You’ve made it through medical school. The grueling hours, the demanding schedule, the memorization…and the debt. According to an article in Bloomberg, even former Federal Reserve Chairman, Ben Bernanke’s son can’t escape the rising mound of debt associated with his M.D. Does all of this make you a little remorseful that you went into medicine to begin with? Don’t lose your enthusiasm; there are people to help you!
If you have recently started a new medical practice and find out you’re not only struggling with debt, but handling the extra burden of collecting revenue for your services, it would be worthwhile to see how experts in medical practice management could help. It may seem counterintuitive to hire an outside resource, but outsourcing your medical billing could be one of the best things you do for your practice. Several studies have unequivocally shown that in-house billing may result in losing an even greater percentage of your business income. Can you really afford that?
Every practice is unique. We have found that some practices do an excellent job with billing and collections, while other can increase their revenue and cash flow by 20 percent or more. What we can tell you is that it is worth your time to find out. If your practice is doing well, knowing this will only help you sleep better at night.
Unfortunately, the stresses of the money problems can detract from the quality of care that you give your patients. Your time as a physician should be dedicated to staying fresh and on top of the trends and the nuances of health care as it continues to change in our world. Maybe it is time to enlist the help of professionals and let you get back to your real business…healing people.