We recently looked at the pros and cons of buying a practice, or buying into one. But what if you’re on the other side of this transaction? Nationwide, many physicians are making the choice to sell their practices, often to larger medical groups or hospitals. They may enter into an employment agreement with the purchaser,
Time is money in any business, but nowhere is this more true than in the medical community. Juggling multiple patients and treating illnesses and diseases is only part of the process. Medical practices must also handle the related responsibilities. In healthcare, in some instances, even an extra five minutes can save a life. This could
If you have hundreds of physicians to bill for or just one, you can run into complicated and complex billing scenarios. Maintaining the highest level of collections requires a Revenue Cycle Management System designed to make the grade and handle demanding tasks. Whether you bill for one practice or many, our RCM software suite makes choosing
Are you seriously thinking about buying a medical practice? Big players get a lot of the attention when it comes to practice acquisitions—hospitals and large physicians groups are acquiring small practices at a rapid rate. However, there are good reasons for not-so-huge entities to consider this option as well. For many physicians, downsizing to a
In the healthcare industry, the main focus is always on providing excellent patient care, but unfortunately, in order to provide such care, concentrating on generating revenue is a must. To complicate matters further, a delicate balance exists between the two, and without proper planning your practice may find itself with too few patients, thereby decreasing
For a lot of practitioners, credentialing is a necessary evil when joining a practice or a hospital’s medical staff. It’s also part of becoming networked with insurance companies. When done well, credentialing stays invisible to practices and patients alike. Done poorly, it can disrupt patient scheduling and cause delays in cash flow as insurers and
Hack #14: Tackling Prior Authorization Issues This installment of practice management hacks takes on the crucial topic of prior authorization. Although it’s been a task for healthcare providers for more than 20 years, it’s still one of the most vexing areas of reimbursement failure. This installment of management hacks deals with utilization management, prior review,
Mastering the Revenue Cycle Maze The revenue cycle used to be a cycle, not a maze. Today, it’s a critical aspect of every practice that needs insightful and careful management. Collecting the amount you’re owed, and doing so in a reasonable amount of time is imperative for the survival of your medical practice. If the
Almost anyone can look like a good fit for a practice—at least on paper—when a position is open and patients are waiting. However, resumes can be customized into piles of keywords for any position, and resume screening software programs (also called “applicant tracking systems”) are notorious for screening out almost everyone, including good candidates. This
While it’s certainly true that you got into the medical field in order to make a difference in the health and wellbeing of people’s lives, it’s also true that you expect to turn a profit from your passion. In fact, as a medical professional, it’s likely that you realize that the costs associated with acquiring
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