99MGMT Blog

Operating a private practice can put strain on the practicing physician, as they need to balance patient care with administrative tasks and staff management. Physician practice management companies, also known as Management Services Organizations (MSOs), offer non-clinical business administrative services to private practices, alleviating some of these pressures.

Maintaining a thriving medical practice hinges on attracting and retaining a steady flow of patients. In an era where healthcare consumers have many choices, practices that fail to prioritize patient acquisition and retention risk falling behind their competitors. 

The Physician Self-Referral Law, commonly referred to as the Stark Law, is a federal law passed in 1989 that prohibits healthcare providers from referring Medicare and Medicaid patients for “designated health services” to entities with which the provider has a financial relationship. This includes physician practice management companies, such as those that employ new physicians and offer administrative outsourcing. 

HIPAA compliance represents a cornerstone of privacy and security in the healthcare sector, safeguarding patient information, ensuring data security, and building a strong foundation of trust between patients and healthcare providers. For healthcare organizations and their business associates, adhering to HIPAA's regulations is not just about fulfilling legal requirements; it's about embracing an ethical responsibility to protect sensitive personal health information (PHI).

Bookkeeping for medical practices can be a complicated process. Technology may be the resource you need to ensure a potentially complex process does not result in missed opportunities or lost revenue. 

Addison Internal Medicine has spent a decade working toward what it is today: a premier destination for advanced primary medical care. The practice has achieved success in quality of care provided, patient satisfaction, and has shown the ability to adapt and grow with the community’s evolving needs. 

Although it’s never easy, there are times when ending the relationship with a patient from a medical practice is absolutely necessary.

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.

The Electronic Medical Record (EMR) system is designed to provide comprehensive, up-to-date information regarding the patient journey that can be shared among different departments or medical centers, facilitating effective communication between clinicians and improving the quality of patient care. 

What’s in a name? It turns out that names are very powerful, especially when you’re selecting a name for your practice. Your practice name is how patients will share recommendations with friends and family. It’s how people will find you online, and it’s the cornerstone of your medical practice’s identity.