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, this means any and all revenues that don’t go into your pocket.
You don't have to look far to see the use cases of AI in healthcare – diagnostics, robotic surgery and much more. But what about the time-sucking tasks that get in the way of those important patient touchpoints?
If there’s one positive thing that we can say about the COVID pandemic, it’s that it showed the world just how equipped we are to effectively conduct our jobs from the safety and comfort of our homes. For some things, at least.
There are several reasons for the closing and/or sale of medical practices. The primary cause is financial strain, which was exacerbated last year as a result of the global pandemic.
As a physician or other medical worker, your primary focus is likely to be on patient care -- not the tedious details afterward. However, bookkeeping in the medical office isn’t something you want to overlook.
In recent weeks’ blog posts, we’ve spent some time talking about the steps that go into starting your own medical practice.
Starting your own medical practice is a huge undertaking, and it is virtually impossible to handle all by yourself. As you are planning for your new practice, there are several kinds of people who you will need to help you along the way, and we’ll be discussing those partnerships today.
If your business provides a service, you should be paid for that service - and that includes private medical practices!
As with any business, there are certain laws and regulations put in place that exist solely to protect patrons of those businesses, and medical practices are no exception.