As a physician, delivering quality healthcare to your patients is your primary focus. However, it's equally important to understand the revenue cycle and how it impacts your practice's financial stability. The revenue cycle encompasses the entire process, from patient scheduling to receiving payment for the services rendered. By understanding this cycle, you can effectively manage your practice's finances and optimize revenue generation. In this article, we'll guide you through the critical components of the revenue cycle and provide valuable insights to help you navigate this crucial aspect of your medical practice.

1. Patient Scheduling and Registration. The revenue cycle begins with patient scheduling and registration. Accurate patient information, including demographic details and insurance coverage, is crucial for proper billing and reimbursement. Streamlining the registration process and implementing systems to capture and verify patient data efficiently can significantly...

Profit. Often during medical school and residency, this word was uttered with a sneer by my attending when I asked about the business side of healthcare. I believe I asked the questions that are never to be asked. Since operating a practice, I quickly discovered profit is necessary. In fact, profit is the most essential pieces of exemplary patient care, yet it often isn’t examined as carefully as it should be. Profit has a genuine purpose and one that goes beyond earning more money than you spend providing a service. As Peter Drucker claimed, profit is actually the cost of doing business.

What is Profit?

Profit is more than revenue in excess of expenses. It’s necessary for any organization to grow and expand. Keeping the doors open is also dependent upon profit. Whether your organization is a for-profit entity or non-profit endeavor, profitability is fundamental and required if you are to deliver exemplary patient care. Profitability provides more than mere money at the...