Five Reasons to Hire a Medical Business Consultant
It is no surprise that the healthcare industry is going through many struggles and changes as healthcare reform along with the current state of the economy continues to plague this country. Studies have shown that many physician practices, along with other areas in the healthcare industry, are not prepared or equipped to make informed decisions when it comes down to items such as ICD-10, Hippa 5010, EMR (purchasing, set up, & meaningful use), billing practices, valuation of a practice (selling, merging )to name a few!
Many physicians are leaving private practice to join hospital systems for several different reasons. Many may not feel they have a choice. We feel they do have a choice. Hiring a medical business consultant can help your practice survive. If you are joining a hospital group, are you getting all you deserve in your contract? There are consultants to assist you with the negotiation process, to make sure you are benefitting from all there is to be offered.
Here are five reasons for you to consider hiring a medical business consultant.
- Cost Effective-studies have shown that the benefits of hiring a consultant to improve your practice far exceeds the ROI (return on investment) for the small cost involved.
- Revenue Improvement-it is a known fact that hiring a consultant can improve your revenue by improved billing processes, adding “added value service lines”, customer service, improved marketing just to name a few.
- Added Value Services- these are services that your practice may be able to add to your current specialty area to increase your service line. An example would be a new office procedure for a dermatology practice not offered in your area by your competitors. A consultant can assist you with researching and setting up this type of new program.
- Process Improvement- this is an area that many of us may feel comfortable with in our practices. There is always room for improvement whether it is with billing procedures, coding, patient flow, or simply patient check in. A look from an outside prospective can be refreshing bringing in new ideas to enhance your “well oiled machine”!
- Expertise- again many physicians, administrators, practice managers are very comfortable with the current practice setting. Just like a home mechanic, the newer cars (physician practices) have different more complicated parts that perform at a higher level. These require an expert in that area to work on them, install them, and keep them maintained.
In conclusion, consider bringing in that expert to help you in a cost effective manner to new services to add value to your practice. Or maybe improve a process in your office which will overall improve your revenue outcome. Please feel free to share any comments below. Your input is valued and appreciated.
Contact Medical Management Services to speak with a consultant to assist you with your needs.
I thought it was interesting how you said that hiring a consultant to improve your practice exceeds the return on investment for the small cost involved. My brother recently started working for the prison that is located near his town, and they are thinking about implementing a new correctional healthcare system. It may be good for them to work with a consultant who is experienced with correctional facilities to ensure that they provide the best healthcare possible.