labor Relations Board

EEOC

American Disabilities Act

Discrimination

Physical Access

DMEPOS Supplier Standards

Updated Standards/Requirements


Business practice 9 compliance programs2
Business Practice # 9 Practice is Compliance Programs

Compliance Risk Areas

Medicare/Medicaid

Non-compliant prescriptions

Incomplete Verification of Delivery

Inadequate clinical documentation and justification

Labor Relations

National Labor Relations Board

EEOC

American Disabilities Act

Discrimination

Physical Access

DMEPOS Supplier Standards

Updated Standards/Requirements


Business practice 9 compliance programs3
Business Practice # 9 Practice is Compliance Programs

Cost of Non-Compliance

Refunds

Penalties

Termination of Contracts

Criminal Charges


Business practice 8
Business Practice # 8 Practice is

“ Inventory Management System . . .

. . . What inventory management system?”


Business practice 81
Business Practice # 8 Practice is

  • Why have an Inventory Management System?

    • Reduce your product and materials acquisition costs

    • Control inventory shrinkage

    • Reduce inventory holding costs through better ordering practices

    • Reduce freight costs

    • Link product purchases to contract reimbursement rates

    • Effective Inventory Management Systems mean higher profits


Business practice 7
Business Practice # 7 Practice is

“Human Resources Policies. . .

. . . Never thought about it”


Business practice 71
Business Practice # 7 Practice is

Having Access to Current Human Resource Information

  • Avoid Lawsuits

    • Discrimination

    • Wrongful Termination

    • Labor Relations Violation

  • Is an Effective Employee Management Tool

    • Consistency

    • Boundaries

    • Guidelines


Business practice 6
Business Practice # 6 Practice is

“A Focus on Customer Service – You’re Kidding?”


Business practice 61
Business Practice # 6 Practice is

Why Focus on Customer Service?

  • Helps you differentiate you from your competitors

  • It is essential for customer retention

    • Providing customer service from the

      customer’s perspective

    • Use of patient surveys

    • Part of every employee’s job description


Business practice 5
Business Practice # 5 Practice is

“Go out and market and ask for business . . .

. . . I’d rather stick a pencil in my eye!!!”


Business practice 51
Business Practice # 5 Practice is

Marketing your Practice

Why wait for the phone to ring if your customers don’t know why they should call you.

If you do not define who you are in your market place,

your competitors will.

Why should your referral sources and

patients choose you over your competitors?


Business practice 4
Business Practice # 4 Practice is

“Employee Productivity . . .

. . . Why would you worry about that?”


Business practice 41
Business Practice # 4 Practice is

Measuring Employee Productivity

  • How do you know if your employees are productive?

  • Is it important to track administrative and technician labor?

  • How can you measure practitioner productivity?


Business practice 3
Business Practice # 3 Practice is

“Sure I would like to grow my practice’s revenues, but I am all about patient care.”


Business practice 31
Business Practice # 3 Practice is

Revenue Growth is not an option

Increasing your practice’s revenues

year-over-year is not an option.

Brady’s Law – “If you don’t move you die.”


Business practice 2
Business Practice # 2 Practice is

“I can’t believe what you just said:

EBITDA is as important as patient care!!!”



Business practice 21
Business Practice # 2 Practice is

EBITDA verses Patient Care

Unless you are profitable you won’t be around to provide outstanding patient care.

“Reality always seems to get between what we want and what we get.”


Business practice 1
Business Practice # 1 Practice is

“Strategic Planning. . .

. . . Now you have gone too far.”


Business practice 11
Business Practice # 1 Practice is

Strategic Planning helps you identify -

What is happening in your market place.

Why it is happening.

What you need to do to sustain your success or overcome current competitor challenges.

How you are going to achieve your strategic goals.

Who will be responsible for achieving your goals.

How you will monitor your progress.




The measure of success
The measure of Success Some people ignore them!

“We actually do what other

people say they do.”

Peter Sisseck

Pingus Winery


Thank you the top 10 business practices
Thank You Some people ignore them!The Top 10 Business Practices


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