How private practices can prepare for 2025

Confrontation in decline physician reimbursement rates and rising inflation, private practices face increasing challenges through 2025.

Lauren Harris, owner of Harris Healthcare Consulting in Gresham, Oregon, who frequently works with private practices, shared her insights on how private practices can be successful in 2025 with Becker’s.

1. “Strategic Planning That Really Works.” Ms. Harris recommended strategic planning that focuses on high-impact aspects of practice and revenue functions, such as monthly leadership meetings “focused on the metrics that matter and creating trickle-down deliverables for all roles in the organization.” .

She also said that annual management planning to set measurable goals for the coming year and quarterly deep dives to “re-prioritize and celebrate success” are key to ensuring strategic planning is coherent and high-impact.

2. Stay ahead of the game with financial management. “Clean up your revenue cycle,” she said. “Start training at the front desk and manage every dollar throughout the process.”

She also said the annual renegotiation of payer contracts is a key factor in balancing private practice finances. “Be ready to tell payers why they need you,” she added. “Monthly track key metrics, (including) days in (accounts receivable), clean claims rate, denial patterns, gross and net collection percentages and payer mix, for starters.”

Using technology and virtual assistants “where they make sense” can also make a significant difference to private practices’ bottom line, Ms. Harris said.

3. A strong team is key. “Your team is everything,” Ms. Harris said. She recommends that practices “create clear development and growth plans that meet individual and practice needs,” which could involve regularly assessing and training skills, regularly collecting and responding to employee feedback, and providing recognition that is “timely, specific and meaningful for each employee. .”

4. Focus on patient experience. Patients in private practice often benefit from a more personalized and accessible experience, which leaders should build on.

“Make every touch point count, from the first call to the end,” said Ms Harris. She also emphasized the need to streamline the administrative side of patient management so doctors and staff can focus on patient care and experience.

“Quick scheduling, communication and payment opportunities to allow patients to self-serve 24/7 whenever possible,” she said.