We have offered holistic providers complete medical billing and coding services since 1999, so we understand what makes medical billing and coding successful. In this article, we share our knowledge to assist you in selecting the best service for your medical practice.
Medical coding and billing are crucial components of any healthcare operation. It guarantees rapid and accurate claim processing, which results in quick reimbursements and improved revenue cycle management. The effectiveness and profitability of your clinic can be considerably impacted by your choice of medical billing and coding company, which can be challenging. This article will review the essential medical billing and coding service elements. In addition, we’ll also share tips on how to find the best fit for you.
Knowledge and Skills
Experience and industry knowledge are the most critical factors when selecting a medical billing and coding service. Please search for a business with a successful track record and extensive expertise working with medical practices like yours; this helps to ensure that they know the particular difficulties faced by your practice and have the knowledge and tools necessary to address them.
Security and Compliance
The field of medical coding and Billing is very regulated. Selecting a service that prioritizes adherence to pertinent healthcare laws, including the Health Insurance Portability and Accountability Act (HIPAA), is crucial. Be sure the business you choose maintains stringent security measures to guard sensitive patient data from data breaches and illegal access.
Flexibility and Personalization
Your billing and coding provider should be able to adjust to your particular demands because every medical practice is different. To create a customized solution for your practice’s billing and coding needs, look for a provider that offers customizable solutions and will collaborate closely with your staff.
Automation
A professional medical billing and coding service should use the most up-to-date technology to optimize revenue collection, speed up the billing process, and decrease errors. Faster claim processing and more precise reimbursements will result from this. To increase productivity and reduce manual input, look for a company that uses software and automation whenever possible.
Pricing and Contract Terms
Considering the price and contract details when assessing billing and coding services is critical. In addition to their fees, which are typically based on a percentage of collections, you should carefully read the contract terms to comprehend the range of services offered, the method of payment, and any potential penalties or termination clauses. Seek transparent pricing models with no hidden costs that fit your practice’s budget.
Customer Support and Responsiveness
When it comes to billing and coding, excellent customer support is essential. You want a business that will address your needs and problems. To receive individualized support and guidance through the billing process, look for a service that provides dedicated account management or a point of contact.
Testimonials
One of the best methods to evaluate a medical billing and coding service’s success is to look at client references. Choose a business with a good reputation. As the saying goes, past performance is the best indicator of future performance. A more excellent grasp of their track record and assistance in making an informed choice will come from their business references.
Ongoing Support
A good medical billing and coding firm should also offer continuing training and assistance to your employees, so they stay informed about changes in the field and best practices. Regular updates on coding standards, educational webinars, or specialized training events fall within this category.
Six Pointers to Help You Choose the Best Medical Coding and Billing Company
Here are some suggestions to help you choose the best medical billing and coding service for your clinic now that you are aware of the elements to take into account:
Research
Start by researching the many medical billing and coding services that are offered. Search for suppliers with expertise dealing with comparable businesses or specializing in your specialty. Compile a shortlist of prospects based on their qualifications, knowledge, and client testimonials.
Compare
Request proposals from the vendors you are considering. Use the proposals to compare each company’s services and reduce your candidates. Information about their services, price, technological solutions, and compliance procedures should all be included in a thorough presentation.
Schedule
Make appointments to speak with the leading candidates on your list before deciding. Ask them about their background, offerings, and how they may assist your practice in streamlining its billing and coding procedures during these encounters. Please take advantage of the chance to evaluate their receptivity, communication abilities, and willingness to adapt their services to your demands.
Check
Make an effort to reach out to the clients listed on the references provided by each prospective organization. You’ll be able to learn directly about their effectiveness, customer service, and general experience.
Evaluate
Understanding the vendor’s onboarding procedure is crucial because switching to a new medical billing and coding service can be difficult. Analyze their capacity to work with your current systems, impart knowledge to your personnel, and offer continuing assistance during the transition.
Consider
It’s crucial to consider a medical billing and coding service’s long-term profitability while making your choice; this entails assessing its financial standing, room for expansion, and resolve to keep up with market developments. A strong and progressive organization will likely support the long-term success of your practice.
Conclusion
Your choice of medical billing and coding provider can dramatically impact the effectiveness and profitability of your practice. You may find a provider who meets your needs and aids in the optimization of your revenue cycle management by considering variables like experience, compliance, technology, and cost. Take your time with the decision-making process; instead, consider each prospective provider before selecting the best fit for your practice’s particular needs.
How does this relate to an EHR and insurance billing company focused on acupuncture, chiropractic, and medical-massage billing? While you are busy vetting other vendors, your time can be free of tedious technology or complicated medical coding and billing process. By letting the best firm focused on integrative healthcare Holistic Billing Services handle your online appointments, SOAP notes, or medical billing needs, your energy, creativity, and talents are freed up to focus on identifying and serving your patients. The friendly experts at Holistic Billing have over 20 years of experience and are eager to help you succeed in EHR and Medical Billing! Contact us today to get started building a solution that suits your acupuncture practice needs and goals.
As an acupuncturist, you want your practice to be easily found by patients. Most patients seeking acupuncture services will search for practitioners near their homes. Search Engine Optimization (SEO) can help you improve your online visibility and page ranking. Below are tips to improve your online ranking and the top 10 search terms you want to target in Google for your acupuncture practice.
Conduct Keyword Research
First, identify what keywords people type when searching for acupuncture services. Keywords are the phrases that people use to search for information online. Here are the top 10 most searched phrases related to acupuncture:
- Acupuncture Near Me
- Does Acupuncture Work
- Acupuncture Benefits
- Acupuncture Points
- Acupuncture for Anxiety
- Acupuncture for Weight Loss
- Acupuncture for Fertility
- Acupuncture for Migraines
- Acupuncture for Back Pain
- Cupping Therapy
Using keyword tools such as Google Keyword Planner, SEMrush, or Ahrefs can help you find other popular keywords for your acupuncture practice. Use these keywords to tailor your website’s design and content. However, avoid stuffing keywords unnaturally, as it can lead to a negative user experience and ranking penalties from search engines.
Optimize Your Website’s Design
You can optimize your website for both search engines and overall user experience; this means making sure that it is mobile-friendly, fast-loading, and has an easy-to-navigate structure. A good rule of thumb is if your website takes over three seconds to load, most users will leave and go elsewhere. You can use Google’s PageSpeed Insights or GTmetrix to test your website speed and identify any issues. Additionally, installing an SSL certificate should ensure your website is secure; this helps build trust with your users and improves your website’s ranking on search engines.
Implement Local SEO Strategies
Acupuncture practices typically will serve people in a specific geographical location. So, you’ll need to use local SEO strategies to improve your visibility in the local search results. Here are some strategies to consider:
- Create a Google My Business profile: This free tool allows you to create a business listing on Google Maps and the local search results. Ensure that your business name, address, and phone number are accurate and consistent across all platforms.
- Getting listed on local directories: Some popular local guides include Yelp, YellowPages, and Citysearch. Double-check that your business information is accurate and consistent across all of these.
- Creating location-specific content: Create blog posts, videos, or infographics focusing on acupuncture topics specific to your location. For instance, it can be as simple as if you’re in Los Angeles, and you can create content on “acupuncture for stress in Los Angeles.”
Use Social Media
Social media is a cost-efficient way to build your online presence, so optimize your social media profiles for search engines. Remember to use your acupuncture practice’s name and location, include your business information in all your posts, and continuously engage followers or anyone who leaves comments.
Use Video Content
You can use video content to showcase your acupuncture practice and explain techniques. Also, could you create video testimonials from your satisfied patients? This type of content can improve your website’s ranking on search engines and attract potential patients.
Track Your Progress
You’ll need to track your SEO progress regularly to ensure your efforts pay off. Tracking your progress involves monitoring your website’s ranking on search engines, website traffic, and other metrics that show your website’s performance; this helps you identify areas where you need to improve and refine your SEO strategies to help your acupuncture practice rank #1 on Google
You can use several tools to track your progress, such as Google Analytics, Google Search Console, Console, Ahrefs, SEMrush, and Moz. These tools can provide valuable insights into your website’s performance, such as the number of visitors, page views, bounce rate, click-through rate, and backlinks. Using these tools, you can identify which keywords drive traffic to your website, which pages are performing well, and which ones need improvement. You can also monitor your website’s loading speed and fix any issues affecting your website’s performance. Remember, improving your website’s Google ranking with SEO is a long-term process that requires patience and persistence. It may take time to see the results of your efforts, but with a solid strategy and consistent effort, you will improve your practice’s visibility on search engines and increase your patient volume.
How does this relate to an EHR and insurance billing company focused on acupuncture, chiropractic, and medical-massage Billing? While you are busy building up your practice’s online visibility, your time does not need to be consumed by tedious technology or the complicated medical coding and billing process. By letting the best firm focused on integrative healthcare Holistic Billing Services handle your online appointments, SOAP notes, or medical billing needs, your energy, creativity, and talents are freed up to focus on identifying and serving your patients. The friendly experts at Holistic Billing have over 20 years of experience and are eager to help you succeed in EHR and Medical Billing! Contact us today to get started building a solution that suits your acupuncture practice needs and goals.
A competitive analysis SWOT (Strengths, Weaknesses, Opportunities, Threats) is a strategic tool that helps businesses understand their competitive landscape and identify key focus areas to improve their overall performance. As the holistic medicine industry continues to grow and evolve, it is crucial for holistic medicine practices to regularly conduct a competitive analysis SWOT to stay ahead of your competition and attract more patients. This blog will discuss the steps you can take to create a competitive analysis SWOT for your holistic medicine practice.
Step 1: Research, Your Competitors
The first step in creating a competitive analysis SWOT is researching your competitor; this includes understanding their strengths, weaknesses, opportunities, threats, overall business model, target market, and marketing strategies. You can research other practices by looking at their websites, social media profiles, online reviews, and additional relevant information. You can also reach out to your existing patients and ask for their opinions on your competitors. You can also attend trade shows and events related to the holistic medicine industry to understand your competitors’ offerings and strategies better.
Step 2: Identify Your Strengths and Weaknesses
Once you have completed your competitor research, you can identify your strengths and weaknesses. Your strengths might include a strong reputation, experienced practitioners, a wide range of modalities and services, or a commitment to sustainability. On the other hand, your weaknesses might include a limited number of practitioners, a lack of investment in marketing and advertising, or a limited number of treatment rooms.
Step 3: Identify Opportunities and Threats
Next, you can start identifying the opportunities and threats in the holistic medicine market. Possibilities might include an increasing demand for holistic treatments, a growing awareness of the benefits of holistic medicine, or the opportunity to expand into new markets. Threats might include increased competition, government regulation changes, or declining insurance billing payments.
Step 4: Develop a SWOT Matrix
Once you have identified strengths, weaknesses, opportunities, and threats, you can develop a SWOT matrix. This visual representation of your SWOT analysis helps you see the relationships between the different elements. To create a SWOT matrix, you can use a simple table with four columns: Strengths, Weaknesses, Opportunities, and Threats. You can then start to fill in each column with the information you have gathered in your research.
Step 5: Use Your SWOT Analysis to Develop a Strategic Plan
Once you have completed your SWOT matrix, you can use the information to develop a strategic plan. This plan should include specific goals and strategies to help you address your strengths, overcome weaknesses, take advantage of opportunities, and mitigate threats. For example, suppose you have identified a lack of investment in marketing and advertising as a weakness. In that case, your strategic plan might include investing in a new marketing campaign to raise awareness of your services to companies in the vicinity of your practice. If you have identified increased competition as a threat, your strategic plan might include expanding your services to differentiate yourself from your competitors.
Step 6: Monitor and Update Your SWOT Analysis
Finally, it’s essential to monitor and update your SWOT analysis regularly; this will help you stay on top of market changes and ensure that your strategic plan is still relevant and practical. For example, suppose you have identified an increasing demand for acupuncture treatments as an opportunity. You may want to check regularly if this trend continues and consider investing in new treatments or services to take advantage of the opportunity.
In conclusion, a competitive analysis SWOT is an essential tool for holistic medicine practices to understand their competitive landscape and improve their overall performance. By researching your competitors, identifying your strengths and weaknesses, and identifying opportunities and threats, you can develop a strategic plan that addresses your key focus areas. Regularly monitoring and updating your SWOT analysis will also help you stay on top of changes in the market and make sure that your strategic plan remains relevant and practical. By regularly conducting a competitive analysis SWOT, you can stay ahead of the competition and attract more patients to your holistic medicine practice.
It’s important to note that a competitive analysis SWOT is just one tool in a holistic approach to business strategy. It would be best to consider other strategic tools such as market research, patient surveys, and financial analysis to understand your business and develop a comprehensive strategy fully. By taking a comprehensive approach to your business strategy, you can make informed decisions, improve your overall performance, and achieve your goals for your holistic medicine practice.
How does this relate to an EHR and insurance billing company focused on acupuncture, chiropractic, and medical-massage Billing? While you are busy creating your business and marketing plans, your time does not need to be consumed by tedious technology or complicated medical coding and billing process. By letting the best firm focused on integrative healthcare Holistic Billing Services handle your online appointments, SOAP notes, or medical billing needs, your energy, creativity, and talents are freed up to focus on identifying and serving your patients. The friendly experts at Holistic Billing have over 20 years of experience and are eager to help you succeed in EHR and Medical Billing! Contact us today to get started building a solution that suits your acupuncture practice needs and goals.
Integrative healthcare is a growing trend in the healthcare industry as more people seek holistic and natural solutions to their health problems. One of the most popular integrative healthcare practices is acupuncture, which has been used for thousands of years to treat various health conditions. As an acupuncture practice focusing on integrative healthcare, it is crucial to understand your target patients and their needs and pain points. This information will help you create a buyer’s persona, a fictional representation of your ideal customer, informing all aspects as you develop your marketing plan.
What is a Buyer’s Persona?
A buyer’s persona represents your ideal patient based on your market research and actual data about your existing customers. It is a valuable tool for marketing because it helps you understand your target audience’s needs, behaviors, motivations, and pain points. By creating a buyer persona, you can make a personalized marketing strategy that speaks directly to your ideal customer and addresses their specific needs.
Steps to Creating a Buyer Persona
Gather data
The first step in creating a buyer’s persona is to gather data about your existing customers. The data should include the customer’s age, gender, income, education level, occupation, location, pain points, and health concerns. Obtain this data through surveys, customer interviews, personal experience, and website analytics.
Analyze the Data
Once you have gathered the data, try identifying patterns and shared characteristics among your customers. Look for trends and similarities in the demographic data or motivations, and use this information to create your ideal customer profile.
Create the Buyer Persona
Create the representation of your ideal customer based on the information you have gathered and analyzed. Give your buyer’s personal a name, age, gender, occupation, location, and other relevant information. Ensure to include information about their pain points, health concerns, and motivations for seeking your style of integrative healthcare.
Define the Pain Points
Pain points are the problems or challenges your ideal customer is trying to solve. Understanding their pain points is one of the most critical aspects of your buyer persona. They are the reasons why they are seeking integrative healthcare solutions. Understanding their pain points can create a marketing strategy that addresses these issues and offers solutions.
Determine the Motivations
Another vital aspect of your buyer’s persona is understanding their motivations for seeking integrative healthcare solutions. What drives them to seek out acupuncture or other holistic treatments? Are they looking for honest answers to their health problems? Are they seeking to improve their overall health and wellness? By understanding their motivations, you can create a marketing strategy that directly addresses their needs, anxieties, and desires.
Example of a Buyer Persona for an Acupuncture Practice Focusing on Integrative Healthcare
Meet Sarah, a 45-year-old working mother who lives in the suburbs. Sarah is a busy professional who is always on the go, looking for ways to improve her health and wellness. She is motivated by her desire to feel better and to have more energy to keep up with her busy life. She is looking for natural and holistic solutions to her health problems and is particularly interested in acupuncture.
Sarah has been experiencing pain and discomfort in her lower back and neck, and she is looking for a natural solution to help her manage her pain and improve her overall health and wellness. Sarah is also tired of taking medications she doesn’t trust and welcomes anything that will lead to fewer pills and fewer side effects. She is motivated by her desire to feel better and to have more energy to keep up with her busy life. Sarah is the ideal customer for an acupuncture practice focusing on integrative healthcare near her home.
How does this relate to an EHR and insurance billing company focused on acupuncture, chiropractic, and medical-massage Billing? While you are busy creating your business and marketing plans, your time does not need to be consumed by tedious technology or complicated medical coding and billing process. By letting a firm focused on integrative healthcare like Holistic Billing Services handle your online appointments, SOAP notes, or your medical billing needs, your energy, creativity, and talents are freed up to focus on identifying and serving your patients. The friendly experts at Holistic Billing have over 20 years of experience and are eager to help you succeed in EHR and Medical Billing! Contact us today to get started building a solution that suits your acupuncture practice needs and goals.
Cash flow is the amount of cash a business generates and uses in a given period. Understanding cash flow as part of your business plan is essential to ensure that the practice has enough money to pay its bills and invest in its future growth. Projecting cash flow in a medical practice can be daunting, but it is essential for the practice’s financial success. In this blog post, we will discuss the steps involved in projecting cash flow for a medical practice and provide tips for maintaining a healthy cash flow.
Step 1: Identify your sources of cash
The first step in projecting cash flow is to identify the sources of cash for the practice. These sources include patient payments, insurance reimbursements, and investments. Understanding the timing of these payments and any trends or fluctuations in the amount of cash received is essential. For example, if the practice experiences a spike in patient volume during the summer months, it will likely receive more money during this period.
Step 2: Identify your uses of cash
Once you identify the sources of cash, it is crucial to identify the uses of cash for the practice. These uses include expenses such as rent, salaries, supplies, and equipment. It is important to understand the timing of these expenses and any trends or fluctuations in the amount of cash spent. For example, if the practice plans to purchase new equipment, it will likely spend more money during the month or quarter in which you bought the equipment.
Step 3: Create a cash flow projection
With an understanding of the sources and uses of cash, the next step is to create a cash flow projection. This projection should include an estimate of the amount of cash received and spent in a given period. It is vital to have both expected and unexpected events in the projection and any trends or fluctuations in the amount of cash received or spent.
Step 4: Monitor and adjust your projection
Once you create the cash flow projection, it is essential to monitor it regularly and make adjustments as necessary; this may include adjusting the prediction based on actual results or making changes to the practice’s operations to improve cash flow. For example, if the practice is experiencing a cash flow shortage, it may need to increase its billing and collections efforts, recruit patients or reduce its expenses.
Tips for maintaining a healthy cash flow
- Review your billing and collections process: A poor billing and collections process is one of the most significant contributors to cash flow problems. Regularly reviewing and improving this process can help ensure that the practice receives payment for services promptly.
- Control expenses: Keeping expenses under control is essential for maintaining a healthy cash flow. Reviewing expenses regularly and finding ways to reduce them can help to improve cash flow.
- Communicate with patients: Clear communication regarding their financial responsibilities can help ensure that payments are received promptly.
- Maintain a good relationship with insurance companies: Building a good relationship with insurance companies can help ensure that reimbursements are received promptly.
- Keep an eye on future trends: Monitoring future trends in the healthcare industry can help to anticipate any changes that may impact cash flow.
In conclusion, projecting cash flow in a medical practice is a vital task that requires a thorough understanding of the sources and uses of cash. By following the steps outlined in this blog post and implementing the tips for maintaining a healthy cash flow, medical practices can ensure they have the resources they need to grow and succeed in today’s competitive healthcare landscape.
How does this relate to a billing company focused on acupuncture, chiropractic, and medical-massage billing? While you are busy projecting your cash flow, let us handle your EMR technology needs and the tedious and complicated medical coding, and billing process. By allowing a trusted firm like Holistic Billing Services, to capture your online appointments and SOAP notes, or offloading your medical billing burden, your time, energy, and creativity are freed up to focus on what matters most: your patients. The friendly experts at HBS have decades of experience and are eager to help you succeed! Contact us today to get started building a custom solution that suits your acupuncture practice needs and goals.
Opening a holistic healthcare practice is an exciting and challenging endeavor that requires careful planning and preparation. A business plan is a critical tool that can help you to organize your thoughts, set goals, and create a roadmap for your practice’s success. In this blog post, we will discuss the steps on how to establish a business plan for your holistic practice and provide some tips for creating a successful strategy.
Step 1: Research the market
The first step may seem obvious, but all too often is overlooked. When developing a business plan, you must first do your market research; this includes identifying the ideal patients for your practice, researching other holistic practices in your area, and understanding the trends and opportunities in the holistic healthcare industry. This research will help you know your target patient’s needs and concerns, allowing you to develop strategies that align with your strengths and interests.
Step 2: Define your business model
Once you understand your market, the next step is to define your practice’s business model; this includes identifying your services, setting prices, and determining how you will generate revenue. It is also essential to consider the costs associated with opening and operating your practice, such as rent, salaries, furniture, and equipment.
Step 3: Create a marketing plan
A marketing plan is a critical component of any business plan and is essential for promoting your practice and reaching your target audience. This plan should include strategies for getting your brand and message in front of potential patients, such as advertising, networking, and social media. In today’s world, it is critical to establish early how you will use social media and other digital marketing tools to promote your practice.
Step 4: Develop a financial plan
A financial plan is a crucial part of any business plan and is essential for understanding the costs associated with opening and operating your practice. This plan should include an estimate of your startup costs, operating expenses, and projected revenue. It should also have a projected cash flow statement, which will help you to understand your practice’s financial health over time.
Step 5: Review and refine your plan
Once your business plan is complete, regularly reviewing and refining, it is essential; this includes monitoring your progress, adjusting your plan as necessary, and seeking feedback from industry experts. It is also crucial to stay updated on industry trends and regulations and adjust your plan as needed.
Tips for creating a successful business plan
- Be realistic: Setting realistic goals and conservative projections for your practice is important; this will help you to avoid disappointment and make adjustments as needed.
- Please keep it simple: A business plan should be easy for someone else to understand and follow. Avoid using jargon or overly complex language.
- Seek feedback: Get input from industry experts, friends, and family to get an outside perspective on your business plan.
- Be specific about your goals and plans. Your goals should be measurable; this will help you stay focused and on track.
- Be flexible: Be prepared to adjust your business plan as necessary. The healthcare industry is constantly changing, and it is vital to adapt to changes.
Finally, developing a business plan for opening a holistic healthcare practice is a critical step in ensuring the success of your medical practice. By following the steps outlined in this blog post and implementing the tips for creating a successful plan, you can create a roadmap for your practice’s success and ensure you have the resources you need to grow and thrive in today’s competitive healthcare landscape.
Resources when establishing your business plan
- Small Business Administration (SBA): The SBA provides a wide range of resources and support for small businesses, including loans, grants, counseling services, and training.
- SCORE: SCORE is a national organization that provides free mentoring and resources to small business owners.
- National Small Business Association (NSBA): The NSBA is a nonprofit organization that provides advocacy, networking, and resources for small business owners.
- National Center for Complementary and Integrative Health (NCCIH): The NCCIH provides information and resources on complementary and integrative health practices and therapies.
- American Holistic Medical Association (AHMA): The AHMA provides education, resources, and networking opportunities for holistic healthcare practitioners.
How does this relate to a billing company focused on acupuncture, chiropractic, and medical massage billing? While you are busy creating your business plan, your time does not need to be consumed by the tedious and complicated medical coding and billing process. By letting a trusted firm, like Holistic Billing Services, handle your online appointments, SOAP notes, or your medical billing burden, your time, energy, and creativity are freed up to focus on what matters most: your patients.
The friendly experts at HBS have decades of experience and are eager to help you succeed! Contact us today to get started building a custom solution that suits your acupuncture practice needs and goals.
Opening a holistic medicine practice can be a rewarding and fulfilling experience, but it is also a significant financial investment. As a healthcare consultant, I want to share some critical business advice and tips for opening your first practice.
First and foremost, it is essential to have a clear and comprehensive business plan in place before you start. This plan should include a detailed budget outlining the costs associated with opening and running your practice and projected income and cash flow, including a marketing plan and a strategy for acquiring and retaining patients. A solid business plan will help you secure funding from a bank or investors and serve as a roadmap to guide your business decisions and practice growth.
Another essential piece of advice is to keep detailed financial records. This is especially important when it comes to taxes and compliance. As a holistic medicine practitioner, you must stay up-to-date on the latest laws and regulations, and having accurate financial records will make this process much more manageable. Additionally, keeping detailed records will help you identify areas where you can improve your financial performance and make adjustments as needed.
One of the most significant financial decisions you will make before opening your doors is how to structure your business. There are several options: sole proprietorship, partnership, limited liability company (LLC), and corporation. Each has its advantages and disadvantages, so it is essential to consult an attorney and accountant to determine the best fit for your practice.
Another important consideration is how you will finance your business. Depending on the size and scope of your practice, you may need to secure funding from a lender or investor. I think having a solid financial plan in place, including a detailed budget and projected cash flow, is essential to show potential lenders and investors that you have thought through the financial aspects of your new practice. Also, you will need to clearly understand your creditworthiness and be prepared to provide the necessary documentation to secure funding.
Additionally, stay on top of your cash flow. This is especially important when starting your practice, as you will likely have a lot of upfront costs and may still need a steady income while you fill your schedule. A clear understanding of your cash flow projections and having a plan in place for dips in cash frequently is the difference in making it to the second year of your practice.
Finally, it is essential to have a good handle on your pricing strategy. As a holistic medicine practitioner, you will provide a unique and valuable service, but you will also need to be competitive with other practitioners in your area. It is essential to research the prices of similar modalities in your area and to have a pricing strategy that is both competitive and profitable. Additionally, you will need to consider logistics like: billing insurance for your services, how you bill your clients, and what payment methods you will accept.
In conclusion, opening a holistic medicine practice can be a fulfilling and rewarding experience, but it is also a significant financial investment. By following these tips, you can ensure that your practice is financially sound and successful. Remember to have a clear and comprehensive business plan, stay organized and keep detailed financial records, understand the laws and regulations associated with your profession, and have a solid pricing strategy. Good luck with your new practice!
Electronic health records systems are a huge resource to utilize in your holistic practice, no matter the size of your business. While it might seem easier and more cost-effective to just maintain whatever paper file folder system you’re already using, making the switch to an EHR system is an overall more efficient strategy for streamlining your operations, both in the short and long run.
EHR systems have the capacity to enhance patient care, further fortify your patients’ information and sensitive data, and can save you time by eliminating clunky workflows. Plus, EHR systems are scalable for your future growth—perfect for if, or when, you decide to add more holistic practitioners to your practice or include more specialties to serve another population within your community.
On the other hand, there are a few things to keep in mind when making the switch to an EHR system, including HIPAA compliance regulations and potential cybersecurity threats. Keep reading to learn more about electronic health records systems and their advantages to your holistic practice!
What Does An EHR System Manage?
An electronic health records (EHR) system is exactly what it sounds like: a virtual, centralized collection of patient information and healthcare history. An EHR system updates patient information in real-time, which helps to deliver a well-rounded, patient-focused experience.
Additionally, other authorized parties or entities are able to see these real-time updates, which helps minimize friction in the patient’s overall wellness journey. Seeing multiple factors relating to a patient’s health in one spot enables a broader overview of their health overall.
Electronic health record systems can include:
- Medical history
- Diagnoses
- Medications
- Treatment plans and notes
- Allergies
- Lab results
- And more!
Even if your holistic practice doesn’t directly deal with labs or x-rays, it’s still quite helpful to have access to that information regarding your patients. For example, if you have a new massage therapy patient who recently got a sports injury, being able to review their x-rays will enable you to see how you can alleviate pain from the injury.
Plus, adding your holistic practice’s involvement with the patient’s wellness journey is beneficial for their other providers. This also ensures that the patient is following through on their healthcare journey so that they can achieve the best results possible with a well-rounded approach to their wellness.
Overall, EHR systems help streamline a patient’s overall healthcare journey and enable collaborative care across authorized providers and other medical practices.
HIPAA Compliance for EHR
As defined by the Centers for Disease Control and Prevention (CDC), “The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that requires the creation of national standards to protect sensitive patient health information from being disclosed without the patient’s consent or knowledge.” Essentially, this Act establishes protections for the use and sharing of personal health information and secures a patient’s privacy.
To complement this Act and account for the rapid advancement of technology in the healthcare industry, the HITECH Act was later introduced. In 2009, the Health Information Technology for Economic and Clinical Health Act (HITECH) was signed into law and determines technological requirements that align with HIPAA, such as encouraging the use of electronic health records to further secure sensitive patient data.
Furthermore, the HIPAA Security Rule, officially approved in 2003, also outlines a national set of security standards for safeguarding electronic personal health information (ePHI). This guarantees that all authorized parties are following good cybersecurity practices when handling sensitive patient information.
As defined by the Department of Health and Human Services, the Security Rule essentially declares that covered entities must:
- Ensure the confidentiality, integrity, and availability of all e-PHI they create, receive, maintain or transmit
- Identify and protect against reasonably anticipated threats to the security or integrity of the information
- Protect against reasonably anticipated, impermissible uses or disclosures
- Ensure compliance by their workforce
Ensuring HIPAA compliance includes maintaining compliance with the HIPAA Security Rule, which is crucial to protecting your patient data since the healthcare industry is constantly under attack. In 2021 alone, there were more than 700 healthcare breaches.
Benefits of An EHR System
Implementing an EHR system comes with a variety of benefits for your patients and your holistic practice, including:
Streamlined Collaboration
Since patients are taking their care into their own hands, they’re researching and selecting providers that they want to receive care from. This means they have a lot of freedom in where they spend their time and money—so it behooves you and your holistic practice to utilize an EHR system that enables streamlined communication between your patient’s other providers. In fact, a recent study revealed that 30% of seniors see an average of 5 providers each year.
Organized Patient Data
With a digital record, you won’t have to worry about digging through stacks of files or misplacing a patient’s record. Nor will you have to worry about illegible handwriting! An electronic health records system handles all of it in one centralized place. This optimizes your workflows and empowers you and your staff to work from the same file instead of compiling multiple points of information for the patient.
Enhanced Cybersecurity Protections
While, yes, you need to practice good cybersecurity habits when dealing with your patient’s sensitive information—and with your daily holistic practice operations, in general—an electronic health records system is built-in with digital protections and can offer some peace of mind when mitigating cybersecurity threats and vulnerabilities.
Partner with Holistic Billing Services to Streamline Your Practice!
EHR systems are simply one component of your holistic practice’s operations—yes, they’re impactful in delivering quality care to your patients, but that’s not all it takes to run a successful practice. For example, your medical billing and coding processes. We know that the revenue cycle is a vital yet stressful part of your daily operations, and Holistic Billing Services is here to help!
Let our team of specialty-specific experts handle that responsibility so you can focus on what matters most: caring for your patients. Contact us today!
Like millions of people, watching a lot of fictionalized law shows on TV might leave you with the impression that you fully grasp various facets of the legal system and its regulations. In reality, laws and regulations can vary wildly between states, and it’s important to recognize that there are guaranteed to be far more complications than what might be explained in a crime drama. One such example is non-compete agreements, which sound pretty straightforward but can be handled differently across the country. This blog outlines what non-compete agreements are, how they’re enforced, in which states they’re illegal, and much more.
What is a Non-Compete Agreement?
A non-compete agreement is a contract that prohibits an employee from working for or becoming a competitor for a certain period. These arrangements are enforced when a relationship between an employer and employee ends, and the employer wishes to prevent the employee from competing against them in their next position, whether working for a competitor in the same market or starting up another business in the same field.
Non-compete clauses usually contain language that limits you from engaging in competition with your employer. In the healthcare industry, for example, these provisions often preclude you from practicing within a specific distance surrounding the practice and for a specified period. Under most state laws, a practice can enforce a non-compete agreement if it meets the following criteria:
- protects the practice’s legitimate business interest
- is specific in geographical scope
- has a narrowly tailored durational scope
How an Employee Non-Compete Agreement Works
Non-compete agreements overall should be both fair and equitable for all parties. They require certain information to be considered enforceable, including:
- An effective date on which the agreement will begin
- A reason for enacting the agreement
- Specific dates during which the employee will be barred from working in a competitive sense and the location covered by the agreement
- Details as to how the non-competing party will be compensated for agreeing to the terms
If your employer’s practice has more than one location, then you may be restricted within a radius from each location under your contract, even if you’ve never been to that particular location. If the language in the clause is vague or does not clearly describe the exact terms of your restrictions, the clause might be unenforceable or open to greater interpretation than either party anticipated. This is why having an attorney review your employment contract prior to signing is recommended since non-competes will greatly limit where – and when – you practice.
Which States Allow Non-Compete Agreements?
A majority of states do allow and enforce non-compete agreements, but several have specific exemptions. For example, Arizona exempts broadcasters; Florida exempts mediators; Vermont exempts beauticians; and so on.
The following states specifically exempt physicians from non-compete agreements:
- Alabama
- Arizona
- Colorado
- Delaware
- Illinois
- Maryland
- Tennessee
- Texas
In a few states, non-compete agreements are not enforced at all. In North Dakota and Oklahoma, for example, non-compete agreements are unenforceable. California has gone a step further: Not only are noncompete agreements unenforceable, but an employer who requires employees to sign them can be sued, even if the employer never tries to enforce the agreement.
If your state doesn’t allow employers to require employees to sign noncompetes, you should bring this to your employer’s attention immediately – and don’t sign the agreement. Be sure to verify your state’s regulations regarding non-compete agreements before implementing them in your practice.
What Happens If You Break a Non-Compete Agreement?
Generally, if you violate a valid and enforceable non-compete agreement, it is likely that your former employer will file a lawsuit against you. This lawsuit could seek compensation for money damages and actual losses suffered by your employer, it could simply seek to enforce the non-compete agreement by filing a court order against you, or could seek both money damages and a court order. In very rare cases, the court may prevent you from working for a competitor for the duration specified in the non-compete.
There could be serious legal consequences, so be sure you have appropriate counsel evaluate the agreement before signing it and advise you of professional moves after signing it.
What to Do If You Are Asked to Sign a Non-compete Contract
Bottom line, our recommendation is before you sign any papers, always have a lawyer well-versed in your particular state laws review your agreement, then negotiate something you feel is reasonable. This empowers you to be more informed of the legal ramifications of signing a non-compete agreement rather than just hoping things will work out – you’ll be saving yourself money and headaches down the line. 
For example, if you’re asked to sign a broad agreement that could significantly restrict your ability to earn a living in the future, it would be well worth consulting with a lawyer to find out whether the agreement is legal and learn what steps you can take to negotiate a more limited arrangement with your employer. One of the most important factors of a non-compete agreement is the time frame it encompasses. Determine the effective dates of the agreement well in advance and seek legal counsel, as employers can set non-compete agreements only within a realistic timeline and cannot permanently prevent former employees from furthering their careers in that field.
Holistic Billing Services knows it takes a lot to run a streamlined and effective practice. Serving your patients and treating them with the best holistic approaches should always be your top priority, but sometimes massive piles of paperwork, billing errors, and insurance delays can weigh you down and poorly affect your practice.
Our experts here at HBS believe that your success is our success. From handling medical billing and coding to offering consulting services and much more, our team is dedicated to making it feel like we’re in-house. With a focus on holistic practices, insurance background, and proven consultants, our team can work with you regarding all holistic practice-related matters, and even help you navigate legal complexities like non-compete agreements. Contact us today!