A recent practice audit captured an income leakage of over $100,000 per annum (and this was just from one team). This was simply because staff were not checking patient details and updating information which attracts a Medicare Incentive Number.
It is crucial that practice owners keep up to date on the ever-changing conditions of the health care industry. But many practitioners simply don’t know what financial reports to look at or what systems to check. Studying financial data and developing a solid budget will help you better manage your cash flow, increase productivity and make your practice more profitable, however checking your management systems, workflow strategies and organisational structure may save you thousands of dollars and help you discover thousands of dollars.
A practice audit analyses 50+ different systems in your practice. These include financial, management and human resources. It also includes an in depth look at your medical software i.e. Best Practice, Medical Director or Pracsoft and how your staff are using the system. In most cases, the practice leakage is a result from unskilled staff or lack of proper training. So, what is the good news? The good news is that everything can be fixed!
If your revenue looks a bit “sluggish” but you are working hard, consider a practice audit. It may change the way you practice forever.
Nicky Jardine Health Training and Consulting can customise workshops for you and your team around a range of topics such as:
Revenue is directly linked to patient throughput and the use of the appropriate Medical Benefit Schedule (MBS) items to support service provision. Practice revenue is decreased when GPs do not take up new models of care that are able to earn more for the practice, or when GPs do take up the new models of care but do not claim the appropriate MBS items.
New Medicare items, including Chronic Disease Management (CDM) items, have been progressively introduced which now provide rebates for services from a broader range of health professionals. Commonwealth and state governments continue to encourage primary care service providers to develop collaborative models of care for patients.
A training program can be implemented to ensure doctors and allied health professionals are aware of appropriate use of item numbers. Well trained staff and systems can systemise an increase in remuneration so the practice can be quite profitable.
It is also proven that a two management company approach to a medical centre is beneficial for the remuneration of the practice. For example the consumables (wound dressings etc.) are purchased for the medical centre so when a patient/company pays for the visit to the doctor, a percentage is retained for the management company who supplied these goods. There are several ways to set this up.
Payroll and Bookkeeping: Direct and coordinate a practice’s financial and budget activities in order to fund operations, maximize investments and increase efficiencies.
Whether you are selling or buying a medical practice, we can offer a right financial solution for you! At Nicky Jardine, we specialise in sourcing financial solutions for buying and selling medical practices. With our vast experience and knowledge, we can assist with a smooth and stress-free transaction. Being one of the leading financial brokers in the health industry, we understand that when buying a Brownfield site or looking to establish a Greenfield site there are many issues to consider, the main ones will be cost, location and lifestyle.
At Nicky Jardine, we specialise in medical business sale, financing and practice appraisal. Our team of practice appraisers and brokers provide complete guidance during the business selling process. Our practice purchase financing process is exclusively for health care professionals and doctors. We understand that buying or selling a medical business is a challenging process, from negotiation to the signing of the contract can be quite complicated. With our years of experience, we have helped and assisted a number of allied health professionals and doctors to buy their medical practice in both Brownfield and Greenfield sites.
We are accredited with the leading financiers in Australia and can provide guidance on completing a standard business plan to ensure you get a suitable and competitive funding structure.
Tele Practice Management for General Practitioners, Specialists and Allied Health professionals
Whether you’re starting a new practice, you or your staff are on annual leave, or you are retiring, using the Tele Practice Management services provided by Nicky Jardine Health Consulting and Training (NJHTC) can give you peace of mind and a first class professional service for your practice and patients.
NJHTC's team are excellent communicators and using the latest technologies and experienced talent, your patients, staff and practitioners are treated with care and respect. All of the NJHTC staff are either currently working or have worked recently in the health industry.
A service is also offered to specialists where the team can organise appointments to meet General Practices in their area and organise a professional, ethical marketing campaign.
A virtual office can save you money in rent, staff wages and equipment. Give NJHTC a phone today on 1300 798 831 so we can discuss your office needs.