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 relate to taking the time to carefully review a report or to include additional tests, procedures or medications. As a result, it’s important to manage your practice effectively, efficiently, and with the greatest amount of patient-care tools available, both online and off. With that stated, it can be difficult to recognize a medical practice as a business due to the personal nature of services provided.
Many physicians and healthcare employees find themselves in a grey area when it comes to providing care versus generating a profit. This blurred line is further complicated by state and federal laws mandating treatment in cases of life-or-death situations
Finding the Balance
The issue at hand is finding the correct balance between providing care for patients and generating revenue. In order to do this, you will need to rely on a variety of strategies, as once again, healthcare is a very personal industry that comes with heavy responsibilities. With this in mind, you need to take stock in what resources you have to work with, including employees, equipment, and hours in the day. It’s important to have well-trained staff with assigned roles. As a physician you should delegate tasks to others when possible. This is one way to free up more of your time to do what you do best, which is to provide patient care.
In addition, the practice should have processes in place that help ensure a smooth workflow for everyone. The use of modern equipment and software can be extremely helpful in keeping a medical practice on track for success. Practice management software can help with everything from billing and coding to patient scheduling and revenue cycle management. Enhanced efficiency can add to the practice’s bottom line.
Treating patients needs to be a balancing act that involves your resources, patient care, and planning. Careful preparation can help you handle even the most unexpected situations. With that, you can keep the health of your patients as your top concern, but never forget that your practice is a business.
Time is money when it comes to building and maintaining your medical practice. Consider your revenue and your patients with care.
Managing Time Effectively and Efficiently
Another thing to remember is that roles in a medical practice need to be kept. If you’re a physician who is spending time filling out coding information or making copies of pamphlets for patients, you may be wasting time. If you are a receptionist who is spending time transferring lab samples, then you aren’t able to answer phones or greet and check-in patients. Essentially, each person who is working at a medical practice needs to be aware of their job functions, perform them efficiently, and increase both patient care and revenue.
Contact PracticeSuite to Learn How Cloud-Based Software Can Turn Time Into Money
The truth is, a practice management system can alleviate wasted time and money while also giving your staff the tools to manage electronic health records (EHR). Advanced medical billing software, provided by PracticeSuite, can help your practice to take advantage of every moment, save capital, and continue to offer excellent patient care. You can learn more about PracticeSuite’s line of cloud-based products and receive an unlimited free trial of our medical billing software. We look forward to helping you make your practice more efficient!
Andrew Rusnak is an author who writes on topics that include business development and healthcare
