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Rising Administrative Costs is a Top Challenge for Independent Medical Practices

Top challenges for independent medical practice leadership explored; Part 2 of 3

Physician burnout, competitive market pressures, and rising costs are all reasons cited for the decline in the number of independent medical practices in the US. 

In this series, we’ll explore the Top 3 issues teams are facing.

Rising administrative costs, including staff recruitment and retention 

When clinical reimbursement is declining or stagnant, every minute spent balancing administrative tasks amid clinical responsibilities becomes an opportunity.  

Charting.  Coding.  Prior authorization.  Recruiting and onboarding. Patient registration and scheduling. 

Inefficient workflows in these process steps don’t just happen overnight. They evolve from less than optimal decisions made among limited resources over time. Stopping to think and investing in efficient operational workflows, specifically workflow augmentation and automation, takes commitment on behalf of practice leadership. And that commitment may take time, but the ROI can be massive and have positive impacts beyond your initial metric. You can increase capacity, reduce retention risks, and best utilize your most valuable resource – your time.  

The problems faced by these businesses are fluid.  And the collaboration, strategic mindset, and continuous operational improvement required for these businesses to flourish and grow is difficult to add from dedicated in-house employees. Hiring an experienced team of healthcare consultants that act like a ‘Virtual Healthcare Executive” is vital for the proliferation of the independent medical practice. 

H3 has solutions in each of these areas and offers engagements of various sizes based on your team’s objectives and timelines.  Contact us today for more information or to get started

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