Advertising
Advertising

How To Adopt A New Plan For Your Doctor’s Practice To Earn More And Pay Less

How To Adopt A New Plan For Your Doctor’s Practice To Earn More And Pay Less

The way healthcare is situated today, doctors spend a lot of money to get their degrees but end up not making enough. Many doctors are leaving their practices because they can’t afford to sustain an income. But, innovative people are offering a new business model that can change this dynamic and allow doctors to make more money while spending less. Primary care physicians have to ensure they have the necessary volume of patients to cover their costs.

Doctors have many restrictions on their earnings. For example, insurance companies will pay for only so much. Many patients are being provided reduced or free healthcare, courtesy of the state or federal government. They have to hire employees who understand nursing, medical terminology, and billing. These employees don’t come cheap. Often, primary care physicians see their patients once a year. Equipment is expensive to buy and maintain. Overhead costs can be high. Because of these financial restraints, many doctors are leaving their practice because they can’t afford to sustain an income.

Advertising

But, innovative people are offering a new business model that can change this dynamic and allow doctors to make more money while spending less. The business model involves grouping services in an area to spread out the costs of equipment, human resources, billing, and overhead.

Advertising

What are the problems?

  1. Being a primary care physician is stressful. Doctors have to ensure they treat the right number of patients to generate an income. They also have to oversee the clinical staff and  business operations. They are required to stay current on changing regulations. They have to deal with clinical challenges and human resource issues. Doctors also have to pay attention to insurance companies and their requirements, which are often listed in small print.
  2. A significant number of patients fall under state or federal programs. These federal and state programs are complex and confusing. Figuring out payment structures is daunting, and doctors face severe consequences if mistakes happen.
  3. Insurance company rules are problematic. A patient must have insurance approval prior to treatment. Co-pays must be verified and collected. Forms and patient charting must be filled out accurately and have to match exactly with the selected diagnosis codes.
  4. Keeping records is a headache. Records must be entered into the Electronic Medical Record precisely and without errors. Many other items in the Revenue Cycle process have to be done correctly and timely. If anything is not done exactly as required or in a timely manner, the physician will not get compensated. The days of sending a bill and getting paid are long gone.
  5. Missing financial reports cause problems. To run a practice efficiently, physicians need the proper financial reports and tools. These include monthly income statements, balance sheets, A/R reports, monthly benchmarking reports, efficiency reports, and staffing reports. Practices are suffering because the reports aren’t being used or generated regularly.
  6. Doctors work too hard to sustain income. Physicians believe they have to work harder to maintain their incomes, but they really need to be more efficient in how they work.

What are the solutions?

  1. Coming together in groups. With groups, standards of care are developed; they share resources for IT; they share a business office; they share accounting; they share insurance contract negotiations;  benchmarking data is used; and human resources and payroll issues are shared.
  2. Add other services under one roof. Doctors get a large financial advantage when they include urgent care, imaging facilities, laboratories, X-ray units, and pharmacies in their practice. These services add profits because they cost less than having them done at hospitals.
  3. Adding services makes the practice more efficiently run. If you could put 10 primary care doctors in one center, instead of two each in five offices, you would have a very efficient, state-of-the-art, patient-centered operation.
  4. Outsource services. Practices become more efficient when they outsource accounting, human resources, and billing. You also can turn to Doctors CPR to find the right employees to make your business more efficiently run.

Doctors can adopt this new business model. It will help them reduce expenses, which will, in turn, let them keep more of what they earn. Partnering with others in related fields has helped many other industries. They have adapted to a world that works best by collaborating with others. Because so many things are online, collaboration on problems is becoming the normal way of doing business. Now, it is going to help primary care physicians.

Advertising

Featured photo credit: Seattle Municipal Archives via flickr.com

Advertising

More by this author

6 Reasons Why French Press Makes the Best Coffee 9 Things To Remember If You Love Someone Who Doesn’t Easily Show Affection 12 Ways To Earn More Money While You Have A Full-Time Job 7 Steps to Reduce Your Laptop’s Fan Noise & Increase Speed 7 Ideas To Decorate Your Home Using LED Strip Lights

Trending in Productivity

116 Productivity Secrets of Highly Successful People Revealed 27 Surefire Ways to Become a Successful Writer 36 Characteristics of Successful People That Make Them Outstanding 4The Importance of Reminders (And How to Make a Reminder That Works) 515 Best Android Productivity Apps (2018 Version)

Read Next

Advertising
Advertising

Last Updated on August 16, 2018

16 Productivity Secrets of Highly Successful People Revealed

16 Productivity Secrets of Highly Successful People Revealed

The same old motivational secrets don’t really motivate you after you’ve read them for the tenth time, do they?

How about a unique spin on things?

These 16 productivity secrets of successful people will make you reevaluate your approach to your home, work, and creative lives. Learn from these highly successful people, turn these little things they do into your daily habits and you’ll get closer to success.

1. Empty your mind.

It sounds counterproductive, doesn’t it?

Emptying your mind when you have so much to remember seems like you’re just begging to forget something. Instead, this gives you a clean slate so you’re not still thinking about last week’s tasks.

Clear your mind and then start thinking only about what you need to do immediately, and then today. Tasks that need to be accomplished later in the week can wait.

Here’s a guide to help you empty your mind and think sharper:

How to Declutter Your Mind to Sharpen Your Brain and Fall Asleep Faster

2. Keep certain days clear.

Some companies are scheduling “No Meeting Wednesdays,” which means, funnily enough, that no one can hold a meeting on a Wednesday. This gives workers a full day to work on their own tasks, without getting sidetracked by other duties or pointless meetings.

Advertising

This can work in your personal life too, for example if you need to restrict Facebook access or limit phone calls.

3. Prioritize your work.

Don’t think every task is created equal! Some tasks aren’t as important as others, or might take less time.

Try to sort your tasks every day and see what can be done quickly and efficiently. Get these out of the way so you have more free time and brain power to focus on what is more important.

Lifehack’s CEO has a unique way to prioritize works, take a look at it here:

How to Prioritize Right in 10 Minutes and Work 10X Faster

4. Chop up your time.

Many successful business leaders chop their time up into fifteen-minute intervals. This means they work on tasks for a quarter of an hour at a time, or schedule meetings for only fifteen minutes. It makes each hour seem four times as long, which leads to more productivity!

5. Have a thinking position.

Truman Capote claimed he couldn’t think unless he was laying down. Proust did this as well, while Stravinsky would stand on his head!

What works for others may not work for you. Try to find a spot and position that is perfect for you to brainstorm or come up with ideas.

6. Pick three to five things you must do that day.

To Do lists can get overwhelming very quickly. Instead of making a never-ending list of everything you can think of that needs to be done, make daily lists that include just three to five things.

Advertising

Make sure they’re things that need to be done that day, so you don’t keep putting them off.

7. Don’t try to do too much.

OK, so I just told you to work every day, and now I’m telling you to not do too much? It might sound like conflicting advice, but not doing too much means not biting off more than you can chew. Don’t say yes to every work project or social engagement and find yourself in way over your head.

8. Have a daily action plan.

Don’t limit yourself to a to-do list! Take ten minutes every morning to map out a daily action plan. It’s a place to not only write what needs to be done that day, but also to prioritize what will bring the biggest reward, what will take the longest, and what goals will be accomplished.

Leave room for a “brain dump,” where you can scribble down anything else that’s on your mind.

9. Do your most dreaded project first.

Getting your most dreaded task over with first means you’ll have the rest of the day free for anything and everything else. This also means that you won’t be constantly putting off the worst of your projects, making it even harder to start on it later.

10. Follow the “Two-Minute Rule.”

The “Two-Minute Rule” was made famous by David Allen. It’s simple – if a new task comes in and it can be done in two minutes or less, do it right then. Putting it off just adds to your to-do list and will make the task seem more monumental later.

11. Have a place devoted to work.

If you work in an office, it’s no problem to say that your cubicle desk is where you work every day.

But if you work from home, make sure you have a certain area specifically for work. You don’t want files spread out all over the dinner table, and you don’t want to feel like you’re not working just because you’re relaxing on the couch.

Agatha Christie never wrote at her desk, she wrote wherever she could sit down. Ernest Hemingway wrote standing up. Thomas Wolfe, at 6’6″ tall, used the top of his refrigerator as a desk. Richard Wright wrote on a park bench, rain or shine.

Advertising

Have a space where, when you go there, you know you’re going to work. Maybe it’s a cafe downstairs, the library, or a meeting room. Whenever and wherever works for you, do your works there.

12. Find your golden hour.

You don’t have to stick to a “typical” 9–5 schedule!

Novelist Anne Rice slept during the day and wrote at night to avoid distractions. Writer Jerzy Kosinski slept eight hours a day, but never all at once. He’d wake in the morning, work, sleep four hours in the afternoon, then work more that evening.

Your golden hour is the time when you’re at your peak. You’re alert, ready to be productive, and intent on crossing things off your to-do list.

Once you find your best time, protect it with all your might. Make sure you’re always free to do your best uninterrupted work at this time.

13. Pretend you’re on an airplane.

It might not be possible to lock everyone out of your office to get some peace and quiet, but you can eliminate some distractions.

By pretending you’re on an airplane, you can act like your internet access is limited, you’re not able to get something from your bookcase, and you can’t make countless phone calls.

Eliminating these distractions will help you focus on your most important tasks and get them done without interruption.

14. Never stop.

Writers Anthony Trollope and Henry James started writing their next books as soon as they finished their current work in progress.

Advertising

Stephen King writes every day of the year, and holds himself accountable for 2,000 words a day! Mark Twain wrote every day, and then read his day’s work aloud to his family to get their feedback.

There’s something to be said about working nonstop, and putting out continuous work instead of taking a break. It’s just a momentum that will push you go further./

15. Be in tune with your body.

Your mind and body will get tired of a task after ninety minutes to two hours focused on it. Keep this in mind as you assign projects to yourself throughout the day, and take breaks to ensure that you won’t get burned out.

16. Try different methods.

Vladimir Nabokov wrote the first drafts of his novels on index cards. This made it easy to rearrange sentences, paragraphs, and chapters by shuffling the cards around.

It does sound easier, and more fun, than copying and pasting in Word! Once Nabokov liked the arrangement, his wife typed them into a single manuscript.

Same for you, don’t give up and think that it’s impossible for you to be productive when one method fails. Try different methods until you find what works perfectly for you.

Featured photo credit: Unsplash via unsplash.com

Read Next