Facing declining physician reimbursement rates and soaring inflation, private practices face mounting challenges heading into 2025.
Lauren Harris, owner of Gresham, Ore.-based Harris Healthcare Consulting, frequently works with private practices, shared her insights on how private practices can find success in 2025 with Becker's.
1. "Strategic planning that actually works." Ms. Harris recommended strategic planning that focuses on high-impact aspects of practice functions and revenue, such as monthly leadership huddles "focused on metrics that matter and creating trickle-down deliverables for all roles in the organization."
She also said that annual leadership planning to set measurable goals for the coming year and quarterly deep dives to "realign priorities and celebrate success" are key to ensuring that strategic planning is cohesive and has high impact.
2. Stay ahead of the game with financial management. "Clean up your revenue cycle," she said. "Start with training at the front desk and manage every dollar through the process."
She also said that renegotiating payer contracts annually is a key factor in balancing private practices' finances. "Be ready to tell the payers why they need you," she added. "Track key metrics monthly, [including] days in [accounts receivable], clean claims rate, denial patterns, gross and net collections percentages and payer mix, for a start."
Utilizing technology and virtual assistants "where they make sense" can also make a significant difference in private practices' bottom line, Ms. Harris said.
3. A strong team is key. "Your team is everything," Ms. Harris said. She recommends that practices "create clear development and growth plans that meet individual and practice needs," which could involve regular skills assessment and training, regularly gathering and responding to employee feedback and providing recognition that is "timely, specific, and meaningful to each employee."
4. Emphasis on patient experience. Private practice patients often benefit from a more personalized and accessible experience, which leaders should lean into.
"Make every touchpoint count, from first call to follow-up," Ms. Harris said. She also emphasized the need to streamline the administrative aspect of managing patients so that physicians and staff can focus on patient care and experience.
"Steamline scheduling, communications and payment opportunities to allow patients to self-serve 24/7 whenever possible," she said.