The Rising Costs of Operating a Provider Owned Medical Clinic
During the last quarter of 2016, Michael and I attended a healthcare seminar regarding the challenges of medical practice operations. The lecturer was the President and CEO of the Medical Group Management Association (MGMA), Dr. Halee Fischer-Wright. Her presentation was both powerful and alarming at the same time. She spoke about her personal challenges managing her own clinic, as well as those of her peers, and the possible solutions to make operations better for everyone.
I was inspired to further investigate the financial challenges that provider owned clinics are not only facing today, but the trends that will impact them going forward.
“Private practice has long been an attractive option for many physicians. It generally allows for higher earning potential, autonomy in staffing and managing the business, and control over how patients are seen and treated. Private practice physicians can also decide which insurance carriers to work with, which computer systems to use, and the location of the office.”
CompHealth also put together a great infographic summarizing their research around expenses, trends, and the operational realities that privately held practices face in today’s modern economic and medical climates.
When reviewing the literature, it is evident that medical clinics need to find ways to save costs, avoid fines, and improve efficiency as operating costs and compliance issues continue to rise. Choosing high impact and high quality technological solutions are a very large part of operations and compliance. MEDX is a technological solution that is very affordable that can improve workplace efficiency and help avoid fines from Human Health Services. If interested in learning more, contact us today.