Clearly defining a resolution will make it a reality. For example, if you decide you’d like to “increase practice revenue in 2017,” it’s too vague to achieve the desired outcome. To be successful, your resolution needs to be specific. For example, when hospital revenue areas look weak, ask yourself detailed questions to ensure all potential income is being earned.
Here are considerations and questions to explore, about six service areas:
- Are fees for exams and vaccines separated and charged appropriately?
- Are sick patient visits charged when a medical issue arises but began as a wellness exam?
- Do medical exams – which are extended for eye, neurological or orthopedic reasons – become extended exams and charged as such?
- Revisit mark-ups on drug and medical supplies
- Revisit hospital dispensing fees. Does your clinic have a counted and label fee? A separate label fee for items sold in full bottles or tubes?
- Does your clinic have set minimum prescription prices?
- Are you increasing prices quarterly, or as needed?
- Do X-Ray prices include an interpretation fee?
- Does your hospital charge for different size film and additional views?
- Does your hospital add clinic expenses when outside the ultrasound specialists come in to do procedures?
- Are surgeries and anesthesia procedures timed and billed accordingly?
- Do hospitalization fees include time spent on a daily basis by the nursing staff and the DVM?
- Are hospitalization fees considered for day cases as well as overnight cases?
- Check mark-ups on outsourced lab services. Are prices current with outside lab price schedules?
- Do in-house lab prices reflect the cost of the test, equipment and related payroll costs to run and interpret test results?
- Check mark-ups on all items.