As more changes resulting from the Affordable Care Act come into effect, the face of private medical practices is changing. One of the most notable changes is the decline in the number of privately owned practices, which is the result of higher costs, lower reimbursements, and new government regulations. There is also the inherent challenge of providing quality care through Pay for Performance measures. However, it is possible to succeed under the Affordable Care Act by better understanding, and implementing, best practices in the following areas:
Reducing practice overhead: Invest in technology to save
There is an opportunity to dramatically reduce overhead while streamlining patient care by implementing technology to improve office efficiency. This would allow practices to realize larger profit margins without having to overbook patients to stay afloat.
Shift to preventive care
One of the most effective ways to lower the costs associated with health care is to prevent people from getting sick in the first place. Through the Affordable Healthcare Act a wider populous of patients will have access to healthcare providers. Physicians will have to provide alternative means to better engage and educate patients about healthy lifestyle choices and how to manage health related issues. Emphasizing this type of care is actually favorable for your practice, because it helps to improve patients’ health literacy and reduce unnecessary visits and tests that can negatively impact the revenue of your practice.
Greater control over care decisions
Because fewer claims can be denied through insurance companies and coverage is available to a larger section of the population, private practice physicians are actually given more power through the Affordable Care Act. You will be more influential in the decisions regarding your patients’ care, thereby reducing the occurrence of denied payments and uncompensated services.
For a closer look at the solutions available to help your practice stay current with the Affordable Care Act—including an innovative approach to medical malpractice insurance — contact Capson Physicians Insurance Company today. Getting started with us is easy, so pick up the phone and call 512.609.7900 to speak with one of our advisors.