How can psychiatry practices avoid losses?
In many practices, inefficiency causes a significant amount of revenue loss; reduction in reimbursements and rising costs are not the only factors causing financial problems for practices and hospitals. Some may even associate increased paperwork contributing to the loss of revenue, but this goes deeper than just profits and income.
How do practices lose money?
Having loss of productivity is a major concern for the practices. Lost productivity occurs when fewer patients are seen by the provider and fewer services are provided to the patients during their visits. Missing even one service can cost a practice a good chunk of money annually.
On the other hand, practices can lose productivity by having an excessive number of patients with unnecessary visits. This tends to affect the quality of the services and its complexity, creating loss of reimbursement. Also failing to provide services to the patients can also lead to loss in productivity.
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