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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 April 9, 2020

10 Things High Achievers Do to Attain Greatness

10 Things High Achievers Do to Attain Greatness

Do you ever secretly wish that you could achieve more with your time? You are not alone. Most people want more from their lives but simply don’t know where to start.

The good news is that learning to accomplish greatness in your life is totally possible if you learn to study other successful high achievers.

Find out what sparkling new patterns you want to implement in your own life by studying what real high achievers do in the round up below.

1. They Know What They Want.

That seems pretty obvious, but if you don’t have a clear goal, dream or desire in mind, how will you know when you’ve gotten where you wanted to be?

Successful people have clear goals and a clear vision for how to get there.

For example, Albert Einstein remained obsessed with the big questions and problems of physics, and he knew exactly what he wanted to do: he wanted to answer the questions and solve the problems that no one else had been able to. And guess what? He did just that.

High achievers dream specific, plan smart, and confidently strive toward success.

2. They Focus on Their Goals.

Once achievers know what they want, they are tenacious and focused on forward progress toward their goals. They don’t run over people or deliberately hurt people to get what they want, but they do stay focused on the end goal in all their interactions and daily tasks.

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Elon Musk, with a net worth of $21.2 billion, is considered revolutionary.[1] Some might have seen his plans to totally reinvent transportation methods, including fantasy-like transportation methods in outer space, a little silly. But Musk proved them all wrong by staying focused on his goals with hawk-like attention to detail. He spends hours and hours at the office focusing on his goals in order to achieve them.

Learn How to Stay Focused on Your Goals in a Distracting World.

3. They Are Passionate.

It’s very helpful when reaching for a big goal to not just get excited by it, but to truly be passionate about it.

High achievers often talk about how much fun they are having, or say that they would do what they do even if they weren’t getting paid (and in the beginning, they probably weren’t). That’s the kind of passion and positive outlook you need to achieve your highest goals.

Bill Gates, creator of Microsoft, began his successful career early in life by simply being excited about things like video games and computers. You can be like Gates too. Identify your passions and pursue them in your career.

4. They Don’t Procrastinate.

Some of the things we have to do to meet our goals or achieve our dreams are not very easy, but high achievers are able to focus on what needs to get done and actually do it instead of living in a world of dreams. They have a plan and they can follow it starting right now.

Even though you may not be into arts, you must have heard of Vincent van Gogh, one of the most influential artists of all time. He is a perfect example of someone who not only dared to dream, but also dared to act.

Instead of procrastinating or staying in a rut, he made a choice to pursue art and dove in head-first. Although he only worked for about ten years due to a tragically short life, van Gogh produced an estimated 900 paintings and more than 1,000 drawings.[2]

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If you want to get more out of your life, then stop dreaming and start taking actions today, not tomorrow: How to Stop Procrastinating: 11 Practical Ways for Procrastinators

5. They Create Their Own Opportunities.

True achievers know that they don’t have to be stuck in a box – they can create their own story through hard work.

Brené Brown is a respected social researcher and increasingly popular speaker and author. She has been hosted on Oprah. She has written and published a slew of popular self-help books, and she has one of the most-watched TEDx talks in history.

Interestingly, Brown didn’t start her story in a glamorous way. In fact, many social sciences professionals scoffed at her unusual methods of research and her passion for the topic of vulnerability and shame. Brown, however, continued forging her own path until she reached her destination: greatness.

Brown is a striking example of a person who knew what she wanted and paved her way into her own story of success with dedication. High achievers know that nothing good comes without hard work. They are willing to create their own opportunities and don’t expect to be handed cookie-cutter dreams in life.

6. They Have Positive Attitudes.

Studies of high-performing students find that the happiest students are those who excel most academically.[3] The same holds true for adults in business and in life.

If you have a good attitude, enjoy what you’re doing and remember that setbacks are temporary, it’s a lot easier to be successful. Without negativity, there’s nothing to hold you back from achieving whatever it is you want to achieve.

A positive attitude also helps people to think of what they are doing as important, which is a great way to stay motivated and working toward a goal.

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Jim Carey, the famous comedian and actor, began looking for gigs as a teenager. At age fifteen, he performed onstage and completely disappointed the crowd with a less-than-successful first performance. Carey ultimately succeeded, though, by maintaining a positive outlook. He is known for visualizing success, staying positive, and continuing to work hard.

7. They Have a Team They Can Count On.

High achievers know they can’t do everything themselves. There’s a time very early on when you can go it alone, but even the smallest startups need help. It’s actually easier for a company‒or a dream‒to grow more quickly if there are more people engaged in making it work.

Your team could even be one or two trusted individuals who have your back when things get hard. Stephen King, an iconic author, submitted one of his first novels, “Carrie”, to more than 30 publishers. He received rejection after rejection and even threw his manuscript in the trash. His wife was his team; she pulled the manuscript out of the trash and asked him to try again. “Carrie” was a hit and became a springboard to a successful writing career spanning more than 50 bestsellers.

High achievers are able to foster great relationships and build teams that can help them achieve what they want even faster. They tend to have an eye for talent and are good at attracting the right people to their teams.

If you want to be a better leader, these tips can help: How to Master Your Management Skills and Build a Strong Team

8. They Take Time for Themselves.

Amid all this hard work, multitasking and big dreaming, high achievers know they need to take care of themselves too. Getting sick in the middle of a major launch isn’t good for anyone.

So a lot of stories you read about people who’ve had a lot of success will note that they eat well, exercise regularly, try to get enough sleep and even occasionally take time away from the office to refuel.

Emma Stone, a highly esteemed actress, is open with the media about her struggle with anxiety and stress.[4] She reportedly practices self-compassion, meditation, and self-kindness to take care of herself.

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Successful people know that sacrifice is often required for success, but they understand what they need to do to keep their bodies and minds performing well.

9. They Don’t Bad-Mouth Others.

High achievers know better than to burn bridges. They practice the advice that you shouldn’t say bad things about others, and they usually listen more than they speak.

They also tend not to compare themselves to others or get envious. They’re so focused on what they want to do that they don’t stop to look around at what others are doing.

10. They Never Quit.

Tyler Perry, an accomplished director, writer, and performer, faced early failures in both his personal life and professional life. Perry pushed through these personal challenges and dealt with failure after failure with his first production. Finally, his production gained momentum, and he is now successful because he never gave up.

High achievers are tenacious, sticking to their plans and goals as long as they need to in order to get where they want to be. If they didn’t stick with it, they wouldn’t achieve anything.

Final Thoughts

Success and achievement are not just for the people mentioned above — they are for you, too!

Unlock your future by finding your passions and goals, and working hard. Pay attention to what other high achievers around you are doing, and follow suit.

Before you know it, you will be creating your own famous success story.

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Featured photo credit: Fabrizio Verrecchia via unsplash.com

Reference

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