Practice Management Basics
The medical industry is filled with dedicated intelligent, motivated people that are good at what they do, care for patients. As with any group there are varying levels of experience and expertise related to areas outside that primary mission and that includes the running of a successful business. A medical practice is after all, even with the primary mission of improvement and maintenance to health, a business. Like any business it must be run as efficiently as possible in order to be profitable over time.
As a business owner or partner you must pay attention to decisions and ongoing results related to just to name some; accounts receivable, staffing, insurance, facilities, equipment, supplies, compliance, billing, claims filing, patient records management, collections and marketing.
Decisions on how to handle this work as well as meet your primary mission are based somewhat on the size of the practice. A key decision facing practice owners is whether to perform administrative functions in-house, to outsource them or to employ a combination approach.
Regardless of the specific function many of the decision factors are the same:
| The Case for Performing In-House | The Case for Outsourcing |
| Maintain full control over quality and productivity | Prices do not fluctuate as much as internal costs can |
| 100% ability to revise processes as desired | No call-offs, vacations, leaves or other staff absenteeism |
| Ability to control expense through management | Can be fired at will if not delivering quality service/results |
| Familiarity with staff | Eliminates headache factor back office functions present |
| No "mark-up" on services | "Mark-Up" costs is offset by lack downtime and overtime |
| Confidentiality is maximized | Reduces the need for additional office space due to growth |
With pros and cons of each approach the answer for your practice may be a combination approach which is what we provide. All of our services can be employed in full or in part depending upon whether your practice needs full administrative support or whether you or your office manager simply seek assistance in lessening office staff burden. You may want to try a combination approach and then compare results in terms of costs, effectiveness and efficiency.