Should you consider medical integration? You have been in practice for some time and you are wondering what you can do to increase your income? After all, health care practitioners have encountered many challenges in the last several years and it has indeed been become more difficult to practice. Notwithstanding the fact that expenses have gone up due to the cost of living as well as a sharp increase in employees’ salaries.
As of today, it is fair to say that medical integration has been around for quite some time. Although it seems there are many legal pitfalls, the medical integration is still the most valuable option for any doctor who wishes to high volume of patients while increasing the clinic revenue.
After all it makes good sense! A broader scope of practice attracts many more patients who then generate more billing hence more revenue.
There are 5 key point however that you will need to consider operating a successful medical integrative center.
1. Your Philosophy: Make sure you know what you want and clearly delineate what services you will offer currently so as not to compromise your values.
2. Set a Concrete Budget: Have a reasonable set amount of money to cover the budget of any expenditures and avoid unnecessary stress. The average amount you will need to have access to is approximately $4,000-$5,000 per month for about 3 months from the starting date. After that time, collections from the extra revenue will help cover the newly added expenses.
3. Staff Training: Realize that your staff who has been loyal to you up unto that time, may not understand why you want to convert your clinic into a multi-discipline center. They may not appreciate the advantages or the potential increase in collections. Spend time outlining your plan and clearly explaining your vision. Let your staff realize that by broadening your scope of practice, you will help more people and therefor make your community a healthier place to live. To date, less than 10% of the U.S. population (about 330 million) visit a chiropractor. With medical integration you would have access to over 90% of the population.
4. Implement a Staff Benefit Package: If you want everyone in the office to be excited and help you turn your visionary dream into a reality, you must create a financial benefit plan for everyone. Create a physical chart showing your staff how the increased revenue will allow for everyone to get a raise and expand their potential future income. A motivated staff will go the extra mile to ensure the medical integration’s success by building and maintaining an enthusiastic team to produce great outcome results.
5. Take Your Time: Medical integration is not a “fly by night” option to make quick money. You need to clearly define your philosophy, while instituting solid management protocols. Your new center needs to be organized on compelling, ethical fundamentals combined with integrity, honesty and all based sound business structure.
