Medical Consulting: Can my Practice Survive - Conclusion
Posted by Lin Dworshak on Sun, May 22, 2011 @ 07:17 PM
By now.......you can only be saying to yourself one of three things:
- you have told me nothing new.....I am doing all that and surviving quite well thank-you
- I need to find a hospital to align with as I am not doing those things/nor do I have the expertise
- I don't know
The astute practitioner falls into the first group. They have understood and implemented the strategic "must do's" of a successful practice.
controlling market share
- retail strategy and readiness
- specialist of choice
- hospital of choice
demonstrate quality
- service quality
- clinical quality
access to capital
- human resources
- technology
- facilities
productivity
- efficiency
- effectiveness
- access
Indeed, you have figured out that just being a "good doctor" is not enough to survive in this extremely competitive market. And, you either have or have hired the essentials of a good practice administrator to ensure your practice continues to succeed. I congratulate you; from my years in health-care, my experience is that you are in the minority.
Those of you who fall into the second category may indeed be capable qualified physicians......caring and excellent providers who truly want to deliver "excellence". But, either through lack of interest in the business side of medicine or lack of expertise has lost the cutting edge components that allow you to practice medicine the way you envisioned. Before rushing off to integrate with a hospital, take a second look at your practice with the aid of a qualified consultant who can both make and implement processes to get your practice back on track. Not the least of those recommendations may be to out-source your billing. Go out and purchase the knowledge and expertise in AR/practice management. Your instincts may be to cringe at that thought as you immediately associate out-sourcing with lack of control. But how much control do you realistically think you will maintain after aligning with a hospital? The key to maintaining control even if you choose to out-source is reporting. (incidentally the subject of my next blog) Communication is the key to maintaining control. Many physicians are saying....."I just want to practice medicine" If that is you, you need to seriously consider out-sourcing billing. But, you must also:
- establish performance standards
- ensure you have full access to data and reporting
- insist that dedicated people work your accounts
- compare performance to best practice MGMA standards monthly
- compare the cost of effective billing in-house vs. out-sourcing
If you fall into category three:.......you simply don't know.......you too can benefit from an outside reputable consultant analyzing your practice.......top to bottom to ascertain the viability of the potential of your practice. Not knowing is the sure path to "practice demise".
Falling into category 2 or 3 is not a reason to panic. It is a reason to stop and "take stock".
Whether health-care reform passes as it now stands, is changed completely, or has revisions to some components; all the experts agree change is inevitable. Your ability to embrace and ready for that change....regardless of its scope is the real answer to your question of the viability of your private practice.