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

1 How Creativity Can Help You Get Ahead in Life 2 How to Set Stretch Goals and Keep Your Team Motivated 3 How Self Care Can Help You Live Your Best Life 4 How to Develop Mental Toughness to Help You Stay Strong 5 How to Calm Down When You’re Stressed and Anxious

Read Next

Advertising
Advertising
Advertising

Published on April 25, 2019

How Creativity Can Help You Get Ahead in Life

How Creativity Can Help You Get Ahead in Life

Have you ever felt limited in your abilities to do something you really wanted to pursue? Maybe it was an ambition you had, or an idea to start something. Perhaps it was an opportunity that came your way, but you weren’t able to take it because something held you back.

Often, we’re unable to progress towards our goals because such obstacles stand in the way. We let our limitations stop or overshadow our abilities to see through to a goal.

Yet, there’s one thing that we rarely think of to use when trying to overcome limitations.

Creativity.

What is Creativity?

When I say creativity, I’m not talking about an innate talent. Creativity is a much needed, but often neglected, skill that everyone has! It’s a skill with huge leverage that allows you to generate enormous amounts of value from relatively little input.

Creativity at its heart, is being able to see things in a way that others cannot. It’s a skill that helps you find new perspectives to create new possibilities and solutions to different problems.

Everything, including brilliant inventions, cannot come from nothing; it all derives from some sort of inspiration. Creativity works by connecting things together in order to derive new meaning or value.

From this perspective, you can find creativity at play in many areas.

Advertising

For example, Mark Zuckerburg rapidly became successful by taking the previously existing concept of social media, and combining it with an incredibly simple interface that appealed to a much wider audience. Uber and Lyft combined the idea of a traditional taxi service with an incredibly efficient smartphone app.

Both of these examples connect different ideas, find common ground amongst the differences, and create a completely new idea out of them.

That’s creativity in a nutshell, and anyone can improve theirs.

Limitations are Actually Opportunities

The advantage of using creativity, is to help you see limitations as opportunities. Take any limitation that you may find yourself facing, is there a way to look at things differently?

Let me illustrate with an example.

On the day of my son’s 5th birthday, my wife and I arranged a party for him at a children’s adventure park. His friends and family were all invited, and the plan was to have a long, fun day out to celebrate.

However, the day didn’t go exactly as planned…

Advertising

At Lifehack, we pride ourselves on a healthy work-life balance, so I wasn’t concerned about taking the day off to celebrate. But, on the big day, a call came through to my phone.

It was a manager from Lifehack. He excitedly told me that a group of investors were quite interested in our business proposition, and were wanting to meet later that day.

This was great news! A potential investment could be coming our way. But, I was already miles away from home and the office. Plus, it was my son’s birthday…

I asked if I could call him back once we got settled into the park.

To be honest, I was pretty certain I was not going to be able to make it. Asking to reschedule would be a risky request, but there was no way that I was going to miss my son’s party.

My son could sense something was off, and he asked me what was wrong. So I let him know that I just received a call about a meeting today, but also told him not to worry as today was about celebrating his birthday.

But like all kids, he continued questioning me…

Advertising

“But daddy, is it important?”

“No, of course not,” I bluffed.

Then, with childlike intuition and creativity, he asked: “Can’t you just meet with them at the park?”

And, then it struck me! This was the idea that I was missing.

Even though my son didn’t quite understand that it would not be possible for the investors to meet me at the park, it made sense for me to simply do a video call!

I could miss 25 minutes of the party to do a quick call while the rest of the party walked through the aquarium. And, in the end, that was exactly what happened.

I called back my teammate and asked him to briefly explain to the investors why I couldn’t be there in person to meet, but would be happy to join via video. I took the call, and was able to spend the rest of the day at the park with my son.

Advertising

Not only did my son enjoy his birthday, his simple idea led to a successful investment meeting that allowed us to get funding for a new project.

This is where I was able to turn a limitation into an opportunity that enabled me to reach my success.

Creativity is One Key to Success

When you use your creative ability to turn your limitations and setbacks into opportunities, you’ll find doors opening for you in areas you may have never imagined.

Remember, your attitude is also important when it comes to achieving a goal, and tackling a setback or problem. That’s because a positive attitude transforms not just your mental state, but your physical and emotional well being. It is the key to lasting total transformation.

Check out this article to learn more about how you can tune your attitude towards positivity.

So, the next time you’re feeling limited by your abilities, setbacks or challenges, don’t give up. Really look at the situation, and see how you can leverage on your creativity to find an alternative solution.

Featured photo credit: Photo by William Iven on Unsplash via unsplash.com

Read Next