The medical field is facing a number of challenges, including falling fees, rising costs, and higher taxes. These challenges can make it difficult for medical professionals to maintain their financial well-being. However, there are a number of steps that medical professionals can take to respond to these challenges and continue to enjoy the personal, professional, and financial rewards that attracted them to a career in medicine.
Stop losing money
One of the best ways for medical professionals to protect their financial well-being is to stop losing money. This can be done by addressing billing practices, looking for found money, and protecting against fraud.
- Address billing practices. Medical professionals should make sure that they are doing everything they can to get paid for the services they render. This includes contesting rejected insurance claims and working with a billing company that can help to maximize revenue.
- Look for found money. Medical organizations often leak money in areas such as supplies, staffing, and overhead. Medical professionals should work with a practice management expert to identify and patch these leaks.
- Protect against fraud. Medical professionals should have checks and balances in place to help keep their honest employees honest. This includes conducting background checks, requiring employees to sign non-disclosure agreements, and rotating responsibilities.
Get paid more
In addition to stopping losing money, medical professionals can also increase their practice revenue through ethical and professional approaches. This includes identifying profitable activities, adding services, and expanding into new markets.
- Identify profitable activities. Medical professionals should mine their billing data to get a handle on the revenue generated by each of their daily activities. This information can be used to identify activities that are most profitable and to focus on those activities.
- Add services. Medical professionals can increase their revenue by adding new services to their practice. This could include offering in-house diagnostics, providing cosmetic services, or hiring physician assistants or nurse practitioners.
- Expand into new markets. Medical professionals can also increase their revenue by expanding into new markets. This could involve opening a new practice in a different location or offering telehealth services to patients in other areas.
The challenges facing the medical field are real, but there are steps that medical professionals can take to respond to these challenges and continue to enjoy the personal, professional, and financial rewards that attracted them to a career in medicine. By following the tips outlined in this blog, medical professionals can protect their financial well-being and ensure that their practices remain successful.