Knowledge Expansion

10 ways medical practices lose revenue (and what to do about them)

Podcast

Billing & Collections

Reimbursement

Chris Harrop
Patti Peets, director of revenue cycle management for CareCloud, Miami, Fla., gets teased at work.

"A lot of my colleagues actually make fun of me," Peets freely admits.

Why? It's because of her regular and predictable invocation of the following adage: "If you can't measure it, you can't improve it."

The phrase is a mainstay of Peets' reminders about the value of key performance indicators (KPIs) in a medical group practice: "If you're not measuring those or tracking those, then you really are not identifying where the areas of improvement actually exist," Peets says.

Failing to measure KPIs consistently is one of 10 top reasons she claims medical practices lose revenue in the course of regular business, as discussed in her recent MGMA podcast episode. Among other top areas where practice leaders should focus to improve their organizations' revenue cycle management include:
  • Failure to maintain comprehensive policies, procedures and internal oversight controls: "This business really isn't getting any less complex; therefore, it really demands that you revisit policies and procedures very often and ensure that you have the controls in place that are evolving as the medical economy evolves."
  • Hiring the wrong people or the wrong number of people: Peets reflected on feedback she received from attendees of her session at MGMA18 | The Financial Conference, noting that many practice administrators cite staffing as their biggest challenge right now.
  • Taking unnecessary write-offs: "It's critical to know what's being adjusted off and the reasons behind those adjustments. If you are not categorizing your adjustments using accurate reason codes, you can easily mislead yourself and your physicins ... on how well you're financially performing."
For the full top 10 list, be sure to listen to the podcast in its entirety via the Soundcloud app on this page, or visit the MGMA Soundcloud page to download this episode.

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Continue your knowledge with MGMA best seller, The Physician Billing Process: Navigating Potholes on the Road to Getting Paid, 3rd Edition, containing expert analysis and guidance to help you navigate the billing and reimbursement landscape.

About the Author

Chris Harrop
Chris Harrop
Senior Editorial Manager MGMA

Chris Harrop is senior editorial manager for Medical Group Management Association. In this role, he serves as editor of MGMA's flagship print publication, MGMA Connection magazine, and oversees the publications team that produces the MGMA Member newsletter, Executive View, Student newsletter. Prior to joining MGMA, Chris was managing editor of multiple community news organizations in the Denver metropolitan area. Email Chris Harrop.

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