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Under the private practice model, physicians have full autonomy to make the decisions that will lead to the best outcome for the patient. The trusted doctor-patient relationship is comprised of just two parties: the physician and the patient.
But the other essential side of the coin is having an understanding on the administration/business process of the practice.
It’s my belief that private practice has become the new, independent supergroup.
Contrary to what some think in the private equity realm….the private practice model is evolving – not dying.
The practice of Medicine will likely change forever in the light of the COVID-19 pandemic. Telemedicine has become essential and as many of us are seeing being embraced by physicians, patients, and staff. For now, it is still probably safer to complete a new patient visit or follow-up via phone or video than in the office.
Over the last several weeks, I have had some great conversations with colleagues who are ready to turn over that rock to understand more about the financial health of their practices.
The most common questions have been:
“Tell me where to start to understand more about the admin/business side of my practice?”
“How can I obtain the insurance contract I signed years ago?”
“How do I find a super-user to teach me more about our EMR?”
Concepts like reimbursement and cost-benefit ratios run counterintuitive to a doctor’s mission.
Would you take a patient to surgery without a full assessment and follow up? I think we all know the answer.
Regular departmental reporting is essential and yes, even for small practices.
How do you know where to start implementing change if you don’t know where you stand now?
Is the solution to just spend more on Marketing to grow your practice?
I would say, marketing is essential but it is not where you start.
Look behind those very doors of your practice to understand more about your cost-benefit analysis.
Be laser-focused on solvency, strategy and growth.
Listen up, my doctor friends, you can do this. If you can add and subtract, you can do business.
As an Administrator for both IVF Phoenix and two Ambulatory Surgery Centers, I am always looking at the process.
My lens is expansive and I am seeking to identify any kinks, stalls, and roadblocks every day.
From this comes….. opportunity.
It’s month-end and also the end of Q2 for 2020. I am on a data deep dive for the next several days.
A new processor two and perhaps a revision of a current one will certainly emerge from this week ahead!
Questions? Drop me a comment below.