Operating a private practice can put a lot of strain on the practicing physician, as time with patients must be balanced with administrative tasks and concerns about staff management. Physician practice management companies (PPMCs) help private practices with non-clinical business administration. As a result, a physician and the other providers on staff can concentrate on the patient's experience throughout their treatment journey.
PPMCs offer, but are not limited to, the following services:
- Administration of human resources.
- Market yourself.
- Management of operations.
- Filing and following up on claims.
- Reduced liability and compliance.
- Services in finance.
- Startup assistance.
- Expansion and relocation of the practice.
These services assist your practice with tasks that divert your attention away from your patients. Working with a PPMC determines the best path for your private practice.
Physician Practice Administration Is About Work Delegation, Not Authority
A PPMC is essentially an additional employee. You give them a task, and they complete it expertly and efficiently. This assistance frees up some of your time, allowing you to provide the best possible care to your patients while also making your practice more efficient as a whole. On any decisions or conflicts relating to your practice, your PPMC should defer to your authority. Practice management solution is a type of software used in medical offices to manage day-to-day operations. It can be desktop software, client-server software, or internet-based software.
Six Reasons To Work With A PPMC
There was a time when a private practice's staff was designed to handle both the administrative side and patient care in-house. However, with today's technology and the ability to outsource administrative tasks and use resources to improve the patient experience, collaborating with a PPMC is a popular solution to staff shortages, physical space concerns, and time constraints. The following are some of the benefits of working with a PPMC by Meditab:
- Better patient care – Having PPMC staff handle clerical and other basic tasks (such as insurance verification, appointment scheduling, and patient calls) off-site frees up staff on-site to focus on patients in the office for appointments.
- Budget reduction – A contract with a physician practice management company means that administrative tasks are outsourced, freeing up the time of current on-site staff. This eliminates the need to hire additional employees for your own staff, which would add the cost of their health insurance and training to your practice budget. It also means you avoid the rising cost of salary and benefits over time. The ability for this staff to work remotely reduces costs for technology, office space, and even parking if the medical practice location has limited access.
- Strategic assistance – An administrative strategy to ensure these tasks are handled improves the effectiveness of your medical practice, from billing to marketing and all other day-to-day administrative tasks. Creating that strategy and having the knowledge to successfully implement it would normally require more time, effort, and money. Working with a PPMC, on the other hand, gives you that trifecta plus the added benefit of a set budget for the assistance. MIPS software is intended to incentivize higher-quality and more cost-effective care, as well as to improve care processes and health outcomes and to increase the use of healthcare information to better inform decision-making.
- Growth in practice – It is critical to address marketing and monitor marketing efforts in order to facilitate medical practice growth. A PPMC can handle marketing and promotion, allowing your practice to focus on what it does best: treating patients.
- Management with priority – PPMCs provide access to experienced staff who think strategically and solve problems in a timely and effective manner. Rather than devoting internal resources to administrative issues, a PPMC's capable staff can address and resolve whatever comes up.
- Behind the scenes, administration has been streamlined – A PPMC manages office- and paperwork-related tasks efficiently, whether it's new technology or discovering efficient ways to organize files. As a result, a medical practice can concentrate on the patient and their care experience, maximizing positive health outcomes for them. The quality payment program improves Medicare by assisting you in focusing on care quality and the most important thing – making patients healthier.
Examining A PPMC
Adding a PPMC to your practice should be a strategic decision that you will not regret. Consider the following factors when evaluating potential PPMCs:
- Their corporate values and philosophy. They should be similar to yours (or at least match the role you want them to play in your practice).
- Any management credentials you require.
Their experience with medical practices is comparable to yours. All of these things contribute to reducing administrative burdens and allowing you to practice medicine on your terms while building a successful business. Patient engagement software enables hospitals and clinics to practice reputation management and feedback generation, initiating a cycle of post-appointment reviews, reputation enhancement, practice and provider adjustments, and overall improved patient experience.
PPMCs Mean Power For Practice Owners
We've been in your position. Physicians who were dissatisfied with insurance companies and practice administration politics are among our clients. Meditab banded together to increase their influence and become more competitive, all while continuing to practice medicine as they see fit. Working with a medical practice management partner does NOT imply that you are:
- Participating in an independent practice association (IPA).
- Selling your business.
- Taking a job with another organization.
With a physician practice management company, you keep your independence and your name on the building. You will also have more time with patients and will be able to provide better care.
