Finance tips from the nation’s leading consulting group for medical integration on how to build a financially successful practice.
“How do I organize and streamline finances to build up a successful medical practice?” Isn’t that the Million-Dollar Question?
The answer for many has been diversification through medical integration. Advanced Medical Integration (AMI) is the nation’s leading consulting group for establishing holistic, philosophically-based medical integration, and has been found to significantly expand the quality and amount of care you can offer to your patients.
Since their founding in 2014 AMI has helped over 500 clinics integrate, develop financial stability, and reach their financial goals while providing quality care for patients.
Healthcare is a business, and medical providers must consider many factors. One of the most significant, is the financial wellbeing of the practice itself.
From AMI’s experience, here are 5 tips that have proven to improve a chiropractic or other medical providers’ bottom line and help their clients thrive.
1. Learn how to work with the system instead of against it.
The insurance industry has made healthcare complicated. The billing codes for all of Healthcare change frequently leading to frustration for doctors and chiropractors alike. Understanding the revenue cycle for your clinic is more important today, than any other time before.
When you build an integrated clinic as opposed to a chiropractic or family medicine center, you expand the scope of service to you patients and as a result expand your potential patient base. Additionally, with the expanded scope of service, you increase your access potential codes and reimbursements and increase the number of cash services as well.
By offering a variety of services, you are less likely to become the victim of changing insurance rules. Because of the increased number of codes you now have access to, the integrated clinic will collect more money from insurance while making your practice more accessible to more patients.
2. Build a team! Bring on medical professionals to expand your type of delivery.
The Integrated Practice consists of a licensed physician, nurse practitioner, chiropractor and physical therapist working together to offer an increased number of services that not only benefit the patient but increase the income of all involved.
Every patient deserves to receive a customized treatment plan with the goal of using holistic and natural methods only (without drugs or useless surgery). When a licensed MD and Chiropractor team up they can consult and coordinate to ensure the best treatment possible using a variety of methods.
3. Offer more services. Specifically, the right kind of services that provide more value and more profit.
Regenerative medicine, alongside a traditional physical medicine practice, provides a complete package under one roof to benefit patients. Additionally, by adding cash services, such as an array of regenerative medical services, you are tapping into extremely viable services that are highly sought-after by the public.
As you offer more services, your income increases, and your overhead will follow. When expanding a business, there are two numbers that you should have your attention on: 1) overhead and 2) production.
When expanding the business, one should put 80% of their attention on production and 20% of their attention on overhead. AMI recommends not to ignore overhead but rather make sure that office production (collections) are always ahead of it.
While in an integrated practice the overhead tends to be higher, the profit is also exponentially higher as well.
4. Increase your delivery by marketing your services to the right people.
How do you increase production? By bringing in new clients! This requires good marketing. Marketing can be exhausting, but it must be done to keep the phone ringing and new patients coming in.
The first step is knowing who your ideal patient is. No one can afford to reach out to everyone; wasting time (and money) trying to appeal to people who aren’t going to be interested in what your practice provides is not a wise investment.
Want more marketing solutions for chiropractors and medically integrated practices? CLICK HERE
As part of this, train your team how to properly present the value of your care plans to your new and existing patients, so they understand how the plan will help the patient address their medical concern and understand the financial value of the services you’re now providing.
5. Transition to a staff-driven practice
Most personality-driven practices have little value once the owner steps out of the office. The trick is to acquire and train quality staff on systems to build a system-driven practice. Personality-driven practices restrict medical providers, such as chiropractors or medical doctors, while system-driven practices allow owners to wean themselves from their practices and allow for more free time for you as the Doctor and owner.
Personality-driven practices put the load on the key personality, the owner, leaving few opportunities for a fluid transition into other personal interests, (eventual) retirement, or to build a stand-alone business that can sustain adequate revenue levels. Both Chiropractors and Doctors alike can streamline their finances by learning how to transition their practice to a system-driven practice overseen from afar.
Find out how Advanced Medical Integration is working to fix the broken healthcare system in America as we help individual practices become medically integrated.
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