Running a business takes a huge amount of time, dedication, and energy, and managing your own medical practice is no different. Without a substantial support staff, you may find yourself spending hours and hours each week dealing with administrative and HR tasks rather than seeing patients. One solution is to hire more people, but this isn’t always feasible. Each staff member that you bring on can have a major impact on your overall profitability, especially once you factor in the additional costs like salaries, health insurance, annual leave, etc Many practices may find these additional expenses to be impractical or unfeasible.
Luckily, this is not your only option if you want to continue to grow your practice. One great alternative to hiring additional team members is to work with a practice management company. Many companies, such as Orchard Medical Management, have many years of experience building and maintaining medical practices and facilities and truly understand the unique needs of these businesses. Some of the services offered include preparing budgets and staffing models, and analyzing and implementing new service lines. These tasks are generally completed at a fraction of the cost of what you would pay a full time staff member while still maintaining the high quality that you would expect from your own team.
A practice management company can also help medical practices cut down the costs associated with collecting payments by providing a team of certified coders and billing professionals who can help improve efficiency in everything from scheduling to reporting. This helps cut down on the manpower needed to complete the billing cycle while ensuring accuracy every step of the way to minimize delays.
Using a practice management service not only saves you an enormous amount of time and money but it can also be just the thing that you need to make your practice more profitable. If you would like to learn more about how Orchard Medical Management can help your practice become more efficient and profitable, give us a call today.