Mike: Hi, everybody, Mike Perusich here with Kats Consultants. I've got a practice tip for you today. There is one thing that you can do in practice to absolutely make it explode. In fact, this one little thing is so powerful that you may have to rein it in just a little bit to maintain control. That one thing is gratitude. When you bring gratitude to your business, when you bring that appreciation of your patients and your staff and the opportunity to help people, your practice will explode. It's the little smile. It's the, "Hi, how are you today?" It's the, "I appreciate you being here." It's the, "I am so happy that you've chosen us to plug into your healthcare to help you become a more well person."
It's the little pieces of gratitude that you bring into practice that will absolutely make your business explode. I'm Mike Perusich with Kats Consultants. Thanks for listening.
Michael Peruisch: Hi, everybody. We're happy to have one of our dear friends, Kathy Mills Chang, with us today. Kathy owns KMC University, as you all know. She is known in the profession as the Guru of Coding and compliance in Medicare. We're so excited to have a strategic partnership with KMC University. Kathy, my gosh, we've known each other for a long time. I'm not even going to say how, because it will date long both of us-- so we won't even go there.
You do some amazing things with KMC University. Of course, we always recommend that our clients join you as well, because of the high-impact level of information that you give. Why don't you just tell us a little bit about KMC and about yourself?
Kathy Mills Chang: Sure. This is my 37th year in the profession and together with my team of certified specialists, who is the largest one, really under any one roof in the profession, we have almost 300 years experience in what we do plus chiropractic, and some even still in private...
Michael: Hi, everybody, I'm Michael Perusich with Kats Consultants and welcome to Monday Motivation. Your fitness guru Billy Blanks once said, discipline is remembering what you want most, not what you want now. Far too often, success leads us down a path of increasing our treasures. We buy bigger houses, we upgrade our cars and we even take lavish vacations, or maybe you buy a piece of jewelry or some art to signify your success, but the reality is that long-term success is signified not by what you have, but by what you save.
We must have the discipline to be patient, to change your Kerber lifestyle when necessary, to think about the future instead of the now, to stay focused on our goals and resist peer pressure to do what friends and neighbors may be doing around you. As we close out this tumultuous year, it's a good time to have 2020 vision and reflect on your discipline going forward. Be intentionally disciplined about building a future of financial independence through...
Mike Perusich: Hi, everybody. Mike Perusich here with Kats Consultants, and I've got a video tip for you this week. Last week, we put on a webinar to help our clients find money they're leaving on the table, and lo and behold, we helped them find, through all the tips and tools that we gave them, more than $8,000 a year that they're leaving on the table. I want to talk about one of those tips with you today. It's about analyzing your collections and your account receivable. One of the ways that we're leaving money on the table is by not appropriately and timely collecting money.
Look at your AR. Is the money sitting there that could be collected? Looks at the older accounts on the AR. Can you call patients and offer them a discount just to remove the AR from the books? Wouldn't it be best if you had somebody who owed you $200 and it was just sitting there? Wouldn't it be best to go ahead and collect $100 of it and write the rest off? Absolutely it would. Periodically, review your...
Dr. Michael Perusich: Hi, everybody, Mike Perusich here with Kats Consultants. Today, I want to talk to you about what's holding you back. What's keeping you from real success? There are three critical factors that keep chiropractic entrepreneurs from achieving maximum success. What's holding you back?
The first critical factor could be burnout. The signs of burnout are when you lose your passion for your patients, for your business, or even for chiropractic, when you become irritable around the clinic, and at home, and when you're tired and just can't get that energy back.
How do you avoid burnout? The easiest way is to schedule a vacation every quarter. That's right, you should be taking one week off every quarter from your practice, so you can get that passion and energy back. You need to schedule it in advance so that it happens. Don't schedule your vacation around your patients, schedule your patients around your vacation.
What else could be holding you back? It could...
Michael Perusich: Hello, I'm Michael Perusich with Kats Consultants. Can you believe it, we're just a few days away from the fourth quarter of 2020. That means 2021 is just around the corner. While many of us are ready to end the roller coaster ride from this year, for chiropractors, aside from a few weeks, it's really been an awesome year in business. We believe it's going to continue into 2021 provided you do the right things and take the right steps now.
The first thing you need to do is analyze your insurance reimbursement to see how well or how bad your insurance contracts may be paying you. Watch for the reimbursement charts to be posted by the insurance companies for 2021. Medicare has already put out the reimbursement schedule, and unfortunately, the rates have really dropped.
Next, you need to look at your overhead. Where can you make cuts and project where your expenses may increase in the next year, then analyze your profit point. That's the comparison between...
Michael Perusich: Hi, I'm Michael Perusich with Kats Consultants, and welcome to this week's video tip. When was the last time you reviewed your billing and collection practices with your staff? How about reviewing EOBs and matching them up with what's being written off? Are you writing off services for which you could be getting paid? One of the places we see a lot of doctors writing off services is when they've performed multiple services on a visit without proper diagnosis code support. This is probably best explained with an example.
Let's say you have a patient for whom you were treating their neck pain and elbow pain. First of all, you need to make sure that your evaluation supports treating those areas, but that's another story. Most importantly, you need to make sure that you have diagnosis codes that match up with these areas of treatment. For instance, in this example, your ICD-10 codes may include an appropriate code for neck pain, cervical segmental dysfunction,...
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