Posted by Team KMCU on Jan 4, 2024
Your Strategic Guide for the New Year
As the new year unfolds, chiropractic offices have a unique opportunity to reset, strategize, and position themselves for success. The turn of the year is a time for personal resolutions and a crucial moment for businesses to evaluate and enhance their operations. In this blog, we’ll explore the important things chiropractic offices should do to set the stage for a year of increased reimbursement and reduced risk.
Evaluate and Update Billing Processes:
One of the fundamental aspects of a successful chiropractic practice is a streamlined and efficient billing process. Begin the new year by evaluating your current billing system. If you feel unsure about potential vulnerabilities, it might be the perfect time to do a free Billing GAP Analysis designed to evaluate your current billing practices and see where you may be at risk of losing revenue. Ensure that your staff is well-trained on the latest coding guidelines and any changes in insurance policies. Consider investing in updated software to improve accuracy and reduce the risk of denied claims. Reverify all insurance coverage; don’t do work for free because you missed a step during the information-gathering stage.
Review Compliance Protocols:
Compliance with healthcare regulations is paramount for every chiropractic office. Take the time to review and update your compliance protocols. If you don’t feel confident about where you stand, complete a free OIG GAP Analysis to evaluate your current level of compliance and identify any issues. Stay informed about changes in healthcare laws and regulations to avoid penalties and legal issues. Check out your KMC University emails to ensure you understand the latest updates. Conduct regular staff training sessions to reinforce the importance of compliance and keep everyone up to date with the latest requirements.
Enhance Patient Communication:
Communication is key in any healthcare setting, and chiropractic offices are no exception. Evaluate your current communication strategies and consider implementing new tools or technologies to enhance patient engagement. Utilize email, newsletters, social media platforms, and your website to share valuable information, health tips, and updates about your services. Improved patient communication can lead to increased satisfaction and loyalty.
Invest in Continuing Education:
The field of chiropractic care is dynamic, with new research and techniques emerging regularly. Encourage your chiropractors, staff, and yourself to take advantage of ongoing continuing education courses to stay abreast of the latest advancements in the field. This not only enhances your team’s engagement and contribution but also adds to the quality of patient care. It will position your practice as a community and industry leader.
Optimize Staff Training and Development:
A well-trained and motivated team is crucial for the success of any chiropractic office. Consider cross-training staff to ensure flexibility and adaptability in various roles within the office. Make it easy for a team member to go on vacation while the practice doesn’t skip a beat! Cross training increases employee satisfaction and reduces employee turnover.
Perform a Risk Assessment:
Conduct a thorough risk assessment for your chiropractic practice. Identify potential risks related to patient safety, data security, documentation, coding, and legal compliance. Develop strategies to mitigate these risks and establish protocols to handle unforeseen challenges. Complete a free OIG GAP Analysis to evaluate your current level of billing, documentation, and coding compliance. The OIG knows mistakes happen whenever humans are involved. Your current and up-to-date compliance program is the protection that shows you work to minimize errors in your practice. Your commitment to a comprehensive risk management plan will protect your practice and instill confidence in your patients.
Set goals, including Financial Goals:
The new year is an excellent time to set financial goals for your chiropractic practice. Analyze your financial performance from the previous year and establish targets for revenue growth, expense management, and profit margins. Know the cost to deliver a visit in your office and, at a minimum, recalculate it annually. Take the opportunity, at the turn of the year, to evaluate your fee schedules. Create a budget that aligns with your goals and regularly monitor your performance throughout the year. Keep everyone on your team on track with monitoring stats that align with your goals.
Focus on Patient Retention:
While attracting new patients is essential, retaining existing ones is equally important. When you have strong patient relationships and the resulting high retention rate, you are less reliant on new patient numbers. Implement strategies to enhance patient satisfaction and loyalty. Consider implementing a patient education system to foster strong loyalty, gather feedback through surveys, and address any concerns promptly. Satisfied and loyal patients are more likely to refer others to your practice, contributing to its long-term success.
Plan for Success in 2024
As chiropractic offices prepare for a new year, it is crucial to approach the upcoming months with strategic planning and a commitment to excellence. KMC University stands by to support your team. By focusing on billing processes, compliance, communication, education, risk management, financial goals, and patient retention, your chiropractic practice can position itself for increased reimbursement and reduced risk. Embrace these important steps for the benefit of your practice and the quality of care provided to your patients. Here’s to a successful and prosperous new year for your chiropractic practice!