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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.

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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.

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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.

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Featured photo credit: Seattle Municipal Archives via flickr.com

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Last Updated on October 16, 2019

Invaluable Lessons You Can Learn From Your Mistakes

Invaluable Lessons You Can Learn From Your Mistakes

Do you like making mistakes?

I certainly don’t.

Making mistakes is inevitable. Wouldn’t it be wonderful if we could be at ease with them?

Perhaps there is a way to think of them differently and see their benefits.

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Why Mistakes Feel Dangerous

Mistakes often feel dangerous. Throughout human history, our errors have often been treated as dangerous for a variety of reasons:

  • Our vulnerability. We have limited and fragile support systems. When those systems fail, people often lose their lives.
  • Real dangers. Nature can be dangerous, and making mistakes can put us at the mercy of nature and its animal residents seeking a meal.
  • Ignorance. Many cultures scapegoats someone whenever there is a failure of some kind. Scapegoating can be serious and deadly.
  • Order. Many societies punish those who do not conform to the prevailing orthodoxy and treat difference and non-conformity as a mistake. Even our brains flash an error message whenever we go against prevailing social norms.

We have a history of handling mistakes and failure in an unpleasant way. Since each of us carries our human history with us, it can be a challenge to overcome the fear of making mistakes.

If we can embrace the reality of mistakes, we can free ourselves to be more creative in our lives and dig up some interesting insights.

Why We Can’t Avoid Making Mistakes

Many people operate under the notion that making mistakes is an aberration, a mistake if you will. You can call it perfectionism but it is a more substantial problem. It is really a demand for order and continuity.

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When we think we can eliminate mistakes, we are often working from a perspective that sees the world as a fixed place. The world, however, is not so obliging. Like it or not, the world, and everything in it, is constantly changing.

Change is more constant and pervasive than we can see with our own eyes which is why we often miss it. Our bodies are constantly changing. The natural conditions of the earth change constantly as well. Everything, including economic and cultural systems have life cycles. Everything is in a constant state of flux.

We cannot see all of the changes going on around us since rates of change vary. Unfortunately, when we try to create a feeling of certainty and solidity in our lives or operate from the illusion of stability and order, we are fighting reality and our natural evolution which is built on adapting to change.

It is better to continually bend into this reality rather than fight every change we experience. Fighting it can cause us to make more mistakes. Finding the benefits in change can be useful and help us minimize unnecessary mistakes.

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Lessons Learned from Making Mistakes

Life has so many uncertainties and variables that mistakes are inevitable. Fortunately, there are many things you can learn from making mistakes.

Here is a list of ways to harness the mistakes you make for your benefit.

  1. Point us to something we did not know.
  2. Reveal a nuance we missed.
  3. Deepen our knowledge.
  4. Tell us something about our skill levels.
  5. Help us see what matters and what does not.
  6. Inform us more about our values.
  7. Teach us more about others.
  8. Let us recognize changing circumstances.
  9. Show us when someone else has changed.
  10. Keep us connected to what works and what doesn’t work.
  11. Remind us of our humanity.
  12. Spur us to want to better work which helps us all.
  13. Promote compassion for ourselves and others.
  14. Teach us to value forgiveness.
  15. Help us to pace ourselves better.
  16. Invite us to better choices.
  17. Can teach us how to experiment.
  18. Can reveal a new insight.
  19. Can suggest new options we had not considered.
  20. Can serve as a warning.
  21. Show us hidden fault lines in our lives which can lead us to more productive arrangements.
  22. Point out structural problems in our lives.
  23. Prompt us to learn more about ourselves.
  24. Remind us how we are like others.
  25. Make us more humble.
  26. Help us rectify injustices in our lives.
  27. Show us where to create more balance in our lives.
  28. Tell us when the time to move on has occurred.
  29. Reveal where our passion is and where it is not.
  30. Expose our true feelings.
  31. Bring out problems in a relationship.
  32. Can be a red flag for our misjudgments.
  33. Point us in a more creative direction.
  34. Show us when we are not listening.
  35. Wake us up to our authentic selves.
  36. Can create distance with someone else.
  37. Slow us down when we need to.
  38. Can hasten change.
  39. Reveal our blind spots.
  40. Are the invisible made visible.

Reframe Reality to Handle Mistakes More Easily

The secret to handling mistakes is to:

  • Expect them as part of the process of growth and development.
  • Have an experimental mindset.
  • Think in evolutional rather than fixed terms.

When we accept change as the natural structure of the world, our vulnerability and humanness lets us work with the ebb and flow of life.

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When we recognize the inevitability of mistakes as part of the ongoing experiment which life is, then we can relax more. In doing so we may make fewer of them.

It also helps to keep in mind that trial and error is an organic natural way of living. It is how we have evolved over time. It is better to be with our natural evolution than to fight it and make life harder.

When we adopt an evolutional mindset and see ourselves as part of the ongoing human experiment, we can appreciate that all that has been built up over time which includes the many mistakes our ancestors have made over thousands of years. Each one of us today is a part of that human tradition of learning and experimenting,

Mistakes are part of the trial and error, experimental nature of life. The more you adopt the experimental, evolutional frame, the easier it becomes to handle mistakes.

Handling mistakes well can help you relax and enjoy all aspects of life more.

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Featured photo credit: Sarah Kilian via unsplash.com

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