The Most Common Pitfalls Los Angeles Medical Startups Must Avoid
Medical billing companies in Los Angeles exist to help your medical practice run more smoothly…
Though truly exciting, starting a new medical practice is accompanied by several challenges. You can prevent all unwanted stress and expenses only if you do it right and correctly from the start, including an investment in medical practice management. You will certainly be getting your new Los Angeles medical practice started on the right and most perfect foot if you can effectively avoid the following common pitfalls.
#1 – Not needing help
Physicians starting new practices commonly hold this thought. After all, deciding to start your own business requires a mindset that’s quite independent. So, though quite understandable, it’s a huge mistake to choose going at it by yourself. At the minimum, you need a legal adviser, a practice startup consultant, and a tax adviser. These professionals will efficiently guide you through the process of creating you new practice. It will later cost you a lot more should you refuse this help now.
#2 – Identification woes
You will greatly lose revenue if you wait too long before beginning your credentialing process. The process comprises several steps that are beyond your control. Unexpected waits and backlogs of paperwork could end up creating challenges for you. Your doors could go open without putting credentialing in place thereby providing services that you might never get reimbursed for, to patients.
#3 – Changing orders
For convenience and proper medical practice management, ensure that you start the process of developing and completing your office space. Ensure getting all construction right at the first trial. Whether you are starting a fresh construction or only effecting minor changes, it’s quite vital that you bring out the masking and measuring tapes, lay out all rooms then come to a decision whether they work for you. Changes to construction plans after beginning work are called change orders. You will have to pay for the change orders and an extra 15% to 25% fee.
#4 – The way it’s always been done
A sure way for limiting your practice’s success is being rigid in your ways. Remain open to staff members’ new ideas and order them to also be open to new ideas too. New ideas feed growth in all businesses medical practices included.
#5 – Under/Over staffing
Getting your staffing requirements right when starting your practice, is quite critical. Understaffing makes patient flow, client support service and revenue suffer. Simultaneously, you pay higher employee costs at a period you should be careful with all expenses if, you over hire staff members. Instead, hire and manage a lean team that’s cross-trained to ensure your practice succeeds. On the average, a one-physician practice checking 20 to 30 patients daily should operate smoothly using 3 to 4 staff members.
#6 – Not marketing
If you fail to market, you are definitely planning to fail. From websites to social media to community events and press releases, never neglect marketing. Participate in your community and make authentic efforts at the grassroots to inspire patients to begin seeing you as a valuable resource.
There are medical billing companies in Los Angeles that can assist you with all these and more.
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