Top Five Growth Opportunities for Physicians
Over the last few years, it has become difficult for physicians to excel due to increasing practice costs, declining reimbursements, pandemic costs, etc. However, there are a number of opportunities that physicians can take over the next several years. Here is a list of some strategies you can consider:
Nurturing Provider-Patient Relationships
In the growly socially distanced reality we face, fostering a strong, transparent relationship with patients has become vital for the success of physicians, and that is not likely to change any time soon. Experts foresee joint-effort, value-based care to be the route to take going forward. This approach leverages outpatient environments where patients are more likely to benefit from lower costs, shorter wait times, and personalized services.
As we mentioned in our past newsletter article, Hospital vs Private Practice – A Shifting Trend for Physicians?, the main reason for the shift from hospital to private practice was the search for autonomy but now it’s also due to its rise as a growing source of profitability. Experts are saying that location will be a critical factor because there are many underserved communities, especially during the labor shortage we are currently facing. Physician practices can leverage their flexibility and adaptability to deliver the attention and services those patients need.
For the physicians who still remain hesitant to take on a self-owned practice, they can take on more leadership roles in their healthcare system. This allows them to anticipate and steer clear of the numerous roadblocks present in our healthcare system such as workforce shortages and increasing costs of care.
Another growth opportunity for physicians is cost transparency. A significant percentage of patients pay out of pocket expenses, so they are fairly price conscious. Therefore, transparency in costs of procedures. This raises the question of whether these patients really need expensive health insurance plans in the first place. Direct primary care has been a growing force that competes with the traditional third-party plans by offering periodic payments for a defined set of primary care services to their care provider instead of monthly health insurance premiums or copays.
Adopt New Healthcare Models
It is known that those who don’t adapt, perish. This applies greatly to the evolving healthcare landscape. Experts are urging physicians to adopt a hybrid format of their traditional practices in which they also incorporate “virtual care, home-based care, remote monitoring, point-of-care machine-learning based diagnostic capabilities and precision medicine personalization”. This digitalization and shift to a virtual world will only facilitate and strengthen the work of care providers.
Technological advancement has become one of the driving factors in the growth of outpatient care, one of the fastest growing sectors of healthcare. Advancements in virtual/remote care, imaging, and telehealth are just a few of the elements leading the change.
One example of the change technology has empowered this shift in care is the growth in development of arthroplasty procedures. Many arthroplasty surgeons have leveraged ambulatory surgery centers to perform outpatient arthroplasty procedures which lessens their financial pressures and allows for patients to be discharged quicker than ever before.
Not only are physicians able to deliver safer, more accurate methods of care, but technology also grants them, their teams, and patients greater convenience. And as visits become more technologically driven, costs will continue to drop while speed and overall efficiency increase; therefore, optimizing results of visit and clearing time for more patients to be seen, which will then improve the overall revenues of the practice.
We hope you enjoyed this list of top five growth opportunities for physicians. To learn more, connect with us on our LinkedIn page or contact us to speak with an AdvantEdge expert regarding your billing needs. Additionally, stay up-to-date on company and industry news by subscribing to our newsletter.