Running a successful independent practice today requires more working capital and cash flow than ever before. Revenue generated from Physician Dispensing can help with rising rent, malpractice insurance, and costs of employee benefits. The landscape for hiring personnel has also become more competitive. Large institutes offering higher wages to staff are making it more difficult for a physician to stay in private practice.
Regulatory challenges have also impacted overhead costs for independent physician practices. ICD-10 upgrades require additional training and software costs. EMR integration and training, HIPAA regulations, and professional fees for legal services have all contributed to higher overhead to the independent physician.
Physician reimbursements have declined, and payers are slow to pay doctor’s offices. Therefore, increasing revenue and cash flow by implementing ancillary services to provide additional revenue is crucial.
Physician Dispensing is one of the top three ancillary services today and is an excellent way to generate more revenue without having to increase overhead costs. Physician Dispensing is a great way to capture more revenue without increase patient volume or paperwork. Click below to learn about physician dispensing today.