Risk management in your practice
Protecting your practice against risks requires a multi-dimensional strategy that covers your patients and employees, cybersecurity, tax liabilities, legal situations, insurance, HIPAA, OSHA, malpractice and more. Avoid getting overwhelmed and take risk management at your practice one step at a time.
Get expert advice
Specialist knowledge is important when it comes to protecting your practice. Pay for qualified professional advice when appropriate. Hire a CPA that specializes in dental practice tax accounting. Choose a lawyer with experience in medical settings. Get help with medical staff HR concerns from a consultant who has been through similar situations before. Don’t be tempted to DIY or cut corners when it comes to protecting your most valuable assets.
Don’t skimp on cybersecurity
Data leaks and security breaches happen. Protect your data and your patients’ data with strong cybersecurity measures.
Perform risk assessments
How can you know where your vulnerabilities lie? A risk assessment can highlight weaknesses you did not know about. Start with a self-assessment and then consider a professional analysis if appropriate. Speak to your insurance provider about self-assessment resources and they can typically provide you everything you need to see how your practice stacks up.
Do a periodic insurance review
Your practice will change over time. As it does, your insurance coverage needs may change too. Sit down with your insurance agent to discuss your current coverage and identify areas where more protection might be warranted.
Avoid billing problems
Coding and billing for insurance can be tricky. Make sure everyone who deals with coding is properly trained. Your documentation is your proof should a problem arise. Make sure everything gets into the system and that your documentation matches what went on in the chair.
The patient is not always right
It’s understandable that going above and beyond to take care of your patients is a high priority, but when you own a medical practice, there are certain things you just can’t do. It’s not uncommon for patients to ask for seemingly innocuous things like changing the date of their appointment so their insurance will cover it or altering their deductible. When it comes to insurance, it’s best to follow the rules carefully.
