Is Your Medical Practice Leaking Profits?
Were you aware that the 50 percent of U.S. physicians who run medical practices are leaking upwards of 15% in profits on an annual basis? Why has it become so challenging for private practices to make payroll and keep operations going and what can practices do to manage what CNNMoney has identified as many of these top reasons, which range from increased regulations to rising overhead?
Learn more as we highlight key points from Private Practices Leak 15% of Profits and share a few pointers on how we can help you increase your revenue in an era where others are leaking!
Why is it that physicians in medical practices around the country are finding themselves going broke when the number of patients needing medical attention continues to rise, the number of services available continues to grow and the number of physicians working in medical practices is actually declining?
According to CNNMoney, for the at least 50 percent of US physicians who are running private practices, the challenges introduced by increased regulation, increased patient populations and decreased skilled clinicians has translated into financial struggle.
Simply making payroll each month is a challenge for many medical groups.
Declining insurance reimbursements add their bit.
But groups like UPS Healthcare are looking to step in and offer ways to get from broke to profit, and sometimes in as little as a month!
With the increased number of services that the Affordable Care Act has identified as reimbursable (some of them up to 100%!), your medical practice can’t afford to not be offering them.
And with the increased importance and role of patient engagement and patient satisfaction in your practice, you can’t afford to keep staff who won’t work to encourage and develop elements in workflow that contribute to happier, more educated patients.
And this just the tip of the iceberg. UPS Healthcare has worked with many medical practices to help them identify where they can increase their revenue without having to generate new patients—by simply helping them highlight the services their patients already need and want and highlighting these for patients so that they have more options when it comes to their care.
To learn more about these and other services that your medical practice might be missing out on, and to reverse the “going broke” trend among medical practices, your organization needs a team committed to you, to the way you deliver care and to your team to get you all on the same page and help you work smarter, not harder.
Contact UPS Healthcare today to learn more.