What is the real cost of not changing your practice offer
In today’s world, our only constant is change with rapidly advancing technology driving this never ending wave. Changes to the ACA, rules around insurance payments and quality standards are driving many physicians to question what they are even doing in private practice.
Typically physicians in private practice, started out that way with an entrepreneurial spirit, a desire to make a difference in the lives of their patients and to have autonomy. Ironically, for many now, it may feel like a jail sentence.
With pay rates having stalled over the last few years there is not even a financial reward for all the extra stress and demands.
The ACA has made it easier for physicians to expand their practice and patient offer with changes that are mandating a more preventive approach. The introduction of the Annual Wellness Visit and Chronic Care Management are two examples of new revenue streams. In addition, availability of equipment and services has made it easier for an office to provide solutions that may have only previously been available in a specialists office.
The only trouble with these programs is that it means the physician has to change something to implement them. When you are busy seeing patients all day, how do you stop or change what you are doing to do something different? The financial rewards may not seem enough when it seems like you barely have an extra 5 minutes for anything. After all time is our most precious and expendable resource.
What will it take for your practice to survive and thrive in the coming decade? If you stand back and ask this question, any business looks to grow with each passing year. With reimbursements declining on existing services, the only real way to grow your practice is to get more patients and/or expand your service offering. This means CHANGE.
In the 2015 Physician Outlook survey, 44% of physicians thought they would sell their practice though 73% said they would prefer to not sell. 91% of respondents said they could see preventive medicine becoming integral to patient care and 88% saying their ability to deliver value would depend on their ability to deliver health care with cost management.
The survey also highlighted that 94% of respondents thought that new solutions were imperative to remaining independent.
With this in mind, how does a physician decide what to change in their practice when they don’t have the time to implement change let alone decide what to change.
This is where Ancillary Medical Solutions can help. With trained consultants, your practice can have it’s own check up in 2 minutes or less, confidentially and at no cost. Solutions best suited to your practice can be quickly identified with a stepped process for implementation provided.
Many solutions are low or no cost to get started and have a turnkey approach. What this means is that you are free to keep taking care of patients. AMS has a variety of solutions for Medicare based practices, those seeking cash based revenue or those with a high private insurance mix. AMS will support the office and physician to deal with every small change that may be required to keep business running smoothly while services are being implemented
Depending on your payor mix, additionals available can be life changing.
AMS is looking to partner with practices to keep them not just surviving but thriving in the next decade. If you are looking for a way to change your practice and do not know how to do it, contact AMS and one of our trained consultants will partner with you to help you see what is possible.
If you are still unsure about change, consider now what will happen if you don’t change and when it would be safe to change. There may be no easy answer. Being proactive with your practice will ensure growing profitability and enhance your practice value both to potential buyers, maintain your autonomy and your patient’s wellbeing.
If you would like a no cost, no risk, confidential check up of your office click on one of the links below to find what is available to you.