GREAT RIVER, N.Y., July 22, 2020 /PRNewswire/ -- Based on significant demand, Fellow Health Partners, Inc. announces its most up-to-date look at Practice Management. This excerpt from the complete series, focused on the Practice Management Top 7 insights, is designed to help Practice Managers and Administrators to better navigate the Covid-19 crisis.
Fellow Health Partners analyzed medical practices, spoke to successful and highly respected Practice Managers, polled patients, questioned medical providers, spoke to insurers, and identified 7 increasingly important core competencies for Practice Managers as they navigate and eventually emerge from the Covid-19 crisis. They are:
Know your customer better. Who are they? Providers? Staff? Patients? What are their needs, hopes, wants, fears? How can you help make their life easier?
Know yourself – Whether Sole Practitioners, Group, or Hospital. What are your strengths, weaknesses, and meaningful difference compared to other practices and "competitors" (location, skills, cost, etc.)? How can you make this work for you?
Visualize a plan. Know where you want to go. Get help on a business strategy including contract negotiations. Use experts to help facilitate and identify "next steps". Build a marketing plan to help.
Capitalize and Use Metrics. Have access to sufficient capital for growth. Don't be undercapitalized. Learn how to "read" numbers and use them. Some examples include:
Benchmarking. Reimbursement and claim efficiency against peers
Monitor. Revenue impact of no show and cancelled appointments
Watch A/R. Patient balances, denials, and aging
Understand Management. Grow people who grow good people. Recognize that management is about supporting and directing the team. Get educated to help them learn and grow. Recognize that management is a skill and not a "feeling".
Automate Whenever Possible. Understand tech tools: text to pay, iPad check in, telehealth, remote monitoring, etc.
Service and Sell. Relentlessly improve the patient experience. Ask patients how you're doing for them (or have a member of your team ask them). APPROPRIATELY, ask for referrals (check HIPPA to be sure you don't violate it). Asking "appropriately" is a skill and can be taught and learned. It is not a "feeling".