BHN Healthcare Blog

When it comes to medical practice, the cost of doing business can be vastly different than for other small businesses. While building revenue is important, so is effective customer service and high-quality patient care. As the model for reimbursement changes, efficient cost management is becoming a key component of the survival and stability of the independent medical practice. Here, the types of costs associated with medical practices will be discussed, as well as why the variable cost structure is important.

The term outsourcing tends to have a negative connotation, with immediate thoughts of lost jobs to lower-income workers. However, in the medical field there are many reasons to outsource certain tasks and testing, which not only saves costs but allows medical personnel to have a more singular focus throughout their workday. Here, ways in which a large urology practice should outsource urodynamics by utilizing a qualified vendor to provide diagnostic testing will be discussed.

In today’s medical marketplace, physicians such as urologists and ObGyns are finding it more and more difficult to keep doors open in the face of deceased reimbursements and patients who lack medical insurance. Additionally, attracting new patients is harder than ever, thanks to the prevalence of websites which allow patients to rate their doctors, sometimes leaving bad reviews which do not adequately depict the situation from both sides.

Patients that do not show up for their appointments are a major problem in healthcare. Not only do these no-shows prevent other patients from scheduling appointments, but they put their own health at risk. Frustratingly, they also cost medical practices money, as an absent patient also represents a lost opportunity for revenue – up to $300 per missed appointment. There are many factors that affect no-show rates, including travel time to the doctor’s office. Here, the solution to the all too common problem will be discussed.