Year over year, more and more doctors are losing the battle for independence, and joining up with a hospital or medical group in order to reverse the work/revenue balance. But giving up your freedom as a doctor or practice, and becoming beholden to a larger entity, isn’t the only option.
Many doctors ultimately end up joining a hospital or medical group because they are working harder and longer, and making less money than their counterparts who have been absorbed by a larger entity. Some argue that this is just a perception and that these doctors are not actually making more under a larger group – but one thing is becoming apparent, those who do, become beholden to the bottom line.
A few things happen when an independent physician joins a hospital or medical group. There are the positives, they receive help managing their front office staff, purchasing technologies like EHR Systems, and help with things like unemployment, medical insurance and other benefits for their staff. Another thing that happens however, is the loss of the ability to treat your patients as you would wish to treat them.
In other words, where you might have previously been able to provide your patient with a treatment, now you must send them to a specialist for that same treatment. Not only are you missing out on an office visit, but the quality of care that your patient receives is now out of your control, and potentially more costly for the patient.
When it comes to making more money, this might be a result of being pressured to spend less time with individual patients, so that you can see a higher number of them. While MACRA might be overcoming this with Medicare and Medicaid patients, what is there to protect your other patient populations and ensure that you treat them to the best of your ability, even if it means seeing less patients in a day?
So what’s a doctor to do? Continue to work more and make less?
Not as long as we have anything to do about it.
Partnering with Main Street Medical Consulting arms you with a team of medical billing professionals and consultants whose focus is on helping you maintain your independence and helping you grow.
Our Medical Billing team has over 100 years of combined professional experience. Put that power behind your practice and allow us to reduce claims processing times with fewer errors and denials.
Our team is also there to train your front office staff when it comes to improving your revenue cycle management. Part of this is through software that we can help your team implement but a major part of this improvement comes from taking an in depth look at your revenue cycle and identifying Key Performance Indicators (KPIs) to track and improve upon.
Doctors and clinicians who have been absorbed by hospitals or medical groups have reported a lack of clarity into their revenue cycle. Staying independent and partnering with the experts at Main Street Medical, combined with the powerful tools and technology you’ll have access to, you’ll be able to account for every part of your revenue cycle. This enables you to cut wasteful spending and focus on providing the very highest quality of care for your patients. And isn’t that what being a physician is all about?
In a previous post, we outlined the robust software suite that our customers leverage in order to maintain accurate records, report to CMS, submit and track claims, check the insurance eligibility of your patients prior to procedures and more. You can learn more about the tools in this software suite here.
Let Main Street Medical help you keep your independent spirit, your personality, and keep your patients in the best possible hands to care for their health and wellness. Your independence goes further beyond just maintaining your independence, it means being agile and adaptive to a changing healthcare economy, without seeking permission or approval.