Why More Physicians and Medical Practices are Turning to Ancillary Services
As reimbursements from insurance companies decline in some areas and patients look for ways to save on medical expenses, medical practices are finding that adding ancillary services is a great way to combat the losses they might be experiencing.
But that’s not the end of the story. With the rising trend in ancillary service adoption among medical practices, it’s critical that practices make well-informed decisions before jumping in. UPS Healthcare shares tips from Medscape and more when it comes to choosing the right services to add.
Ancillary services fall into five sections:
- Diagnostic
- Cosmetic
- Behavioral Health
- Alternative and Holistic Treatments
- Products
Ancillary services are located at three facilities:
- Hospitals
- Medical Offices
- Free-Standing Sites
“Develop a detailed business plan that accounts for all costs: additional staff, marketing, equipment, space,” advises Bruce A. Johnson, JD, attorney and medical practice expert with Faegre & Benson in Denver, Colorado, and consultant to the Medical Group Management Association (MGMA). “Calculate how many procedures you need to do each month to break even and make a profit. Decide where you’ll get a continuing stream of patients after you’ve tapped your existing patient base.”
Before choosing to provide ancillary services to your practice, you need to think about how it will affect your practice, whether it would be positive and bring in revenue or negative and rain your resources.
From office staff and physician recruiting, if ancillary services are going to work for you, contact UPS Healthcare for your operational and administrative needs.