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5 Ways Small Practices Can Thrive In A Hostile Economic Environment

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Will Private Practices Be Forced To Go Off The Grid ?

Independent practices are dying a quiet death all across the country. It is becoming increasingly difficult to manage expensive transitions, pay the bills, and focus on patient care. Every statistic about healthcare, points to one grim fact- it might be the end of private practices. Unable to withstand mounting financial and regulatory pressures, small practices are shutting their doors.Private-Practices

Between, A Rock And A Hard Place…

Most independent physicians feel like a fish out of water when working in the hospital environment. It means getting used to different terminology, processes and working hours. And it is not just adjustment issues. As with any big organization, the red tape involved can confound and trip up medical practitioners. Small, perfectly reasonable requests may take forever to be processed.

Small clinics are way below the food chain and will be treated that way.

Is Concierge Medicine The Answer ?

Forget third party payers. A, complicated, billing process. And those nasty cuts and audits ! Is concierge medicine a heaven-sent option? Yes, if you are a competitive physician who doesn’t mind being on call 24/7. If being at the beck and call of patients doesn’t scare the daylights out of you. Or, the “I paid you, you work for me” approach doesn’t deter you, opt for concierge medicine.

But the limitations, drawbacks, pressures and financial stability of the concierge model needs to be analyzed before you arrive at a decision. “Boutique practices” or “Personalized healthcare” sounds sweet. But for the physician who is not good at money or time management, it can spell doom.

For Those Determined To Stay The Course !

There are quite physicians who are refusing to buckle under pressure. “I am sticking to my private practice as I don’t know, and cannot stand, any other way of working” is what Terry Williams a private practitioner based in Mississippi has to say. And there are several physicians who echo his views.

Here Are Five Tips For The Small Practice Owner To Fight The Good Fight !

  • Consider relocating your practice to a neighborhood where there is a shortage of medical care, to get better reimbursement rates.
  • Become a micro practice to slash-down on operational expenses.
  • Optimize your workflow and outsource tasks that don’t have to be done in-house.
  • Focus on the business side of your practice.
  •  Market your practice and go active on social media sites.