How do your patients want to receive their medical care? Is a “trusted brand” more attractive than a “familiar and trusted doctor”? This is basically the question being asked throughout the medical field: Should primary care physicians become part of a large hospital system or medical group? Now, it’s easier to solve this riddle when looking at the patients that you’re treating and targeting through your practice. As a primary care doctor, your value proposition is simple: Prioritized and personalized delivery of the best patient care possible.
This is simple enough because you know your patients, you know their needs and the individual quirks that make them special, and what each one’s rhythm of life necessitates and can handle. In studies that have been conducted in recent times, there’s been a correlation found between the size of a practice and preventable patient admissions into hospital systems. Preventable admissions are things that could be avoided, for which patients are admitted into the hospital, think dehydration or congestive heart failure. One study found that in practice with 3-8 physicians or doctors, there is an almost-30% decrease in preventable hospitalizations. Practices containing 2 or fewer physicians had an almost-35% decrease in preventable hospitalizations. Something that is gaining so much traction is the Pareto Principle. The principle states that 80% of consequences emerge from 20% of causes. This means that there is an unequal scale of inputs to and outputs. Though this principle is an observation and not a law, and could be broadly applied to most scenarios. In this case, you can look at it this way: you have high-value patients, who by word of mouth promote your amazing services and treatments, that’s your 20%, they round up your other 80% via their promotion of your practice.
Ensuring that the 20% are always well cared for and taken care of will help you keep bringing in the more transient, or rest, of your patients. To keep your practice making money, no matter what size it is: team up with us, at Gables Medical Billing to keep track of your revenue cycle management.
