AAOS Now, April 2015
Does Your Practice Measure Up?
Practice executives discuss the value of benchmarking How does your practice measure progress? Simply comparing numbers from year to year is one way, but that may not tell you the whole story. Benchmarking is another way to measure practice performance. Participating in a benchmarking survey, such as that conducted by the American Association of Orthopaedic Executives (AAOE), can show how well your practice’s numbers compare to similar practices in your region.
ICD-10 Implementation: Final Countdown!
The ICD-10 implementation deadline is less than 6 months away; is your practice ready to make the switch? Evaluating where you are in the implementation process is crucial to the success of your practice. To ensure that claim denials are kept to a minimum, you will be required to test and update software and train staff on the correct application of ICD-10 codes no later than Sept. 30, 2015.
Don’t Let Sprain and Strain Drain Your Brain
Sprains and strains are common injuries in orthopaedic patients. Knowing how to describe these injuries with the correct ICD-10-CM code will be very important when October 2015 rolls around. In ICD-9, sprain and strain codes are found in the same category range (840–848).
Asset Protection 101: More Than Malpractice
Everyone understands the reason for frequent school fire and tornado drills as well as the importance of conducting a life boat drill before the ship even leaves port. Planning ahead for what to do in the event of an emergency can save lives as well as property. When it comes to asset protection, however, many physicians make only one plan—medical liability coverage—even though other circumstances are more likely to result in significant financial losses.
Steps to Improve Front Desk Collections
Many patients today have increased deductibles and copayment amounts, which means that orthopaedic practices should pay more attention to front-desk collections procedures. If the front desk staff does not collect from the patient while the patient is still at the practice, the results will be less revenue, weaker cash flow, and more work. The key to improved front-desk collections is preparation. The following steps will help maximize results. 1.
Labor Management—A Balancing Act
Busy orthopaedic surgeons depend on their support staff. The trust and loyalty between a surgeon and staff member that develop over time are integral to the success or failure of the practice. Physician/staff partnerships can span decades and are often characterized by an extraordinary level of mutual loyalty and respect. As a result of these strong working partnerships, however, some medical assistants or surgical secretaries may feel superior to their peers.