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Rising Practice Operating Costs Implicated
Staff Writers
The Medical Group Management Association (MGMA) recently reported that operating costs rose faster than revenue in many medical group practices in 2006.
OB/GYN groups, for example, experienced a 2.3 percent bump in median total medical revenue per full- time-equivalent (FTE) physician, but their median total operating cost per FTE physician rose 7.1 percent.
Multi-specialty practices did about the same – a 7.4 percent cost increase outpaced a 1.8 percent rise in revenue. Several specialty practices watched their revenues decline or flatten.
Cardiology practices posted a 0.7 percent decrease in median total medical revenue and a 3 percent increase in total operating cost, while family practice fared about the same with a 0.65 percent decline in revenue and a 2.1 percent bump in cost.
General surgery groups reported a decline in revenue of nearly 2.9 percent and a 1.2 percent increase in cost.
How has your medical specialty and/or clinic or healthcare entity been affected?
For related info: The Business of Medical Practice [Advanced Profit Maximization Techniques for Savvy Doctors]
http://www.springerpub.com/prod.aspx?prod_id=23759
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Provider Numbers for Locum Tenens Providers
To improve your practice revenues, it is important to use the correct provider identification number [PIN] for each claim for medical service that is submitted for payment.
Claims for services that have been performed by a provider who does not have a current provider identification number, need to be “held” until his/her identification numbers can be obtained. This will slow the cash flow for the medical practice or healthcare organization, but the risk of submitting false claims and the subsequent penalties outweigh the inconvenience.
We often see these problems with LT doctors. A locum tenens physician is one who is filling in for another physician and is an independent contractor (non-employee) of the organization.
He/she may provide these temporary services for up to sixty (60) consecutive days. The claim for service(s) is billed using the provider number of the absent physician with the HCPCS modifier, “-Q6”.
-Pat
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