Mitigating Risk in Your Practice
As a savvy chiropractic practice owner, you know that there is much more in your basket of risks than a simple slowdown in their flow of new and returning patients. Staffing changes, malpractice lawsuits, cash flow problems, and software and compliance issues can all cause an undesirable threat to your livelihood. By building some safeguards and putting preventative practices into place, you can help keep your practice safe from the inherent risks that face every small businesses owner.
Manage Staff Effectively
Part of mitigating your risk is making sure that you manage your staff smartly, and you hire and fire effectively. Pre-qualify and screen candidates before interviewing, don’t rely on gut instinct, and do your homework. When terminating employees, make sure that you document reasons for the action, and be diplomatic during the termination process. Ensure another member of the staff is present as a witness, and once your employee is terminated, remove their access to your physical practice and your data immediately.
Purchase a Dependable EHR System
Although software may seem like a small part of your practice’s risk level, it houses your patient data, tracks your compliance, and keeps you running efficiently. And those are just three of the reasons that a dependable EHR system is vital to lowering the overall risk inherent in the operation of your practice. If you continue to operate with a software that is not scalable, does not provide automated replacements for manual processes, does not support compliance mandates, does not offer top-notch support, and does not allow you customizations that can help you run your practice more efficiently, you’re setting yourself up to lower your patient’s’ perception of your practice and in turn, lower your revenue.
Practice Good Financial Health
One of the biggest risks that small businesses face is the financial dangers that can come with poor money management. Along with maintaining a clear picture that can help you prepare and prioritize to eliminate the chance of a financial crisis, it’s important to have plans in place in case you see trouble coming down the line. Ask yourself if you would be financially prepared if your business took a big hit. Expect the unexpected by building contingency plans for every worst-case scenario, and you’ll never find yourself in the deep end without a lifesaver.
Outsource Your RCM
Part of practicing good financial health includes ensuring you have a consistent, predictable, and positive cash flow. One way to ensure you’re getting the best out of your revenue cycle management process, is to hand it over to the experts. Outsourcing can help you obtain a better return by reducing expenses, improving collections, and providing better analytics by which to evaluate the true financial health of your business. With experts ensuring consistent results, fewer errors, insight into denial trends, and compliance with industry changes, you are freed to focus more time and attention on your patients and your practice.
Comply with Regulations
It may be tempting to loosen up those good practices when you’re not under the duress of a direct audit, but compliance is a critical part of mitigating risk in your practice. Aside from its importance in keeping us participating in the overall healthcare conversation, compliance keeps you from having to retrace steps, gather data, and prove conformance should your business come under question. Making sure you remain in compliance keeps you from losing revenue via penalties and helps you bounce back quickly if faced with an audit.
Rely on Good Insurance
Routinely review your insurance coverage and make sure to adjust where necessary. Don’t just opt for the standard insurance plans, but choose options that create a custom fit for you and your practice. Make sure Malpractice insurance helps protect you against an unfortunate lawsuit. And if you find yourself facing a malpractice claim, do not alter your medical records or speak to the accuser. Part of mitigating risk is not opening yourself up to providing unnecessary information to the other party.
To keep your practice in the pink, you must be able to implement and maintain proper risk management activities. This includes a routine review of your cash flow, compliance efforts, insurance policies, staffing needs, and supporting software. These simple exercises in risk management can help you eliminate vulnerabilities that pose a threat to your livelihood and keep your practice safe and sound.