Three opportunities presented for practice growth

Three opportunities presented for practice growth

(HealthDay)—Maximizing the growth potential of a practice over time requires physicians to consider various opportunities, including increasing the size of medical groups, embracing technology, and use of marketing, according to an article published June 24 in Medical Economics.

Noting that the introduction of the Affordable Care Act and other marketplace dynamics are causing uncertainty about practice sustainability, the author of the article, Phil Dalton, discusses three opportunities that should consider as part of maximizing their practices' growth potential.

According to Dalton, increasing the size of medical groups is one opportunity worth considering. Many physicians are joining hospital-owned practices, and physician networks are partnering with local hospitals in an effort to limit or eliminate the role of the insurance company. Physicians need to consider the benefits and potential drawbacks of this approach. A second opportunity is to embrace use of technology, which offers ways to increase productivity, improve cash flow, and provide office efficiencies to enhance practice growth potential. Finally, physicians should take note of two marketing tools: traditional public relations and developing an online strategy. These can help raise practice visibility and enhance the patient experience.

"Physicians need to position themselves in a population health management marketplace where strategic affiliations, the ability to differentiate, and a value-driven (rather than volume-driven) philosophy comprise a winning formula," Dalton writes.

More information: More Information

add to favorites email to friend print save as pdf

Related Stories

Tips offered for improving practice financial management

Jul 03, 2014

(HealthDay)—Establishing clear financial policies for practices and making it easy for patients to pay are two suggestions for improving practices' financial management, according to an article published ...

Concierge-style practices increasing in popularity

Feb 08, 2014

(HealthDay)—An increasing number of physicians are forming concierge practices, in which they collect monthly cash fees from patients instead of insurance reimbursements, according to an article published ...

Workflow changes can remove practice hassles

May 23, 2014

(HealthDay)—Physicians can implement workflow strategies that return their focus to patient care, according to an article published May 8 in Medical Economics.

Recommended for you

Blending faith and science to combat obesity

5 minutes ago

Science and religion may seem like uneasy partners at times, but when it comes to promoting healthy lifestyles, one UConn Health researcher has shown they can be an effective combination.

Research project puts stroke patients back on their feet

12 minutes ago

Finding the will to exercise routinely can be challenging enough for most people, but a stroke presents even more obstacles. Yet aerobic exercise may be crucial for recovery and reducing the risk of another ...

Air quality and unconventional oil and gas sites

3 hours ago

Research suggesting air pollutants released by unconventional oil and gas production are well over recommended levels in the US is published today in the open access journal Environmental Health. High levels of benzene, hydrog ...

FDA cautions against 'undeclared' food allergens

15 hours ago

(HealthDay)—Some food labels may not reliably list all possible food allergens, according to the U.S. Food and Drug Administration. The agency added that these "undeclared allergens" are the leading cause ...

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.