How Your Practice can Survive & Thrive in today's Environment
The financial impact of Covid-19 is unprecedented in our lifetime. We believe independent practices can recover and even grow with the right strategies.
Today's financial landscape is challenging at best.
- According to a 2020 article by Elliot Fisher and Carrie Colla, with COVID-19, practices are expected to lose almost $70,000 per physician in 2020.
- In a recent survey, Merritt Hawkins, a physician recruiting firm, estimates up to 18% of physicians may close their practices, or retire.
- An article by Ron Shinkman in June of 2020, shows the coronavirus pandemic is putting further pressure on independent practices, which have seen revenues plunge 12.5% or more.
- Costs are going up and reimbursement is declining, forcing some doctors to join larger practices, go concierge, or change professions altogether. How can we reverse or offset these trends?
Step One - Short Term Revenue Quick Fixes: When was the last time you shopped around for the best prices on your day-to-day Medical and Office supplies? Depending on your specialty, what would you guess was your annual spend? If you're relying on your suppliers to offer you discounts, you might be waiting a while. MD Revenue Partners, will show you how to obtain 6-12 month usage reports from your existing suppliers. We will provide you with a proposal to either 1) give you a reasonable "sanity check" that your existing suppliers are in fact providing you with competitive prices or 2) provide you an option to immediately start saving anywhere from 5 - 20% on your purchases. We do all of this WITHOUT asking for your existing pricing! You provide the usage reports without the prices you're currently paying and we'll offer you our best pricing from our vendor partners.
Step Two - Medium to Longterm Practice Revenue: Many physicians have already turned to remote healthcare or telemedicine since patients were staying at home during the pandemic. MDRP has partnered with vendors to provide your patients with Remote Patient Monitoring (RPM), Telehealth, Chronic Care Management (CCM), Principal Care Management (PCM) and most recently Behavioural Health and Pain Management options. For specialties, like Urology, OB/GYNs, Podiatry we can help you set up in-office labs!
Pairing telemedicine with various types of remote patient monitoring for your Medicare patients has additional advantages. Your practice will gain crucial health trend data of patients from monitoring devices that can be available to the physician during a telehealth session. Providers can access patient data obtained via Remote Patient Monitoring (RPM) devices that measure key patient information. Historical statistics on a patient's blood pressure, blood glucose, temperature, weight, blood oxygen levels, and pulse data, give the provider key insights which can indicate health or deviation from normal healthy ranges. From a revenue perspective, RPM can add $720 per patient per year in revenue to a practice.
Let's put this plan into a financial perspective using a Primary Care Physician's practice. The practice has 1) 2,194 patients on average as of 2017
2) 20%-30% of the patients are medicare eligible
3) 20%-25% of the 21 patients seen daily have allergies
4) annual practice revenue in 2019 was $2.1 Million.
Some sample scenarios:
1) Annual Practice or group spend on Medical supplies is $2 Million -- potential Annual savings: $100k - $400K
2) In Office lab for Practice with 2 providers (either Primary Care, Podiatrists, Urologists or OBGyns) with 6 panel tests
per day -- potential NET Annual revenue: $213k
3) Pain Management group managing 200 patients -- potential NET Annual revenue of $218k
4) Primary Care practice with 300 patients on Remote Patient Monitoring -- potential NET Annual revenue of $216k
Visit our Calculators section to test drive your own numbers for real bottom-line savings or improved revenue streams.
We invite all independent physicians to contact us to discuss how these strategies may apply to their unique practices. Please visit us at www.MDRevenuePartners.com for a 15-minute review of your potential revenue stream improvements.
If you know of a physician, please share this article with them. You may be saving their practice!