- Most Obvious- Medicare Part B deductible is $162.00 for 2011. Be sure to collect this from your patients. Don't shy away from this. There are big consequences to pay for failure to collect (oh, about $10,000 per occurance). There are some really great ways to change policy and collect this from patients if in the past you have allowed this to go uncollected. Contact me if you need some ideas. Don't take the risk of being caught red handed by not collecting the MC deductible.
- Most Important- Get your fee schedules up to date and do it NOW! There are a few parts to this one so I'll touch on each. First, figure out if your fee schedules are making you money in the long run. What is your cost per adjustment and are you getting this out of each visit of your fee schedule? If not, its time to revamp. Your service is VERY valuable, you are changing lives! Don't cheapen your skills by doing them for free. I could stand on my soap box for hours about this one. Second, WATCH your insurance policies as they come in this year. Most of those who have insurance will have new, higher deductibles that may make your current fee schedule obsolete in the sense that they may never meet the number of visits you suggest due to an insurance visit limit or their deductible is so high that they could never reach it in the amount of visits you recommend, rendering HIGH pocket cost for them and possible back tracking in their care. I've seen this one too many times before, their pocket book will end up dictating whether or not they can afford an adjustment that day. Basically, they are considered a non-insured/insured because of their plan.
- A patient came into one of my current offices with a $7500.00 deductible, after the recommended 24 visit care plan, the deductible is still not met; costing the patient close to $5500.00 out of their pocket for care. I don't know very many people right now that are willing to drop that kind of money. Your patient education would have to be spot on to get full commitment from this kind of patent. The kicker of this story is the insurance allowed 12 visits a year....and all the visits counted as you met the deductible....making this patient a non-insured/insured!
- You recommend 30 visits to correct the current problem. The insurance covers 6, and after those asks for strenuous re-eval records to give you another group of 3 adjustments. So you may jump through hoops to get 9 visits and still fall short by 21 visits to complete care; an non-insured/insured.
Recommendations- Create a working fee schedule that allows the patient to get the care they need LEGALLY and in a compliant manor. There are some great, profitable ways to do this that will also keep your patients coming in the door. Don't short change your clinic and think that same ol' same ol' is still good enough...it's not AND you are leaving money on the table, not to mention putting yourself at audit risk.
If you would like guidance on how to make your practice really "POP" this coming year, contact our office @ 214-799-9827 or email me at Kara@ChiroCorrect.com. We would love to help you guide your practice into optimum profitability this year!
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