Business

Starting out in Medical Practice: Billing and Practice Management Options

By Healthcare Data Management, Inc.
June 5, 2013 – So – here you are, recently graduated from Medical School, or considering a venture into private practice, or a transition from your current practice into a new environment. As exciting as this time is, you may also feel as though you are wandering through a maze of questions and murky decisions. Is private practice best, or would joining a group better suit your needs? Would becoming a hospital employee ease your administrative burden, or curtail your sense of autonomy? Is in-house billing a feasible option, or would outsourcing to a third-party billing company be more cost-effective? Will you accept insurance, or pursue the concierge medical model? Will you accept government payers (Medicare, Medicaid) – or are you only interested in credentialing with the commercial carriers?These are all personal questions to consider based upon your lifestyle needs and the resources available to you. No singular business model is suitable for everyone, and it is fair to be wary of anyone that attempts to convince you otherwise. However – we would like you to know this: if you do choose to pursue your own private practice, or start a group practice, we at HDM are ready and willing to guide you through the credentialing and start-up process and help you to create a successful medical and business model. From identifying the insurance carriers with whom you would like to credential, to evaluating your office work-flow, data entry, EMR & ICD-10 strategy, patient statements and insurance billing. Feel free to contact us for a free consult to consider whether are services would complement your needs.In the meantime – we encourage new practitioners to check out the bountiful resources on the AMA’s webpage, particularly their resource section on “Starting in Practice.”Regardless of the path you choose – we hope you thrive!Source:

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