Podiatry is unique among medical specialties, and running a podiatry practice brings with it a unique set of challenges. As mentioned in an article by Brevard Podiatry, although 75% of Americans will experience foot problems at some point in their lives, there are only nine podiatric medicine colleges in the United States. Let’s look at what sets podiatry apart, and a few ways to innovate in your podiatry practice to grow a healthy business.
Challenges of Running A Podiatry Practice
In a recent article for Podiatry Today, Patrick Deheer, DPM, discusses his experience running three podiatry clinics. “I have a fairly busy practice that is broad in scope,” he says. “I do mostly reconstructive surgery, averaging five to 10 operations per week. I do all types of surgery from ankles to toes.”
Dr. Deheer recently had a pediatric consultant come in and evaluate his practices. He describes his surprise at the results: “One of the most striking findings from the consultation was that my average surgery reimbursement for all procedures and all insurance carriers is $678.” Patrick mentions that he accepts Medicaid, which may skew the above number, but the recognition that his reimbursement for surgery is comparatively low is a reminder that the approach to running a medical practice is not so different than running a small business.
Patrick says that expecting podiatrists fresh out of medical school to understand the nuances of running a profitable practice while averaging $678 per surgery is not reasonable, considering that most of them have little experience with practice management.
He concludes both by emphasizing the importance of effective practice management and the profitability of alternatives to surgery as a generator of revenue, for example, heel pain.
EHR and Practice Management Software To Gain A Strong Foothold in Podiatry
In your medical podiatry practice, it behooves you to explore new ways to innovate how you deliver patient care and how you run your business. Implementing Electronic Health Records, specifically a podiatry EHR, can streamline your patient care with digital podiatry exam templates as well as surgery templates including incision and drainage, and more complex procedures like arthroplasty.
As mentioned in another article by Podiatry Today, titled “Questions To Consider When Changing EHR And/Or Practice Management Software Vendors,” it’s important to evaluate an EHR software’s reporting capability to participate in the Merit-Based Incentive Payment System. PrognoCIS Podiatry EHR is a fully MACRA-certified EHR, and you can use the EHR to meet your reporting requirements and receive federal reimbursement.
Implementing practice management software helps you streamline the business aspect of your medical practices. You can easily insurance reimbursement, and easily collect patient co-pays online. Having practice management in place also helps you to better evaluate the financial needs of your practice and can lead you to discover ways to refine your business administration.
Many Leading EHR Software companies even offer medical billing services (revenue cycle management, or RCM) in addition to practice management software, which includes a dedicated medical billing staff who perform tasks such as medical coding, eligibility checking, claims follow-up, and more.
If you’re looking for new ways to streamline your practice management or innovate your delivery of patient care, you may want to look to implementing practice management software, adding EHR, or updating/switching to a new EHR. Contact our team experts today!