How independent is your practice?
Independence Day is coming up fast, but how many Doctors stop to ask themselves this: “How Independent is my practice?” For example, does your practice obtain the bulk of its revenue from one single payor source? For many practices this can be a reliance upon Medicare. For others it’s a reliance upon Auto or Liability cases. And for others it can be Private Pay Patients. Whatever it is, if the large majority of your practice revenue is coming from one single source, then it means one thing: Dependence. And, from a risk management perspective, dependence is dangerous. What would happen if this payor source dried up? For example, what would happen if you’re dependent upon Medicare patients and received a Medicare audit? Would your practice survive the months of zero income? Or what would happen if you’re dependent upon Auto cases and the state law is changed to reduce medical fees?
The Solution: Diversify your Payor Mix by Increasing Work Comp Referrals
Increasing Workers’ Compensation patient referrals is one way to expand your practice’s payor mix. By doing so, you will be less dependent upon other revenue streams. From a risk management perspective, this is good practice.
But how can I increase Work Comp Patient Referrals?
There are many ways for your practice to increase new Work Comp patient referrals. However, the exact marketing strategies will depend on your specific state. For example, Florida has a managed care system, which means the employers and insurance companies control the direction of care. Subsequently, marketing efforts should be directed toward them. By contrast, states such as New York all the injured workers to choose their doctors, meaning that marketing efforts should be directed toward the patients. Not sure who controls the direction of care in your state? Read our state-by-state overview of who controls direction of care.
Depending on your state, your practice can receive new Work Comp patient referrals from the following referral sources:
- Insurance Adjusters
- Nurse Case Managers
- Defense Attorneys
- Plaintiff Attorneys
- The Patient
- Other Medical Providers