Medical practices are feeling the pressure of recent changes in how healthcare providers get paid for their services. Value-based payment is a system that pays physicians based on patient outcomes, rather than traditional payments like fee schedules or capitation rates. This shift has driven many doctors to add ancillary services at their practice, such as medication dispensing and weight loss counseling – all in addition to basic medical care they provide patients with. The growing number of physician offices offering these additional benefits reflect a need by both patients seeking holistic treatment options while also easing financial burdens placed upon them from value-based systems that pay health practitioners solely based on results achieved.
As healthcare becomes increasingly expensive, ancillary services can be a lucrative source of revenue for medical practices. A recent study found that the investment required to go into different types of ancillary service varies and so do the financial risks involved. On average, doctors spend 1-5 million on their practice in order to provide new or expanded services such as daycare centers or pathology labs while others have had success with less costly additions like offering hearing aids by appointment only rather than stocking them at all times. The tangled web of state regulations combined with federal reimbursement protocols make it more difficult for physicians considering expansions but many feel up-and-coming technologies will help bust break down barriers between health care providers and patients seeking treatment options outside traditional settings.
Ancillary services will help you better maintain the health of your patients and keep them coming back to receive more care. For instance, if a large number of people are seeking physical therapy or outside lab work from other facilities then it may be in your best interest to provide these types of ancillary service yourself so that patient revenue is not going out the door unnecessarily. What steps can you take to ensure your patients stick around? New competitors in the healthcare market are taking a chunk of business away from independent practices. Specialist providers like ambulatory surgical centers and urgent care centers, as well as payer-sponsored telemedicine services, have been steadily gaining ground on our share of customers. What do we need to offer that will keep people coming back for more service with us?
Independent physicians’ offices face strong competition not only from other medical practitioners but also hospitals and health systems trying new approaches such as paramedical workers or “urgent care” clinics where doctors see walk-in patients quickly – all which provide less expensive access than many private practitioners who must charge higher fees because they require an office visits. With the ever-changing healthcare market, it can be challenging to stay on top of all your options. Evaluate what you need and how much time investment is required before making any decisions about ancillary services that may not work for you. Evaluating a potential new service? Before jumping in head first, think back over everything involved with this type of business decision – from employees needed to equipment costs or staff training needs; there are many variables!
Primary care physicians are starting to offer allergy therapy as ancillary services, and it is likely that a lot of their patients could use this service. For things like cosmetic surgery which may not be supported by an existing patient base, consider the location where they would need to operate in order for many people will want these types of surgeries. One of the most important aspects to consider when adding an ancillary service is whether it falls into one or more “specialties” that requires board certification. If you are contemplating opening a physician-owned lab, for example, then not only will your services be subject to federal and state laws related to self-referral fee splitting with other physicians within the same specialty), but also those concerning licensing (e.g., if requiring a certificate of need) as well as scope of practice restrictions on what kind and how many procedures can performed in conjunction with another medical provider). All these considerations should take place before hiring legal counsel because they will know which steps may require additional consultations beyond their expertise; meanwhile, they might spot potential regulatory issues early
Bird Dog Pharma has ancillary services that will help your practice grow. When you first contact us, we’ll work with you to identify the best methods for achieving growth and maximizing revenue potential. Through our affiliation with Healthcare Solutions Connection, Bird Dog Pharma brings on professionals who can assist in operational planning and build-out of new practices at no cost or obligation. Let’s discuss this together so we both get what each other needs!