How to add reimbursable revenue is currently top of mind for many private practice physicians. Two percent of private physician practices closed, and another 2% have filed for bankruptcy. And with 97% seeing decreased revenue in the wake of the COVID-19 crisis, questions of practice sustainability have quickly surfacing.
Challenge of Practicing Medicine in a Pandemic
A recent article covered by the American Medical Association, co-authored by Daphne Li, managing director of business acceleration at Health2047 and chief operating officer for First Mile Care, and Michael Tutty, PhD, MHA, group vice president of Professional Satisfaction and Practice Sustainability at the AMA, looks more deeply into the issue.
Re-examining operational models, managing administrative loads, and implementing digital innovation were all key factors for the authors. Li and Tutty write, “ … with many employee physicians facing furloughs and layoffs due to the pandemic’s impact on regional hospital and health system patient volumes and revenue, the old truism practicing medicine is recession-proof has given way to the reality that it isn’t pandemic-proof.”
Finding the right tools for practice sustainability and adding revenue
To support long-term sustainability and protect the future of private physician practices, the industry needs to think outside convention. This could include innovative technologies, financial strategies, and more to make private practice satisfying and sustainable. Making telehealth part of the permanent infrastructure of a practice — with billing codes to support it — is one promising approach.
However, running a business and practicing medicine full time creates a significant administrative burden for physicians in private practice. Any innovation practices choose to adopt must also deliver value.
“Historically, innovation in health care has not always driven efficiencies and savings,” write Li and Tutty. “But physicians are supportive of innovation if it works, provides cost savings or receives proper payment, is not an added liability, and fits into the practice workflow.”
Comprehensive Cognitive Care Can Add Reimbursable Revenue for Your Practice
Fortunately, there is a solution that can improve care, add reimbursable revenue, and be easily added into any practice’s workflows.
BrainCheck gives physicians innovative, reimbursable technology proven to improve cognitive healthcare in their practices. The battery of cognitive assessments in BrainCheck allow providers to capture, analyze, and track data on a patient’s cognitive function as part of an annual exam or to evaluate cognitive decline.
These assessments are reimbursable and relieve administrative burdens by allowing for MA- and med-tech—administration, allowing physicians to spend more time with patients and less time waiting on results.