More than 1 in 5 physicians, 22%, say new alliances with other healthcare professionals are a promising strategy for the success of their businesses, according to the Third Annual Practice Profitability Index. Expanding your business is an exciting time, and there are strategies that can help you add more providers or services successfully.
Consider the following 5 tactics to increase the chances you’ll successfully expand your medical group:
- Check credentialing – Understanding what insurances your new providers are already credentialed with and the terms of those contracts is paramount to the success of the acquisition. Oftentimes providers will have to be re-credentialed in order to align to their new medical group. This is a vital step and should be one of the first taken when bringing on a new group.