Trans4mind Home Page

The Affordable Care Act Won't Be Changing Soon:
How to Improve Practice Revenue

The Affordable Care Act (ACA) has stirred up a bit of controversy in the medical field since being passed in 2010, with many physicians complaining that the regulations are too stringent and favor larger organizations over smaller private practices. A few years ago, many healthcare professionals were looking forward to the possibility of the law being repealed, but since that hasn't yet happened, it appears the ACA won't be going away any time soon. With that said, here are four tips that can help healthcare providers increase practice revenue in a post-ACA environment:

1. Pay Closer Attention to the EHR and Medical Billing Systems
The accuracy and efficacy of the entire revenue cycle will depend on how proficiently the practice utilizes the Electronic Health Record (EHR) system and their chosen medical billing and coding systems. For this reason, it's imperative to conduct a thorough comparison to select the best EHR software. Providers should look for solutions that include sufficient training and ongoing support. Since these systems are the primary interfaces used to manage claims, reimbursements, and other aspects of the revenue cycle, starting with this aspect of the challenge is the best way to build a strong foundation from the ground up.

2. Focus on Patient Education and Offer Payment Plans
Oftentimes patients will be more receptive to making out-of-the-pocket payments if they understand how the billing cycle works and are more aware of their payment options. Likewise, self-pay patients are usually more inclined to make payments when a reasonable payment plan is in place, especially when compared to the alternative of having to make the entire payment in a lump sum.

3. Market Services to Low-Income and Medicaid Eligible Groups
One of the bright sides of the ACA is that it opened up a range of services to low income patients and Medicaid-eligible groups who previously would have gone without treatment. Thus, there's an opportunity for practices to market the availability of services to those groups in an effort to leverage and capitalize on what appears to be the biggest advantage of the ACA in terms of physician revenue. There have been many practices that have attracted a significant amount of new patients by marketing services to the groups that benefited most from the ACA.

4. Partnering with Larger Organizations
Even before the ACA started having an impact on physician income there were many hospitals buying up and affiliating with private practices. The smaller providers who haven't yet teamed up with larger entities have found themselves being made relatively obsolete due to a lack of referrals when compared to their nearest competitors who have associated themselves with local hospitals and clinics.

Understanding the Revenue Cycle
Many conventional physicians have struggled to adapt to the new regulations and electronic systems that have become practically mandatory in the modern healthcare practice. The revenue cycle itself is complicated enough to justify the existence of entirely separate fields of study in medical coding, billing, documentation, and compliance. As such, many providers have enlisted the services of compliance specialists and coding auditors to ensure that their practice has a firm grasp on the procedures involved in maintaining an effective and lucrative revenue cycle.

More Health & Fitness articles
Latest Additions

Good info on many topics:

Tools for Transformation

personal development
Trans4mind offers its visitors a huge range of complimentary personal development resources for self-directed education and transformation of the whole person...
Introduction to our Tools for Transformation. We aim to open up the mind to new ideas, new challenges and new solutions - to think differently and be creative.
Here are our favorite quotes. The best quotes distill powerful wisdom into a few words and can make a real difference to our perception and understanding. Including:
Life  Purpose, Spiritual  Awareness, Success and Abundance, Wisdom from the Heart, Happiness and Wellbeing, Communication & Relationships, Motivation and Leadership, Parenting and Education, Emotional Intelligence, Transitions in Life, Social Community, Quirky Quotes, Creativity, Proverbs, Humor - and many further topics in the Wisdom from the Heart section.
Articles by Peter Shepherd and Wallace Huey. Imagine if the values of the heart could be brought into our families, communities, charities, organizations and businesses... what kind of a world would this create?
Audios by Peter Shepherd, focused on key personal development topics, to help advance your personal growth.
A free meditation program to help you experience the state of unconditional love - key to lasting joy and fulfillment in your life.
Become more clear about your own identity, what you want in life - your life vision - and how to manifest your full potential. And then move on to the free New Life Course to advance in many further ways.
If we do actually have a soul, then where does it go after death? Near-death experiences provide convincing answers.
Check out our fascinating collection of complete books for you to read online, including Peter Shepherd’s Transforming the Mind, which created the foundation of this site back in 1997.
Trans4mind's publications, PDFs covering many personal development topics, and the World of Inspiration eLibrary.
Free personality test based on the Eysenck Personality Questionnaire. See yourself as others may see you, in a more objective light, so you can know yourself better.
Our site is expansive, including loads of helpful resources. See what else we have.

Check out the menus on the top of every page too!

Hypnosis Downloads

Support your personal development with these popular and effective hypnosis downloads...

This is our selection of favorites, but there's a session for every need! Choose from over 800 Hypnosis Downloads...
Search now on an issue that interests or concerns you...

View all the Hypnosis Downloads here

Copyright © 1997-2018 Trans4mind Ltd
Terms of Use & Privacy Policy       Email Webmaster