4 Of The Most Common Problems That Arise in a Growing Medical Practice
No one gets into business hoping to struggle or remain in the startup phase. We all want businesses that grow and thrive. But, in a medical practice, there can be a lot more hurdles to making that happen.
As the owner of Triadic, I consult with medical practices to help them with a variety of growth problems. Despite all of the array of problems I have seen in my medical consulting practice, there are a few common ones I regularly see.
4 common problems medical practices face that causes them not to grow are:
- Administrative Burdens: Many doctors who are new business owners try to keep costs down as much as possible and that’s okay! But, in doing so, they take on the brunt of the administrative work such as paperwork and insurance filings.
- Payers Dictating Cost: Many other business owners can set their own price they will charge, but the insurance companies set the amount they will pay per patient. Many doctors have to determine how this will impact their bottom line and client care.
- Staff Retention: Many employees are now driven by pay and benefits only. 10 years ago, employees were driven by loyalty. But, if another doctor’s office offers more money, there may be quite a bit of turnover and retraining new employees.
- Avoiding Liability: All doctors need insurance, but a doctor that owns their own practice must pay more for business insurance. This is another cost that will drive up against the amount insurance companies will pay for services and can quickly become a stressor.
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