Thanks to new technology, processes, and regulations, the medical industry is constantly changing. Under normal circumstances, this nonstop movement can make it incredibly challenging to manage all of the business and legal aspects of your practice and stay on top of everything that needs to be done. The pandemic brought on a whole new set of issues and now, we are facing economic uncertainty that is impacting virtually all aspects of life.
Operational costs are increasing
The cost of everything from gas to groceries has seemed to skyrocket lately which has trickled its way the amount we pay to keep our office running. To try to combat that rising costs, look closely at your budget to see if there is anywhere that you can cut costs such as ordering supplies in bulk at a discounted rate or outsourcing operational tasks to third-party vendors who can complete the necessary tasks efficiently.
Switching to value-based care can be tricky
The transition to value-based care is changing the way that healthcare is measured. Rather than focusing on the quantity of care provided, the new system emphasizes the quality of health care provided. As more and more health insurers and providers switch to this model, it can make revenue streams unpredictable and it may make it harder to manage cash flow. However, it can also give private practices the opportunity to streamline processes and reduce waste while offering a better quality of care for patients.
Collecting payments may get harder
With a possible economic downturn ahead of us, some payments may find it harder to pay their bills which can have a major impact on your cash flow. If there are patients that are having financial issues, try to work out a payment plan with them that works for both of you. Patients are more likely to pay off their bills if they can do it over time, especially if they are concerned about being laid-off or having unexpected expenses arise.
How Orchard Medical Management Can Help
While some of these challenges may seem overwhelming, don’t worry – we are here to help! Our revenue services can help make collections easier while our practice management services can help you analyze your budget and implement new processes. This will help you free up valuable time that you and your team can dedicate to your patients. Give us a call at (603) 232-4513 to learn more!