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The Wall Street Journal today presented a profile of a private family medicine practice in Denver and the reasons it struggles to profit. The Westminster Medical Clinic is doing all of the things policy makers advocate: electronic medical records, coordinating patient care, served as a model for a medical home project, e-prescribing, etc.
With all of its efforts to improve patient care and run a modern practice, the clinic is barely in the black. Last year, revenues for the five-doc practice were $2,115,501. Expenses were $2,086,240. That’s a profit of only $29,261. Is it worth it? The hours; the paperwork; the staffing; the insurance companies…? Or is it better to be a hospital employee?
If Doctors outsource their billing to a revenue specialists they don;t need to be hospitals employees.Because some billing companies take care of doctorscomplete renenue cycle include electronic claims,Patient Payments,Long term recievable,Code rite,Audit gaurd which increase doctor’s revenue by 30% and reduce their cost of billing by 30%.