I didn’t go to school to become a businessman. They didn’t teach us business courses in medical school. I am tired and burned out from fighting insurance companies.
Do these refrains sound familiar? At medical conventions I often hear these, and other similar statements/laments coming from primary care physicians. There is no question the current economic environment is stacked against primary care physicians. The rates that Medicare and private insurers are paying for primary care services are appallingly low. If you are in private practice and responsible for the bottom line, then you know all too well how this plays out. Physicians are working harder and harder to make less money. Does this foster a happy work environment? Obviously, the answer is NO.
You basically have three choices then. One is to quit your job and seek employment at a group practice or HMO. Another choice is to continue to work like a dog for an insulting wage. The third is to start thinking outside the box and bring ancillary revenue into your practice that is not under the auspices/control of a third party payer.
Where does one turn for ancillary revenue? First and foremost, we are all governed by ethics and the most important thing is for us to provide a service truly needed by our patients. We do not want to involve ourselves with services that basically are all about the money aspect. Moreover, we do not want to become salesmen to our patients, feeling that we have to get them to take their wallets out and buy things from us. This is just not our comfort zone.
Bringing testing devices into the office…bone density, laboratory services and others could be a smart move depending on your volume and cost of the equipment. When the salespeople discuss these find out how quickly you can become profitable and what volumes are required. Botox,, fillers and other cosmetic procedures? You do need to get trained or have one of your nurses trained in these procedures. There is no reason why you should allow YOUR patients to go elsewhere for these procedures so this should be a strong consideration.
Weight loss? Clearly, I am prejudiced about this as I own weight loss centers, but truly, how can you argue with the clinical benefit you are offering your patients? The most important health issue in America is obesity, and to offer a solution to your overweight patients is almost your obligation. But, oh by the way, you can also make lots of money doing so.
Physicians worry that they do not have the time to do anything else, but if that is your attitude, than you will resign yourself to making the salary that you currently are. If that is an acceptable salary for you, then there is no reason to think outside of your current box. However, if you feel that you are not making the type of money you should based on your investment into your education and the years of school and training, then get outside of that box!