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Starting your own medical practice is an exciting way to take the practice of medicine into your own hands. But, it's also complicated and challenging. Considerations about financing, location, construction needs, IT musts, staffing, marketing, legal, opening your doors and evaluating practice performance. For your medical business to be successful, you need a clear and detailed plan at the outset to keep things moving on schedule. Magis has Solutions
Solo or group practice? Incorporating as a legal entity and obtaining a tax ID? Financing with a pro forma or a full blown business plan? What permits, certifications and licenses needed to start and stay compliant? Credentialing and negotiating contracts with payers? Establishing policies, procedures and compliance documentation? Changing regulations and payer rules. For your medical business to be successful, you need a solid legal framework from the start.
Medical practices contend with a convoluted billing process unlike other businesses. What system helps identifying, collecting and managing the practice's revenue from payers and patients based on the services provided? To maintain financial viability and continue to provide quality care for patients, more and more it is crucial to muster a trained team with a strong IT infrastructure to harvest the financial benefits that should derive from the medical encounters.
The performance and the outcome the practice can deliver depend largely upon the knowledge, skills and motivation of those individuals responsible for delivering health services. Some providers may not be able to afford the benefit of a large Professional Employer Organization (PEO). However, do you know when to bring expert value to your business in the areas of human resources, employee benefits, healthcare reform, payroll processing, and risk management? Do not underestimate the symbiosis that must occur between clinical and non-clinical staff responsible for the health of your practice.
You and your bank account are probably painfully aware that practices have been caught in the squeeze of increasing costs and falling reimbursements. Many providers, interestingly, are discovering that rather than wrestle with the problem, they can apply the same disciplined approach that delivers positive clinical outcomes to the business side of their practices, with equally positive results. They implement systems and practices that produce the best, highest value products at the lowest cost, thus maximizing profits in the process. No more lost opportunities. Magis procures long term Solutions.
Patient engagement is one strategy to achieve the triple aim of improved health outcomes, better patient care, and lower costs. But do you know how patient activation can influence the bottom line of your practice? Patients have questions, you have answers. How do you ascertain patient's knowledge, skills, ability, and willingness to manage his or her own health and care. Patient engagement is the way to ensure that practices stay respectful of and responsive to individual patient preferences, needs, and values, and ensuring that patient values guide all clinical decisions.