UPS Healthcare Can Help you Hone Your Practice Development Strategies
Developing a business requires a strategy regardless of the industry you work in. You must be clear about your methods and objectives to be able to quantify your goals. Aside from the capital required, business development will predominantly depend on how you manage your people as well as your resources.
To be successful in your practice development, you should first be aware of some of the most important qualities that you should possess as an owner or manager. Here are some of these qualities.
Patience
A successful business does not happen overnight. It can take years to polish your product and compile the right team and staff. Along the way, there will be a lot of mistakes and your patience will be stretched to the limit. It is also normal that you will feel very frustrated with some of your employees’ performance and you should try very hard to train and motivate them.
In addition to patience, you should also try to stay calm and composed especially when making crucial decisions.
Services
We know that some of the most challenging aspects to running a practice and developing business come down to managing your revenue streams, which is why UPS Healthcare has a full suite of services which can help you protect, maximize and grow your cash flow. These include (but are not limited to):
- ICD-10 Preparation and Training
- Practice Management Assessment
- Revenue Cycle Analysis
- Credentialing for Medicare, Medicaid, and Commercial Payers
- Payer Conflict Resolution
- Payer Contracting and Contract Analysis
- Payer Negotiation
- Fee Schedule Creation, Analysis, and Implementation
- Coding Review and Education (ICD-9 and ICD-10)
- Chart Review
- Billing Company Efficiency Analysis
- Billing Company Selection & Negotiation
- Performance Productivity and Profitability Assessments
- Accounts Receivable Clean-up
Open-Mindedness
Being open minded is very important. You can achieve this by accepting that not all things can be in your control. If you continue believing that they are, you will end up frustrated. Set realistic targets and provide allowances for revisions, delays and errors.
It can be easy for physicians, with extensive education and background in delivering quality care to become focused on the care and quality side of things and lose sight of the administrative side in handling staffing, billing and office management.
To help, you should also be receptive to suggestions which could improve your business output. By being open to changes, you are allowing your business to adapt easily. Every practice needs to make money to stay operational, and you might be surprise at the options available to your practice that you never have thought of.
For some insight into a few of these, check out our whitepaper Stop Losing Money: A Guide for Medical Practices.
Motivated
When establishing or developing your practice, make sure you are dedicated and committed. During difficult times, you may be easily frustrated and feel like giving up. You should understand that as your business grows, it becomes more complicated. Just like bringing up a child, developing a business requires constant attention, which could be tiring. During setbacks or failures, you may even feel depressed.
UPS Healthcare is here to help your practice, no matter where you stand in your business development or practice development.
You must remember that business development is a serious matter and the fact the many people depend on you should be enough to make you dedicated and committed.
How can UPS Healthcare help your practice? You tell us! We look forward to hearing from you.