This information has been retrieved from the CDC’s 2019 ICD-10-CM. For the full list of 2019 ICD-10 codes, please view the CDC's comprehensive PDF.
Research shows that today’s average medical practice overhead is actually between 60% and 70%.
Overhead is calculated as costs as a percentage of revenue. Basically, all revenues that don’t go into your pocket.
How do you get more patients into your practice? The answer certainly isn’t “by spending most of your time handling medical records and billing.”
A study from the Annals of Internal Medicine found that some physicians spend as little as 27% of their time with patients during the day.
Pre-employment background checks are necessary for ensuring patient safety, a safe work environment for other employees in your practice, and serve as a safeguard against compliance issues (HIPAA or otherwise).
According to the FCRA, background checks are used to collect information “bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.”
While these checks are necessary, they’re also easy to mishandle if you’re not familiar with compliance laws. Bumbled background checks can lead to financial and legal conflicts for your practice.
Research shows that physicians are spending so much time doing paperwork and administrative tasks that they’re losing out on valuable time with patients.
Physician practice management companies (PPMCs) are sometimes also referred to as management services organizations (MSOs). They provide non-clinical business administration services to private practices. These services include but are not limited to: