Oct 21, 2024 | Dermatology Practice, Digital Pathology
Dermatology is an 8.9 billion dollar industry and is only continuing to grow, with more dermatology practices seemingly popping up each day. However, managing your own practice and providing up-to-date, exceptional care is time-consuming.
We’ve created a list of 11 tips requiring minimal time investment that you can use to differentiate yourself from the competition and create a thriving dermatology practice.
Tip 1: Enhance Your Online Presence
According to a Brightlocal survey, 98 percent of consumers used the internet to find information about local businesses. With so much traffic, you need to make your business stick out online so potential patients find your practice first. One way to do this is to create a professional, user-friendly website. A poorly designed website will cause potential patients to distrust your brand and take their business elsewhere.
Having a great website is important, but only if people are actually motivated to pay a visit. Invest in SEO (search engine optimization), the practice of making your website and business easier for search engines like Google to find and understand. Search engines won’t recommend your website or business if they don’t understand what you are or what you’re offering.
And don’t forget social media. Post regularly on popular social media platforms like Facebook and Instagram. This will get you in front of an audience that may not be actively seeking your services. Through social media, you’ll grow an audience of people interested in what you’re doing and willing to recommend you to friends and family. There are also great paid advertising opportunities through social media you’ll want to explore.
Tip 2: Optimize Your Google Business Profile
Word of mouth, signage, and other methods to let the world know about your business are still important, but 97 percent of people primarily learn about local businesses online. Your most important asset might just be your Google Business Profile. Google has the lion’s share (over 90 percent) of the search market and should be your main focus.
Be sure to fill out your profile completely. Add accurate business hours, holidays, contact information, and links. Don’t skimp on the images, either—listings with photos are twice as likely to appear reputable.
Reply to all your reviews, good or bad. This shows Google that you’re actively engaging with your patients, and it shows your patients that you value their feedback. Once you have your Google Business Profile completed and are actively managing it, you can branch out to other places where you can list your practice, like Yelp or Bing.
Tip 3: Invest in High-Quality Content Marketing
Content such as blogs, articles, videos, and infographics will help you establish yourself as an expert in all things dermatology. Content marketing is great because an initial investment can pay dividends. An article can be turned into a post for social media, an infographic, or a PR opportunity. Over time, these articles can bring thousands of visitors to your website each month.
Many local businesses don’t see the value in creating blog posts or articles since the customers they serve are strictly local. Visitors to a blog might be from all over the county and can’t become customers, but Google looks at link authority as a ranking factor for your local business. Visits and links to your website increase that authority. The more reputable your website, the more local eyes will be on your listing.
Marketing aside, having a library of resources can be a great benefit to your patients. You can use your articles to help patients understand their conditions and how to treat them. Write an article once (with periodic updates as needed) and reap the benefits for years to come.
Tip 4: Leverage Email Marketing
Email marketing is a great way to engage patients and keep them up to date about your practice. You’ll likely get their email address when they fill out new patient paperwork. Just make sure you include a disclaimer or an opt-out if you plan to send them marketing materials.
Consider sending a regular newsletter with updates, promotions, or educational content. A dermatologist might send a reminder to use sunscreen as summer approaches or let patients know of any patient referral programs they have running.
Tip 5: Offer Teledermatology Services
Whether it’s a work schedule, time constraint, or merely convenience, sometimes, people don’t want to go to the doctor in person. This is where offering teledermatology services can be beneficial. You’re also able to expand your patient pool with people who live too far to drive.
The tricky part of teledermatology and any telehealth service is providing a good experience for the patient. This requires a secure and user-friendly telehealth platform that works well for both doctors and patients. Even with a great platform, navigating electronics and internet connections can make it tricky to have a really good experience.
Tip 6: Foster Strong Patient Relationships
No one wants to feel like just another patient the doctor has to check off the list for the day. On busy days especially, it can be a real challenge to connect with your patients and work on developing those relationships. The good news is that the burden of building that relationship doesn’t have to rest solely on your shoulders as the provider. Use your team and make sure that each patient is having positive and friendly interactions with the members of your team.
Having competent staff at your practice is an essential part of success. Skilled medical staff and office personnel not only make your life easier, but they also make the patient experience better. Every dollar spent on staff training and development is a dollar well spent.
Investing in training and development also makes the staff feel more comfortable and confident when they encounter difficult situations. Helping your staff develop new knowledge and skills will also help them feel more fulfilled at work, generating a positive culture at your practice.
In addition to having meaningful patient interactions at the office, consider sending out thoughtful communications to your patients post-visit. Many offices send out requests for ratings, but how many send a text to check in with a patient with a challenging problem or complicated surgery, for example? Going the extra mile can help you become the only dermatologist they’ll trust with their health.
Tip 7: Network with Local Healthcare Providers
Building an online profile is important when it comes to building and expanding your practice, but many patients rely on referrals from their doctor when they need specialty care. The best way to see referrals from other doctors increase is to network with local healthcare providers. This can be done by calling directly and introducing yourself if you’re a relatively new practice.
Another great option is attending and participating in local health fairs and community events where you can meet a wide variety of other healthcare professionals as well as community members when you may need your services or know someone who does. When you start getting referrals from other doctors, make sure you communicate well with them, return results quickly, and make it a pleasure to work with you.
Tip 8: Utilize Patient Testimonials and Case Studies
Like with most businesses, prospective customers will rely on reviews and testimonials to gauge whether or not they want to do business somewhere. Leverage your positive reviews and testimonials to attract other patients. Display them on your website and social media as social proof of your expertise.
Encourage satisfied patients to leave positive reviews online, especially on your Google business profile. It can be slow to get started, but once you get in the habit, you’ll start to see a lot more patients leaving reviews. Remember to only ask patients for a review when they’ve had a positive experience.
There are lots of software solutions that can help you gather feedback and positive reviews.
Tip 9: Implement a Loyalty Program
A loyalty program is more common for practices that focus on elective healthcare, but it can be successfully implemented in almost any kind of practice. The easiest way to start would be to offer a patient referral gift or bonus of some sort. This incentivizes current patients to share your practice with friends and family. If that friend or family member does become a patient, the referrer gets a gift card or something similar.
Share your referral program on your website and social media and mention it in person when patients come to your clinic. If you change up your gift or award fairly frequently, you’ll be able to more easily determine what kind of reward incentivizes your patients the most and if adding that cost onto the acquisition cost of new patients is worth it for your practice.
Tip 10: Stay Updated with Industry Trends
Healthcare is an ever-evolving industry, dermatology especially. Invest some of your time and energy in attending dermatology conferences and workshops. Become familiar with the latest technology and business practices while networking with others. Make sure you offer the latest treatments with the most impactful technologies where possible.
Tip 11: Ask Them!
At PathologyWatch, we want practices to not just like us but also love us as a partner. Our team regularly performs check-ins with dermatologists and staff to provide honest and open feedback on how we can improve their experience. This leads to many helpful improvements as we strive to offer a unique, exceptional service. Similarly, dermatologists can ask their patients to perform simple client satisfaction surveys, using a few pointed questions that patients can honestly answer without feeling critical.
Even if you choose just one tip to implement, the emphasis on continuous improvement will inspire you and your staff and provide opportunities for great patient experiences, which is one of the main reasons we chose dermatology as a specialty.
If you’re looking for a partner that is also interested in continuous improvement, consider partnering with PathologyWatch for all your digital dermatopathology needs.
Oct 11, 2024 | Dermatology Practice, Pathology Business
The client experience has become a buzzword in all businesses in the last few years. In medicine, the patient experience has become central to running a successful, profitable dermatology practice. And the pressures of offering superior care are high. When patients choose your clinic out of the many options available to them, they trust you to provide a comfortable and seamless experience that empowers them to engage and take charge of their own health and well-being.
As options for healthcare become increasingly more convenient for patients, patients prefer healthcare providers that promote personalized healthcare; they want to be recognized as individuals with unique desires and needs. For example, 92 percent of patients expect their healthcare providers to send them personalized reminders and messages.
Offering a human touch while providing streamlined, accessible digital support will be essential for dermatology practices to both retain and recruit new patients. Here are five ways to enhance the patient experience at your practice.
Offer Educational Resources for a Variety of Learning Styles
When 90 percent of all adults have at least some difficulty understanding medical information, it’s likely that many of your patients aren’t well versed in dermatology terminology—let alone dermatopathology. As a result, many of them may feel lost, confused, or scared when visiting your practice due to a lack of education concerning diagnosing and treating skin conditions.
Not only can education ease worries and help your patients relax into your practice, but it is also shown to improve outcomes and adherence. According to Clinics in Dermatology, those with low health literacy not only know less about how to care for their health, but they also “often report having a worse health status and are less likely to seek preventive care.” On the other hand, with education, patients are more likely to care for their health and follow recommended treatment plans.
Educational offerings personalized to the patient’s learning style are critical. Auditory learners can glean the most from verbal education you provide during the patient visit. Because the majority of people are visual learners, providing written materials is helpful, but especially patient photos and digital images like dermpath slides are even more important to help support your verbal teaching and instructions.
Colorful take-home educational brochures are appreciated and captivating. Younger clients will appreciate linked educational brochures (more green!), informational and how-to videos with live demonstrations on your website or social media feed, links to educational websites and recommended products, and other interactive web-based materials. By providing patients with in-depth information about what to expect, what diagnoses mean, and the importance of treatment in a variety of learning styles, you can better connect with your patients and provide educational tools personalized for the patient.
Define and Perfect Your Niche
Try acting as a secret shopper for your own practice. Would your practice stand out? What do you offer that other clinics don’t? As you examine your dermatology practice, take the time to not only perform competitive analysis but also consider new offerings or practice niches that inspire you and allow you to bring that excitement and energy to the patient experience.
For example, you may have a local family group with a rare dermatologic condition. This could become an area of interest for you, encouraging you to stay up to date with the most novel treatment conditions to help these patients. Look to offer new or unique services that your patients often request so they can receive continuity of care from you rather than going to another office. By finding new areas of focus, you will be motivated to participate in continuing medical education that will be useful, be at the cutting edge of diagnostic and treatment options for your patients, and show them that you care about meeting their needs.
Streamline the Diagnosis Process to Improve Turnaround Time
Your patients rely on you to provide them with a correct and timely diagnosis. According to the College of American Pathologists (CAP), a dermatopathology lab should require no more than 48 hours to diagnose standard cases. However, it’s not always easy to provide those quick results to your patients, especially when there are many variables that can increase turnaround time like inefficient processes, transportation, lab workflows, and report delivery issues.
All labs—including your clinic and associated dermatopathology laboratories—must exercise effective communication, have a written protocol in place, and foster a comprehensive understanding of how results are shared in order to improve patient care and expedite treatment. Open all lines of communication with your dermpath lab, stay in contact about the status of your cases, and be proactive. By developing all communication details and addressing factors that could impact diagnosis, you can improve turnaround time as well as your patients’ satisfaction.
Offer a Dedicated, Consistent Experience
As consumers, we enjoy frequenting places where we know we will get a consistently great client experience. Companies such as Apple, Starbucks, and others understand the importance of providing a superior experience every time. As cookie-cutter healthcare threatens to depersonalize the patient experience, patients increasingly appreciate being known and knowing what to expect at their appointments. This means not only offering personalized digital support to allow easy, streamlined touchpoints with your clinic—like online scheduling and messaging, digital pathology services, and automated text reminders—but also making yourself accessible to their questions both in and outside the office.
When patients visit your clinic, as another aspect to your secret shopper exercise, consider every step of their experience. Train your staff to communicate diagnoses effectively and kindly to patients, pay close attention to how you empower your patients to understand their health and well-being, and listen to their needs. For example, with PathologyWatch’s digital pathology, dermatologists can use digital slides as a visual tool to help teach the patient about their specific diagnosis and personal treatment plan and help answer their questions in a truly personal way. By taking the time to truly help your patients understand their diagnoses, you can ensure that they will feel not only more supported and understood but also well prepared to own their healthcare choices.
Invest in Partners That Also Provide Consistent, Excellent Service
Because many parts of the dermatology office require support from outside vendors, be sure to choose vendors who offer a similar customer experience as a client or colleague. When you have challenges or questions, you will also benefit from partners who will respond to your clinic’s specific needs and requests. Like many healthcare specialties, digital services have accelerated in dermatology, offering new opportunities for collaboration with patients and dermatopathology labs alike. With electronic medical record (EMR) technology, for example, it’s easier than ever to house patient information in an organized location and share it with other healthcare providers, insurance, and more. By investing in these digital technologies, you can not only stay ahead of the curve but also simplify patient processes and personalize experiences.
PathologyWatch, for example, enhances clinic flexibility by providing various reporting options, promoting a personal relationship between the consultant pathologist and the dermatologist, be more accessible for questions, and provide an intuitive digital interface where dermatologists and dermatopathologists can share valuable clinical information like medical history, visit notes, and clinical photos. Enabling automated and personal notifications for important results, providing definitive reports to help solidify treatment decisions, and building a great remote support team are some of the ways that PathologyWatch stands out from other pathology experiences.
Improving the patient experience is essential for the growth and success of any dermatology practice. By implementing these strategies—from offering personalized care to choosing supportive partners—you’ll not only meet your patient’s growing expectations but also stand out in a competitive field.
Aug 30, 2023 | Dermatology Practice, Pathology Business, Press Release
The leader in digital dermatopathology is recognized in the Health Services category of the prestigious list.
SALT LAKE CITY—August 15, 2023—Today, Inc. named PathologyWatch in the top 7 percent of America’s fastest-growing private companies on the annual Inc. 5000 list. This marks the first appearance on the list for the deep-learning AI company, which focuses on diagnostic and prognostic research for skin cancer.
Founded in 2017, PathologyWatch reached number 386 on the list of 5,000 companies for showcasing a remarkable 1500 percent growth from 2019 to 2022. This achievement makes PathologyWatch the list’s top-ranked health services company based in Utah.
“It’s an incredible honor to have PathologyWatch recognized alongside so many notable companies on the Inc. 500 list,” said Dan Lambert, CEO and cofounder of PathologyWatch. “This acknowledgment is a testament to the perseverance and principles of our entire organization, including AI engineers, dermatopathologists, lab technicians, sales and marketing team, clients and everyone in between. Together, we’ve been able to continue our commitment to combine state-of-the-art technology and clinical decision-making to deliver unprecedented patient care.”
The ongoing prevalence of skin cancer in the United States is a driver in the demand for PathologyWatch’s comprehensive digital dermatopathology solutions. There are over 5 million cases of skin cancer detected every year in America, killing more than two people every hour and making it the country’s most common type of cancer.
Lambert, a melanoma survivor, noted, “This Inc 500 recognition reinforces our mission to preserve and extend life for patients while reducing the cost of healthcare.”
“Running a business has only gotten harder since the end of the pandemic,” said Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000 — with the fast growth that it requires — is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”
About PathologyWatch
PathologyWatch is the groundbreaking leader of digital dermatopathology services. Through these services, dermatology clinics, hospitals and laboratories can improve operational efficiency by speeding up workflow and enhancing patient outcomes by utilizing the PathologyWatch expert professional team and laboratory services. This can facilitate best-in-class reads and, in some cases, enable additional revenue to the practice by in-housing pathology. With an intuitive and easy-to-implement digital pathology solution that includes access to top-tier dermatopathologists and a streamlined clinical workflow that interfaces directly into the EMR, PathologyWatch brilliantly combines state-of-the-art technology and clinical decision-making to deliver unprecedented patient care.
May 3, 2023 | Dermatology Practice, Press Release
SALT LAKE CITY—May 1, 2023—PathologyWatch, a full-service digital dermatopathology solution, is recognizing May as Melanoma and Skin Cancer Awareness Month with a public awareness campaign of its own.
Many Americans are likely unaware of just how prevalent skin cancer is in the US. In conjunction with Melanoma and Skin Cancer Awareness Month, the Skin Cancer Foundation has released some sobering statistics about the disease:
- With over 5 million cases detected each year in the US, skin cancer is the most common form of cancer.
- More than two people die from skin cancer every hour in the US.
- More people are diagnosed with skin cancer each year in the US than all other cancers combined.
- An estimated 7,990 people will die from melanoma in 2023 (5,420 men and 2,570 women).
- An estimated 186,680 cases of melanoma will be diagnosed in the US in 2023.
- One in five Americans will be diagnosed with skin cancer by the age of 70.
“One other key statistic is that the five-year survival rate for melanoma, when it is detected early, is 99 percent,” said Dan Lambert, CEO of PathologyWatch. “That’s why, during the month of May and beyond, we are encouraging everyone to visit their physician or dermatologist and receive an examination. Our mission at PathologyWatch is to preserve and extend life for patients while reducing the cost of healthcare. Early detection is one way we’re working to achieve that goal.”
PathologyWatch uses cutting-edge technology to connect dermatologists with academic-level dermatopathologists in a workflow utilizing samples shared via digital slides. The full-system digital workflow not only optimizes efficiency but also saves physician time, reduces the burden on office staff, and can help clinics create previously untapped revenue streams.
The Utah-based company will be providing “Show Me Some Skin” T-shirts to dermatologists and dermatopathologists who participate in the upbeat awareness campaign. Dermatologists and dermpaths can receive their free T-shirt by simply registering to join the campaign.
“We feel this is a fun way for dermatologists to help get the word out this month about a serious health issue,” Lambert said. “The most important thing in the fight against skin cancer is for people to take the initiative to get tested. May offers the perfect opportunity to commit to that first step.”
About PathologyWatch
PathologyWatch is the groundbreaking leader of digital dermatopathology services. Through these services, dermatology clinics, hospitals and laboratories can improve operational efficiency by speeding up workflow and enhancing patient outcomes by utilizing the PathologyWatch expert professional team and laboratory services. This can facilitate best-in-class reads and, in some cases, enable additional revenue to the practice by in-housing pathology. With an intuitive and easy-to-implement digital pathology solution that includes access to top-tier dermatopathologists and a streamlined clinical workflow that interfaces directly into the EMR, PathologyWatch brilliantly combines state-of-the-art technology and clinical decision-making to deliver unprecedented patient care.
Apr 24, 2023 | Dermatology Practice, Digital Dermatopathology, Pathology Business
By April Larson, MD
Thirteen is shaping up to be a very fortunate number for digital pathologists in 2023. Thanks largely to the efforts of the College of American Pathologists (CAP), the American Medical Association CPT Editorial Board developed 13 new Category III digital pathology digitization procedure codes. The 13 new add-on CPT codes, which have been introduced to record the use of digital pathology, went into effect on January 1.
Prior to 2023, lab reports in the US used the same CPT (current procedural terminology) codes in reporting any diagnostic read—with no distinction made as to whether the diagnosis utilized digital pathology or a glass slide under a microscope. Thus, both procedures earned the same reimbursement rates.
The new CPT codes will help track the additional work and investment of digital pathology into practice and help establish a new standard of care by demonstrating its wider acceptance and usage by the medical community, which in turn is a big step in receiving reimbursement for those services. This will continue to push the medical industry toward the adoption of digital pathology, increasing the availability of remote pathology work for pathologists.
Let’s look at the difference between Category I and the new Category III CPT codes and how they could lead to reimbursement rates for those practices utilizing digital pathology.
The Difference Between CPT Codes
The 13 new Category III codes are designed to be temporary in nature. They’re intended for emerging technology, services, and procedures and allow for the data collection directly associated with carrying them out. The goal is to show that these procedures are becoming more commonly adopted so that pathologists can then work with the AMA to shift these codes to Category I status.
I believe the use of these new CPT codes is a helpful measure that the government can use to determine whether new technology—in this case, digital pathology and the use of AI prognostics— is actually advancing the standard of care.
How do Category III codes differ from Category I codes? According to CAP, the new Category III codes may not meet one or more of the following Category I requirements:
- All devices and drugs necessary for the performance of the procedure or service have received FDA clearance or approval when such is required for the performance of the procedure or service.
- The procedure or service is performed by many physicians or other qualified health care professionals across the United States.
- The procedure or service is performed with a frequency consistent with the intended clinical use (e.g., a service for a common condition should have high volume, whereas a service commonly performed for a rare condition may have low volume).
- The procedure or service is consistent with current medical practice.
- The clinical efficacy of the procedure or service is documented in literature that meets the requirements set forth in the CPT code change application.
Category III codes should be reported only for primary diagnostic use; they should not be reported if the digitization performed is solely for archival or educational purposes, developing a database for training or validation of AI algorithms, or for conference presentations.
The 13 new codes are attached to different services and procedures, but the one thing they all have in common is involving the digitization of glass slides.
The use of these codes is exciting both for dermatologists and dermatopathologists. What we’ve seen at PathologyWatch is that dermatopathologists can benefit from remote digital workflows, and dermatologists have quicker access to both digital slides and reports.
Reclassification to Category I codes, which is the goal, requires meeting both general and specific criteria as determined by the AMA.
Potential Game-Changer for Pathologists
While temporary in nature, the 13 new codes have the potential to be revolutionary for digital pathologists for a variety of reasons. Of primary merit is that the codes are widely expected to achieve Category I status in the near future, opening the door to new financial reimbursements.
Clearly, there are significant upfront expenses associated with digital pathology. The initial technology investment, for example, can seem formidable, with scanners running anywhere from $250,000 to $1 million.
While it is important to note that there are presently no reimbursements directly tied to the new CPT III codes, the change is laying the groundwork by bringing a different dynamic into play.
The utilization of CPT codes helps establish the frequency of usage within the medical community. In order to determine reimbursement, this is often determined by committees of experts who help document the financial investment required to use a new technology.
Much like radiology, the wide adoption of digital pathology will help improve the quality of patient care by promoting sharing of information and images with consulting providers, which improves communication and coordination of care. It also promotes more frequent peer-to-peer and expert consultation with difficult cases and patient education and understanding of their disease.
Reimbursement also provides a financial incentive for clinics and labs to invest further in digital pathology. CAP proposals are being considered for development in the next few years through the AMA CPT process. In the meantime, it is important for dermatologists and dermatopathologists to use the new Category III codes to properly track their digital pathology services.
View a chart with the new CPT codes and detailed explanations of what they entail at cap.org. Then, contact us to learn more about how these new codes, and the adoption of digital pathology, could greatly improve your level of patient care and your practice in general.
— April Larson, MD, is chief medical officer and a cofounder at PathologyWatch.
Mar 16, 2022 | Dermatology Practice, Uncategorized
By Darren Whittemore, DO
To increase revenue and expand your patient base, you may have tried engaging with people on social media, advertising special service packages, or even parking a dancing balloon guy on the curb by your derm practice to drum up business. Nothing seems to work.
Serious change requires serious strategies. By tracking changes in billing and health insurance requirements and offering your resources and expertise to support pharmaceutical companies as they use technology to gather research data, you can uncover additional ways to help your practice grow. So give the dancing balloon guy the day off, and let’s explore four hidden revenue-building opportunities that can help point your derm practice in the right direction.
Outsource Medical Billing
Unless your accounts team has expertise in ever-changing CPT codes, AFA policies, and other Medicare, value-based care reimbursement guidelines, outsourcing medical billing is a popular and cost-effective option. Around 90 percent of healthcare leaders have considered outsourcing in both clinical and nonclinical functions to be more cost-efficient and better equipped to handle value-based care models. And here’s why:
A recent survey by Harmony Healthcare found that 33 percent of hospital executives reported the average claims denial rate hovering around 10 percent. In fact, across the nation, hospitals face average denial rates between 6 and 13 percent. When rejections occur, you need an experienced team that can respond quickly and are better equipped to handle changing requirements for medical reimbursements.
For example, board-certified dermatologist Dina Strachan, M.D., at Aglow Dermatology in New York, notes that every step needed to collect money from both patients and insurance comes with a cost attached. There is a huge time factor involved in understanding the fine print of the myriad high-deductible plans, and a lot of time is tied up in collecting and processing bills. By outsourcing billing, and placing a link on her website where payments can be made, a lot of time is recaptured.
“We don’t have to spend time opening and sorting mail, punching in, and processing credit card payments—it’s a time savings,” she said.
Apply to Host a Clinical Trial
Emerging cloud technologies are helping pharmaceutical companies tap into innovative alternatives for collecting rich, segmented research data. ClinicalTrials.gov currently lists 404,694 studies with locations in all 50 States and in 220 countries.
With in-person testing sites no longer being the only option for research, pharma can use both virtual and hybrid models to collect data.
Depending on the length of the study and the interaction levels required by the clinical trial directors, pharmaceutical companies will often pay clinics willing to dedicate their time and resources to help facilitate a relevant clinical trial.
Along with the revenue potential, most healthcare providers enjoy the option to provide their patients with the most recent treatments available, particularly in skin cancer and other chronic cases. According to the Dermatology Learning Network, interviews with dermatologists that have participated in clinical research show they can be professionally, intellectually, and financially rewarding.
“It allows you to give your patients cutting-edge treatment at a severely discounted price or for free,” said Dr. Mitchel Goldman, medical director of La Jolla Spa MD, in La Jolla, California.
In addition to the excitement of being involved in the development of new products and offering patients new treatment options, Steven R. Feldman, M.D., Ph.D., of Wake Forest University Baptist Medical Center in Winston-Salem, NC, noted the potential financial benefit to practices as well.
“In an era where managed care is paying less for each office visit, you can charge your usual office rate,” Feldman said in reference to patients enrolled in trials.
Reexamine Health Insurance Partnerships
Over the past 20 years, health insurance companies have consolidated to cut costs, meet higher demands, and, in some cases, move toward the government and individual health insurance markets under the Affordable Healthcare Act. This transition has given health insurance companies an advantage over physicians.
“Most dermatology practices lack the scale to negotiate with large health insurance companies on an even playing field,” Todd Petersen, CEO of Vitalskin Dermatology, explains. “These terms set year-over-year reimbursement rates and allow the insurance company to set billing, coding and utilization management rules. Consequently, nominal year-over-year increases can be largely offset by increased denial rates and tighter billing and coding rules.”
Although dermatology costs aren’t a high price point for health insurance carriers (accounting for less than 2 percent of medical costs), Petersen points out that pharmaceutical spending for dermatology-related drugs, such as psoriasis-related treatments, accounts for 6.5 percent of total spending with signs of future increases.
“For dermatology practices with market share and a large psoriasis patient population, using this strategy at the negotiating table may prove beneficial and provide the practice with improved revenues,” he says.
Invest in EMR Technology
Moving to digital-based technology, such as EMR or EHR, creates more efficient and profitable processes in a few ways:
- Participates in the Medicare Merit-based Incentive Payment System (MIPS)
Values-based care and reimbursements are growing and allow for additional revenue streams. EMR technology is required for billing compliance and patient dashboard access and to collect data and submit electronic data to CMS. According to Petersen, the initial investment cost of EHR technology will pay itself off down the road. “When considering whether to make the investment of complying with MIPS, consider the following: value-based reimbursement is not going away, and many practices have found the implementation of EHRs has helped them improve their billing compliance,” he writes. - Enables faster turnaround times for lab test results
For Allen-Taintor Dermatology, not only did partnering with a lab that specializes in digital dermatopathology provide a faster turnaround time for lab results (turnaround time is now 75 percent faster, with results often received within two days of submission), but it also enabled their dermatologists to use a digital slide to encourage a conversation about the patient’s biopsy results and possible cancer care. As faster turnaround time increases the speed of business, more patients can flow through the practice with increased revenue as a result. - Expands access to care
Digital-based patient files mean doctors aren’t limited by location to reach out for expertise on a patient’s case. With digital technology, a specialist in Boston or Switzerland can securely review a patient file and discuss a diagnosis in real time with the dermatologist. That leads to quicker results and prompt patient care, which again improves revenue.
With the dermatology field expected to grow by almost 11.4 percent by 2026, dermatologists can leverage revenue-building strategies by reducing overhead costs through outsourced billing services, research reimbursement rates with health insurance and government health program partnerships, participate in clinical trials, and expand digital patient care services. By tapping into these revenue outlets, you can help to prepare your derm practice for a future of growth.
