Revenue Cycle Management Blog | GroupOne Health Source

Improve the Health of Your Medical Practice

Written by Kaitlyn Houseman | July 15, 2013

You Are Not Alone

1 in 5 Physicians Are Worried But One Visit Can IncreaseYour Practice's Financial Health

Be sure to reserve your seat now for our webinar this week discussing the Medicare Annual Wellness Visit.  Seats are limited.

You may have considered abandoning your Medicare patients because of the instability and unreliability of the Medicare program.  You are not alone.  According to a 2010 AMA survey of more than 9,000 doctors who care for Medicare patients, one in five physicians is restricting the number of Medicare patients in their practice, and one in three primary-care doctors is restricting Medicare patients.

Problem-oriented medicine has become less of a focus while prevention and wellness take the spotlight.  Through prevention and quality care to improve wellness, doctors have the opportunity to lower healthcare costs and increase their revenue.

By now you are probably wanting to know how.  Some think this task is too big to tackle or they don't know where to start.  Again, you are not alone.  There is no secret formula to give you or 10 tips that are going to turn your practice around overnight.  However there are a few technologies, services, and best practices that we can share with you to help you get on the right track.

The Medicare Annual Wellness Visit is one visit with huge opportunity.  Here is how...

If a family physician sees 25 Medicare patients a day, five days a week for 50 weeks out of the year at the rate of $68.97 per visit, this will generate $431,062 in revenue.
 
At 60% overhead of $258,637, this family physician's income would be $172,425 per year.

Take those same numbers and focus the practice on ONLY prevention and wellness, hire 2 nurse practitioners, and continue to see problem visits and you get $1,675,000 in additional revenue via the Annual Wellness Visit.  Furthermore, the program's complex requirements can be greatly simplified with new technology.

Want to learn more?

GroupOne is partnering with Dr. Averel Snyder from Senior Wellness Solutions to host a live webinar on July 18th that will discuss the Annual Wellness Visit.  Dr. Snyder will also be demonstrating his cloud based software solution to help you provide the Annual Wellnes Visit in less time without missing out on coding requirements or other necessary components of the visit.

LIVE Webinar Thursday July 18th

11:30am CST / 12:30pm EST