The health care industry is constantly growing and undergoing changes, and these changes affect everything from the quality of care to the way services are delivered.
Greater choice of doctors, advancements in health care technology, and other factors have created a competitive environment for medical practices – and the success of your practice may depend on how well you adapt to these changes.
How Can My Medical Practice Adapt?
To help your practice prepare for what lies ahead, here are several strategies to consider:
Focus on Patient Satisfaction and Safety
An increasing number of health insurance providers are moving toward a value-based financial model as opposed to the traditional value-based services model. Although payment isn’t the sole reason to focus on patient quality and safety standards, it is an incentive to focus more on quality than quantity.
Another advantage of improving your practice’s quality and safety standards is the positive effect it can have on your medical firm’s reputation, both online and through word of mouth.
Implement Telehealth Services
Telemedicine – the use of telecommunication and information technology to provide clinical health care from a distance – is the wave of the future, and that future is now. It is becoming increasingly popular thanks to the flexibility and convenience it offers to patients and physicians alike.
While there will always be a need for a physical medical practice, telehealth services offer an opportunity to greatly expand your patient base.
Join an ACO
An accountable care organization (ACO) is a health care model that promises to deliver better patient outcomes at lower prices. Not only is it a means of achieving greater collaboration among doctors, but it also represents a financial model that rewards value by delivering improved quality of care for patients.
Other benefits of joining an ACO for many physicians include:
- Reduced costs
- Increased savings
- Greater influence within the provider network
- More control over patients’ care
- Access to more advanced technologies
- Increased retention and acquisition of patients
Perform a Practice Assessment
With the health care industry changing at such a rapid pace, it is incumbent that your practice continuously improve in order to maintain its competitive edge. The first step is to identify the opportunities for improvement, and that takes an assessment.
Who Can Help Maximize My Medical Practice?
At ProMD Practice Management, we provide practice and billing assessments that are done from an operations perspective. We have many years of experience helping medical practices to succeed in the ever-changing medical industry, which makes us uniquely qualified to assess and analyze your practice’s business operations.
We serve a wide range of medical specialties and medical practices of all types and sizes. We have served everything from individual doctor’s offices to large, full-service medical centers.
ProMD’s specialized assessment team will perform an operational audit and practice improvement evaluation. This will help to determine what parts of your operation are working effectively and where changes can be made that lead to increased efficiencies and better profits – all while adhering to the new health care laws and standards.
To learn more about how ProMD can help make your practice run at peak performance, call our team today at (844) 236-5488 or fill out our online form to request a billing assessment. We look forward to helping your practice grow and thrive.