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Physicians often contract their services with a group practice if they aren’t ready—perhaps not even interested—in branching out and opening their own facility. These physicians maintain their patient load while avoiding the overhead that comes with having their own medical practice.

Oftentimes, physicians that own and operate the larger practice offer bonuses to their colleagues for a job well done. Because seeing more patients throughout the day definitely affects the facility’s bottom line, a contracted physician that sees an increased number of patients raises profit for the practice, which can merit a higher bonus.

But how do you keep track of the number of patients you see and how much the insurance company is reimbursing the practice? How do you know if you’re pulling your own weight for the facility? How do you know your employer is actually providing accurate collection amounts in the report you may or may not get at the end of the month/ quarter/year? These are questions that may have crossed your mind at some point during your employment with a group practice.

You have the right to be well informed about the value you bring to the group practice. The following tips may help you better monitor your own bottom line:

• Make a copy of the patient sign-in sheet to verify which patients you saw throughout the day. 

• Make a copy of the office superbill after you see each patient. The superbill will include the procedure and diagnosis codes. Since each code reimburses a different amount per service, this will help you calculate what you’ve brought into the practice. If copying the superbill is too difficult, make your own sheet categorized by patient name, procedure code, diagnosis code and insurance carrier. Leave a blank spot for the reimbursement amount; you’ll look it up later. Keep the sheet with you; fill it in as you move along your day. Once it becomes part of your routine, you won’t even realize the additional paperwork. The few seconds it takes to chart the information can make all the difference in the long run.

• Request a monthly report of what you’ve collected for the practice. Most medical billing software has report options that offer this information.

• To verify the information you receive from the employer-presented report is accurate, contact your contracted insurance companies to get the fee schedules for services provided by you and the practice.

• Request the same information from your employer to confirm that the money on your reports matches the contracted fee schedule. Getting the fee schedule from the insurance companies directly is the only way to make certain the employer’s report isn’t just a piece of paper filled with bogus numbers.

These pointers may help you keep better track of your hard work for the employer on a daily, monthly, and yearly basis. Being well-informed about what you bring to the financial table and how it’s appreciated if at all, can be extremely valuable when considering branching out on your own. Even though some physicians are content working for a large group, others may feel overworked and underpaid. For those who have considered the goal of being on their own, the possibility of higher financial success may outweigh the risk of opening your own practice. Despite the fact that it may seem intimidating to start from scratch, keep in mind that with the right team, the possibilities are endless.


Minerva DeJesus and Audi Reyes founded Simple Solution Billing in Maitland.

Tags:

Auriana Reyes, Minerva DeJesus., RX for the Bottom Line, Simple Solution Billing

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