So there are many providers out there that are making the huge decision to go into business for themselves and provide care from their very own practice. But there are many aspects to business that sometimes medical providers do not understand or overlook in their pursuit of their own practice. Many people let alone medical providers find themselves overwhelmed by some of the aspects that actually go into the building and growing of a successful company. All the things necessary to successfully begin your practice can all get lost very easily in the haze and can all become frustrating without a solid plan.
Developing a solid plan is crucial to the success of any business. From a personal standpoint and with my military background I learned very quickly that if you do not plan properly you will run into many problems that are easily preventable and also find yourself in a situation that will end in total catastrophe. First, build and write a business plan that will outline exactly what it is that you want to do, how much you want to spend, and the location that feel will be suitable and provide you with the best advertisement to draw in customers and patients. For medical providers they must also make sure that they are getting involved and brushing up on the laws, regulations, and incentives that may directly affect them.
Any business owner, has many decisions to make. They need to be smart with the liquid capitol that they have in order to maximize it and get the most bang for their buck. Truly when looking to start-up a medical practice one must look at medical equipment, which means looking into vendors that offer medical equipment and analyzing the price. Also, when looking to hire a staff that will manage the practice will definitely take time and money. So when looking to hire staff I think that all of the medical providers out there should look to outsource some of their business needs, as this will definitely save them some money and decrease their overhead cost right from turnkey. Wow, boost your profit immediately and also cut your cost from the very beginning.
So why outsource? here are some facts about why people outsource and how it really cuts down on cost for medical providers.
Saves Money: Costs to maintain staff for billing including salaries, office space, indirect expenses such are turnover, distraction from other key roles, etc all lead to higher costs for practices.
Saves Time: Outsourcing this burdensome task can take a great amount of weight off the staff’s shoulders – saving you time you need to focus on your patients.
Saves Resources: Practices that don’t outsource can’t afford to have an employee focus on billing without the distraction of other responsibilities. Outsourcing frees up staff time to focus on other critical tasks such as, making appointments, sending reminder cards, attending to patients, etc.
Reduces Rejected Claims: National average is over 20%. Typical reason is coding errors. Outsourcing reduces this risk significantly. Also adds added security with respect to fraud prevention
Improves Cash Flow: Most practices cannot delegate staff to billing because of limited resources and/or too expensive to have dedicated resources. With a medical billing company they are focused on ensuring all claims are submitted correctly and follow-up persistently resulting in quicker collection.
Provides Added Security: It’s a well-known fact that most cases of fraud originate from within a company. If you outsource your medical billing, you’ll have an outside eye looking at your finances and providing checks and balances that you and your staff might not have the time or ability to provide.
Improves Your Business: Many doctors say that you don’t just need an M.D. to be in private practice anymore-you also need an MBA. A good medical billing firm will provide you reports, often monthly, detailing the financial health of your practice, and can recommend ways to boost profitability as well.
Helps Negotiate with Insurance Carriers: Your medical billing company can give you the detailed information you need to successfully negotiate a contract with a malpractice insurance carrier.
Well here at Triple E Medical Solutions, LLC we specialize in providing a unique combination of services catered especially for medical service providers. The purpose of Triple E Medical Solutions is to be a one-stop resource for medical providers for all of their financial, business or set-up needs. Our mission is to be a valuable and reliable resource you can trust for all your financial and business needs to help you maximize your profits. We will not merely “refer” you to other companies. We will work with you side-by-side through each step of the way.
Our services are focused on four main areas:
1. We help new physicians with all the details of establishing their very first practice. This includes all services from becoming licensed with insurance companies to the day their doors open for patients.
2. We can handle all your billing functions and have been doing just that for a network of over 1,500 providers. Our claim acceptance rate is over 97% and our reimbursements are usually within 7-14 days.
3. We offer a wide range of business advisory services from valuations, to audits to setting up your office with electronic medical records (EMR).
4. We also have an expertise in accounting and tax and can become your accountants.
By having all your business and finance needs addressed by Triple E Medical Solutions, LLC we can truly be your reliable and trusted sole business adviser so that, “we can provide you with real time solutions for your real time problems.”
Visit www.tripleemedicalsolutions.com for more information.