Strategic Steps for Year-End Healthcare Practice Optimization
As we approach the year-end of 2023, it’s time for healthcare providers to wrap up loose ends and set the stage for a successful transition into the new year. The blog post explores crucial steps for the last quarter, preparing your practice for upcoming challenges and opportunities.
Finalize 2023 Claims
The clock is ticking, and it’s crucial to ensure that all claims for 2023 are completed and submitted before the start of 2024. Completing chart notes, even nearing filing limits, is crucial for care continuity and upholding high-quality standards in your practice. Capture any outstanding payments now to close out the year positively.
CMS Fee Schedule Check
Keep a close eye on the CMS website for the release of the fee schedule for 2024. Changes in fee schedules can impact your practice’s financial health. Stay proactive by comparing the upcoming fees with your current fee schedule and be prepared to make necessary adjustments.
Insurance Plan Evaluation
Identify any changes in insurance plans that will be effective in the new year. This includes plans that may no longer be valid in your area or new plans entering the scene. Communicate these changes to your front desk and ensure your team is well-informed about any new referral or prior authorization requirements.
Books and AR Review
Deep dive into your accounts receivable (AR) and outstanding collections. Consider sending overdue accounts to collections to start the new year with a clean slate. Follow up on unresolved issues with insurance companies and devise a plan to address outstanding matters effectively.
Patient Scheduling and Staffing
With the year-end rush for appointments, educate your staff on prioritizing patients, especially if your practice offers preventive services. Adjust staffing levels to accommodate holiday schedules, ensuring you have adequate coverage for both patient care and administrative tasks.
Open Enrollment and Benefits Coordination
If your practice offers healthcare insurance to staff, navigate the open enrollment process efficiently. Assist your team in choosing the best plans, coordinate enrollments, and communicate effectively with benefit service providers to streamline the process.
Strategic Planning for the New Year
Anticipate potential challenges and plan for contingencies. Make notes, create lists, and ensure that everyone on your team knows how current activities will impact the beginning of the new year. This proactive approach will help you enter the next year with confidence.
As the year ends, proactive measures will set the tone for a successful start to 2024. By addressing outstanding claims, staying informed about fee schedule changes, and preparing for shifts in insurance plans, your practice can navigate the year-end seamlessly. Take the time to strategize, communicate effectively with your team, and tie up loose ends. Ensure a steady foundation for the challenges and opportunities that the new year will bring. If you found this guide helpful, consider checking out my upcoming credentialing class, and don’t forget to subscribe for more valuable insights. Here’s to a successful year-end and a promising new beginning!