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:
1. 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.
2. Integrate Solutions
Review all technology and applications at the newly acquired practice. Can their EMR/revenue cycle management data be merged with your applications? Are their computers/equipment up-to-date? In many cases, at first some data will need to be transitioned manually to the new system. To make this transfer as smooth as possible, assign a task force team to handle the data entry.
3. Train your new team members
Medical groups that achieve uniformity around great protocols across all of their locations tend to see more success than those that don’t. Training your new team members on all your processes and software is integral to ensure quality. Even items as mundane as how and when to collect copays should be reviewed.
4. Shadow your new practice
When the new practice goes live with your medical group, make sure to send your subject matter experts to shadow the new team members. This approach will ensure that protocols are followed and addressed immediately when they are not.
5. Show camaraderie!
Building a team mentality is the quickest way to have your staff members feel invested and aligned to the goals of the group. This is often overlooked, and can be detrimental when not addressed. Having your veteran team members and leadership meet and welcome the new practice can go a long way. Showing your team you appreciate their hard work and patience by sponsoring a breakfast or lunch can help ease some of the stress during the transition.
Do you know what you need when setting up a new medical practice?