In today’s healthcare environment, Physicians and Medical Practices are constantly facing reduced reimbursements, rising costs and have fewer resources to work with. They are forced to work long hours and have to attend an increasing number of patients in order to maintain similar production level and the same level of cash flow. Even with hard work, extra hours and higher patient volumes, physician compensation continues to decline. By adding revenue from ancillary services, physicians can offset the need to see more patients thus do not have to compromise on patient care. There is also a tremendous financial benefit in being able to capture some of the revenues generated by these ancillary services.
According to some of the latest surveys, providing ancillary services like laboratory services, diagnostic services, and pharmacy services under the same roof attracts new patients while increasing the level of patient care and satisfaction.
The challenge, however, is knowing which ancillary services to add. Another important question is to understand the legal ramifications of adding ancillary services. PRG Inc. consults with Medical Practices and adds services without disrupting the flow of the practice, taking up valuable space while seemingly help integrate the services. We make sure that all the regulatory compliance is done and these services are not putting extra time burden on the already busy practitioner and the staff.
Aside from the possibility of increasing your practice’s income, offering lab services could make life easier for you and your patients. An in-office lab can eliminate the need for patients to drive to facilities located away from your office for commonly required tests. Plus, patients will receive their test results quickly, often in less than an hour.
Physicians are already performing more internal services like lab tests, x-rays and electrocardiograms just to increase revenue streams. Incorporating office dispensaries in their practice is another way to have satisfied patients and higher cash flows.
While the healthcare industry has historically lagged other industries in its uptake of alternative service delivery models, this has begun to change Being able to offer “in-house” diagnostic procedures such as stress tests, EEG’s, Ultra Sound, bone density testing etc. will increase patient retention while enhancing the practice’s cash flows.