The state of affairs
The vast majority of medical practices today face enormous forces undermining the survival of their practices. Declining reimbursement, escalating insurance complexities, intensifying regulatory burdens, and swelling administrative costs plague almost every medical practice.
Medical practices are under enormous pressures to run efficiently. Some speculate that medical practices will be forced to merge or be devoured by hospital systems otherwise risk extinction. Your success depends on what you do now to prepare for the future. These responsibilities can be daunting, but we believe it’s possible for medical practices, both large and small, to survive and thrive. Together we can provide the resources for your practice to adapt and succeed in changing times.
Success in a medical practice means doing the right things with the right personnel at the right time. A solid foundation allows medical groups to be nimble and adapt more rapidly, particularly when the industry calls for innovation. Doing the right thing in your practice boils down to a few basic principles. The first is being productive. The most successful practices examine ways to deliver better quality care and more of it. This may mean carefully examining scheduling processes and work flow to accommodate your patients or use of non-physician providers to deliver lower acuity care. Second, efficiency is the name of the game. Carefully examine work flows to eliminate unnecessary waste or redundancy in the practice. Understand costs and benchmark your practice.
Third, review your collection process. Make sure you are being reimbursed properly for the work you are doing. Focus on the delivery of quality medicine and not being distracted while fighting with insurance companies. Evaluation of current processes is crucial to transform systems to the most efficient possible. Communication with our members is crucial.
Last, practices must have resources to champion safety, quality, information technology capabilities and compliance. A well informed Practice Administrator is key to a successful practice.
6509 Windcrest, Suite 160
Plano, TX 75024