The time is right to start a medical practice.
Although it may not yet be obvious at scale, we are beginning to see an increase in physicians entering private practice. The last several years have been a period of intense consolidation, with many physician practices being acquired by large health systems and physicians opting for the security of employed physicians. But as has happened many times over in the past, this ultimately leads to a decrease in physician and patient satisfaction, and a pendulum begins to swing back in the other direction.
Advances in technology and innovative new practice models are making the small physician practice more feasible. However, this model requires careful planning and measured approach.
How can a consultant help with starting a new medical practice?
- When you start a medical practice you need to know that your specific practice vision (specialty, location, etc.) is financially viable. If you are considering starting a new medical practice it is important to work with a consultant to understand the market opportunity and the financial plan for the new practice. When we work with a practice start up client at MBA HealthGroup, developing a financial pro forma is one of the most important strategic steps in the process.
- How will you get patients? Gone are the days where a doctor can start a new medical practice, hang a shingle and expect patients to flock to the practice. Now doctors entering private practice have to consider how and where to market their practice. We recommend working with a practice start up consultant who can help you do a thorough market analysis and develop a strategic marketing plan.
- What sort of technology should you implement in your practice? The availability of efficient, easy to use, cloud-based technology has made operating a small practice more financially feasible. But it’s important to choose the right technology for you practice, from your EHR to PM system to patient engagement tools. A practice start up consultant can help you select the right technology vendors for your practice.
- Should I keep billing in-house or outsource my billing? Outsourcing your small practice billing is a great way to keep your payroll costs down and allow your staff to focus on patient care. As a small practice it’s particularly important to choose a RCM partner who you can trust to keep an eye on your bottom line.
MBA HealthGroup can help you start a medical practice that will be successful for years to come. We also have a team of medical billing experts if you are already in private practice but are looking for outsourced billing services. We are poised to be on the forefront of the small practice renaissance.