Starting a Medical Practice Part2

Whether you are starting a new practice or growing an existing practice you need a plan of attack.

Dwindling insurance reimbursements coupled with rising medical expenses pose a serious threat to every physician practice, something you can't ignore.

The right practice management is one of the most important steps you can take to insure your success.
During the establishment of your new practice, or an addition of a new location, there are many planning, operational, administrative and management tasks that need to be addressed.
Something to consider would be to bring in a practice management consultant to get things up and running.

Who is handling your credentialing process?
Lets hope it is a practice management consultant, or someone that has experience with the process. Credentialing can be a long and tedious process that can be simplified, if you let the right person handle it. It has to be done the right way to avoid complications.
Yes, there is an initial expense, but just think how much time and money you can save by doing things the right way from the start. It will also free up your time to handle the things you yourself must be able to do.

Some physicians are conflicted about whether they should have in-house billing, or outsource this process.
Yes, you can do your billing in-house, you will need to dedicate space, time and resources.
Can you find the right practice manager that will be able to handle a busy practice, stay on top of all personal, most importantly your front desk (because that is where most problems start in the office), stay on top of all the administration needs and on top of that billing.
Can you afford a practice manager of that caliber, can you afford a few mistakes(major/minor) in today's economy.
If you are not able to hire a dedicated professional biller and a good practice manager, I would highly suggest that you outsource your billing to a professional.
Yes, trust is an issue, but I am sure you will be able to find the right billing company to work with. In addition if you for some reason don't like the billing company that you are with, there is no reason not to switch and as soon as possible.

There are some companies that handle the billing aspect and can also provide valuable addvice on your practice management.
Practice management and billing go hand and hand. One affects the outcome of the other.

Proper billing process starts as soon as the patient walks into, or calls your office.

Outsourcing your billing, will also free up your very valuable and price space, which can be utilized with additional testing equipment and/or examination room and so on.

Evaluation and additional planning should be done monthly to optimize your goals.

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Posted by a Practice Management Consultant at Real Practice Solutions, LLC. in New York. We specialize in making your practice work more efficiently and more profitably.
http://www.realpracticesolutions.com/