Small practice owners are no longer the majority of doctors, according to the American Medical Association. More and more small practice owners find that they have exhausted all options until they find themselves merging with hospitals or conglomerate practices to cover the financial burdens of running a business or the clinical workload of their practice. This is unfortunate for both enterprising doctors and the health communities that they want to serve.
There are a lot of benefits of small healthcare practices for the providers that own them and the patients that patronize them. For example, small practices allow doctors and other staff to understand patients and their healthcare needs well and even provide better care than other larger practices and clinics. Small practices also allow patients to communicate with their providers more thoroughly, regularly, and easily - enhancing patient care. Patients can also schedule appointments with less wait than at larger facilities, sometimes even on the same day, leading to healthier patients with less hospitalizations.
That said, owning your own small practice also comes with unique and sometimes straining challenges that amplify the pressure put on you as a provider and business owner - especially when it comes to revenue cycle management and billing.
As a small practice owner, you may find that medical coding and billing, or even general claims management, takes up as much of your time as practicing your specialty and caring for patients. As a small practice, you may also lack the resources for extra staff and technology that could increase your productivity. Your lack of available capital and stretched budget may sometimes have you struggling to fit in enough patients to cover the bills while at the same time, requiring you to see more patients to increase your revenue stream.
Smart Business Resources for Smart Small Practices
Many small practices may not see themselves as cutting edge or even technologically inclined. These practices may fear the initial investment costs of equipment, training or hiring technical staff, and IT system maintenance will not be worth the outcome. Especially stretched practice owners may even believe that using software will decrease their productivity, and therefore the number of patients that can be served and ultimately their revenue.
Small practices in these situation can especially benefit from hiring business services, including qualified healthcare revenue cycle management and billing services, to avoid inefficient billing, staff turnover, and the stress of revenue cycle and staff management. This frees up the provider’s time to focus on patient care.
MacPractice Business Services
Practices who hire MacPractice Billing Service are boosting billing to recoup more money with professional help, and saving money by avoiding the need to hire and train a new biller as a staff member.
According to Society of HR Management, the average cost for each new hire is $4,129 - not including benefits. Beyond the employee’s salary, costs include job advertising fees, background checks, Workers’ Compensation and Unemployment, equipment and workstation set up, continuing education fees, software licenses fees, and allowances for unpaid and paid time off (holidays, vacation, sick leave, short term medical leave.)
It will also cost you valuable time. Hiring a new employee is a big job! You’ll spend valuable time creating the job ad, interviewing applicants, following up with professional references, new hire orientation, billing training, software training, and more.
When you hire MacPractice Billing Services, you’ll avoid all of these costs while working with fully trained, experienced staff with expertise in coding and billing in a variety of specialties. You’ll also save the cost of continuing education fees, training, equipment, and user license fees for software.
You also get an entire team for less than the cost of one new hire. A team of supervisors and managerial staff monitor your account and your practice is assigned a primary and secondary billing representative to handle your account with continued coverage, even if the primary rep is out of the office.
To learn more about MacPractice Billing Service, visit our website MacPracticeBusinessServices.com.