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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 December 2, 2020

7 Reasons Why Quitting Facebook Now Is Good for Your Future

7 Reasons Why Quitting Facebook Now Is Good for Your Future

For the past 100 years or so, there have been huge improvements in communication. From letters to phone calls to text messages to video calls to social networks. Following all these improvements, one of the biggest inventions of the 21st century was founded in 2004[1], and it started to spread like wildfire, first in the US and then around the world. Now, quitting Facebook has become nearly unheard of.

There are more than 1 billion monthly active Facebook users. Although initially it aimed to bring all people together for the sake of connecting, the effects of Facebook on masses became a huge debate after it gained so much popularity, with some even suggesting you deactivate your account.

The advantages of social media and its ability to connect us to people around the world are well known. Now, it’s time to dive into the ways Facebook affects your productivity and why you should ultimately consider quitting Facebook.

1. Facebook Allows You to Waste Time

While being on Facebook and scrolling through the news feed, many active users are not aware of the time they actually spend on viewing others’ life events or messaging with Facebook messenger. It has become so addictive that many even feel obliged to like or comment on anything that is shared.

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You might think of the time spent on Facebook as your free time, though you are not aware that you can spend the same time taking care of yourself, learning something new, or doing your daily tasks.

2. It Can Decrease Motivation

By seeing someone else’s continuous posts about the parties they went to or friends they see frequently, you might feel insecure about yourself if your own posts are not as impressive as the ones in your news feed.

However, there is rarely such a thing as going out every day or having amazing vacations every year. Unfortunately, though, we internalize the posts we see and create a picture in our minds of how others are living.

One study found that “participants who used Facebook most often had poorer trait self-esteem, and this was mediated by greater exposure to upward social comparisons on social media”[2].

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Basically, when we see posts depicting lives we consider “better” than ours, our self-esteem takes a hit. As many of us are doing this for hours at a time, you can imagine the toll it’s taking on our mental health. Therefore, if you want to raise your self-esteem, quitting Facebook may be a good idea.

3. You Use Energy on People You Don’t Care About

Look at the number of friends you have on Facebook. How many of them are really good friends? How many of the friend requests you get are real people or your actual acquaintances?

You have to admit that you have people on Facebook who are not related to you and some you barely know, but who still comments on their photos or offer a like now and again. Basically, instead of offering your time and energy to the genuinely rewarding relationships in your life, you’re spending it on people you don’t really care about.

4. Facebook Feeds You Useless Information

It is one thing to read newspapers or magazines in order to get information, but it is an entirely different thing to be faced with false news, trends, and celebrity updates through continuous posts. I bet one of the things that you will not miss after quitting Facebook is the bombardment of information that seems to have no effect on your life whatsoever.

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5. It Damages Your Communication Skills

When is the last time you actually hung out in real life with your friends, relatives, or colleagues? Because of the social media that is supposed to help us communicate, we forget about real communication, and therefore, have difficulties communicating effectively in real life. This negatively affects our relationships at home, work, or in our social circles.

6. You Get Manipulated

One of the biggest problems of Facebook is its influence on people’s creativity. Although it is assumed to be a free social media site, which let’s you to share almost anything you want, you have this tendency to want to get more likes[3].

In order to get more likes, you must work very hard on your shared posts, trying to make it funny, creative, or clever, while you could spend the same time doing something that genuinely improves your creativity. After quitting Facebook, you’ll be amazed at all the creative hobbies you have time to develop.

7. It Takes Over Your Life

The marketing strategy of Facebook is quite clear. Its creators want you to spend as much time as possible on the site. While working on their posts and choosing which pictures to share, many people actually try to be someone else. This often means they end up being isolated from the real world and their true selves.

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It is possible to put the same time and energy toward becoming a better version of yourself instead of faking it. Why not try it by quitting Facebook?

Final Thoughts

There are many reasons to try quitting Facebook. By knowing how it may be impacting your productivity and mental health, you can search for motivation to get off social media and back into your real life.

These points will guide you in seeing what your life would be like if you were to delete your account. Leaving Facebook doesn’t sound so bad after all, does it?

More on How to Quit Social Media

Featured photo credit: Brett Jordan via unsplash.com

Reference

[1] The Guardian: A brief history of Facebook
[2] Psychology of Popular Media Culture: Social comparison, social media, and self-esteem.
[3] Better by Today: Do Facebook ‘Likes’ Mean You’re Liked?

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