Preparing Your Medical Practice for the New Year: A Comprehensive Guide
As we approach the end of the year, it’s crucial to focus on preparing your medical practice for the new year. With a fresh start on the horizon, now is the perfect time to review and implement changes that will set your practice up for success in the upcoming calendar year. This blog post addresses crucial preparations for the new year, including patient communication, policy changes, and compliance requirements.
Preparing Staff for New Insurance
With the new year, expect patient insurance changes. Prepare front desk and billing staff for a smooth transition. Train your staff to ask open-ended questions when scheduling appointments, like “What insurance should we bill for you at this visit?” This prompts patients to double-check their coverage and avoids potential billing issues later on.
Updating Patient Paperwork
Evaluate your patient paperwork, including financial policies, HIPAA authorizations, and acknowledgments. If any forms are due for renewal, use the new year as an opportunity to update them. Ensure your staff knows local and federal requirements for renewing patient paperwork.
Prepare for Deductible Season
As most insurance policies renew at the start of the year, your practice will likely see a significant increase in patient responsibility for the first few months. Train your billing staff and front office on having financial cost-share conversations with patients during this time and plan for potential revenue fluctuations.
Review and Adjust Fee Schedules
Take time to evaluate your fee schedules for services and procedures. Consider factors like inflation, staff wages, and the cost of goods. If adjustments are needed, notify your patients and ensure your billing reflects the changes.
Monitor Supply Ordering
Contact your vendors to check if they plan to increase prices after the new year, especially for specialty products or supplies. Order necessary supplies ahead of time to avoid higher costs.
Implement Policy Changes
Consider any policy changes that would benefit your practice in the upcoming year. Whether improving patient care or streamlining administrative processes, work with your team to identify and implement these changes.
Enhance Workflows
Take time to evaluate your current workflows and identify areas for improvement. Gather input from your staff on potential changes to ensure a smoother and more efficient operation in the new year.
Plan for Schedule Changes
Assess your clinic’s hours of operation and staffing schedules. If necessary, make adjustments to accommodate patient needs better and optimize the efficiency of your practice.
Stay Compliant with Changing Requirements
Keep a close eye on compliance requirement changes, such as Medicare, HIPAA, and OSHA regulations. Stay informed and ensure your practice is up-to-date and ready to comply with new requirements.
Preparing your medical practice for the new year is crucial to ensure smooth operations, patient satisfaction, and financial success. By addressing important aspects like patient communication, fee schedules, policy changes, and compliance requirements, you set your practice on the path to a successful and prosperous year ahead. Engage your team in preparing and seeking their input to foster a collaborative and productive working environment. With thoughtful planning and preparation, your practice will be well-equipped to handle challenges and embrace new opportunities in the coming year. Wishing you a fantastic new year filled with success and growth!