In order to provide the best care possible, your practice needs to have a healthy income to stay up to date on the latest and most effective treatments. One of the best ways to ensure that your practice will have a steady income is to invest in things like new medical devices, the latest technology, experienced staff and ongoing training.
Recurring revenue can come from many outlets, but one outlet in particular has proven to be very lucrative for doctors and their practices. While providing patients with the expert care they need, you can also see a greater return on your investment. This will give you some extra revenue to put toward improving your patient experience and quality of care.
The Current Procedural Terminology, or CPT, code set forth by the AMA has been updated recently. At the start of 2015, Medicare began accepting billing from practices managing the health status of patients with chronic conditions. CPT code 99490 is the first chronic-care-specific code that reimburses physicians for their extensive work with chronic care patients. According to Advanced Clinical Products (ACP), it is estimated that from 20 minutes of care you can bill $43.53, keeping $15.53 after all costs of the care plan that ACP manages. That means that each month for each patient, you would bank an additional $15.53, and that can add up quickly. According to ACP, with 1,000 patients you could make $186,360 per year.
By following a simple care plan, managing medications, tracking time and managing post-discharge transitional care, you will be well on your way to a more fulfilling practice.