Whether you are looking to increase profitability or have retirement on your radar, there are effective ways to increase the value of your practice. Ancillary Medical Solutions has a variety of products and services that can enhance your practice and profitability.
Many physicians constantly struggle with practice challenges from reimbursement changes, staffing and time management. Oftentimes, increased profitability can ease the worry. Whilst money may not be able to cure all your woes it can certainly bring a level of relief in the ability to increase staffing, IT or improved equipment.
There are a number of reasons why you should add value to your practice:
• Consolidate your current offer to increase profitability
• Expand your offer to safeguard your practice from competition
• Keep more services in house
• Pay your staff well to ensure they are loyal to you
• Make the market value of your practice higher to help with future borrowings
• Increase the saleable price of your practice to secure your retirement.
If your practice could increase profitability by $30,000 per month what does that translate to you in real terms?
• Does it mean that you could better afford to take a little more time off to be with your family?
• Could you better afford new equipment?
• Does it mean that your practice is now worth double its current worth?
• Would it mean that you could pay off your loans?
• Could you use your practice to leverage your investments?
• Does it help safeguard your retirement?
• Could you be more philanthropical?
Whatever the reason, adding ancillaries is a logical way to expand your profitability. You have probably heard the age old saying … ‘if you do what you have always done, you will get what you have always had’. At Ancillary Medical Solutions we make it easy for you to change what you do through the addition of ancillaries suited to your practice.
The medical ancillary space continues to expand with the addition of programs that enhance your current practice offer. From Medicare based solutions including Chronic Care Management, Annual Wellness and Fall Risk to insurance based programs such as Mental Health, Allergy and DME and to cash pay options such as Platelet Rich Plasma (PRP) and BioIdentical hormones, to mention a few. We have added practice enhancements also that ensure patients show up for their appointments or free up space you may currently be using for paper storage.
Many programs can be implemented with minimal impact on current staffing and work flows. At Ancillary Medical Solutions, review our current offer by doing an Ancillary Check Up to see what programs could work for your office.
Many programs can add $5,000 to $20,000 per month in additional revenue. Several programs could add $50,000 or more in additional profitability. Practices are beginning to understand the power of ancillary services and additional profitability.
Some physicians are considering leaving the profession as the headaches attached to owning a private practice and the layers of compliance become overwhelming. If this is you then review your current practice model and consider what an additional $200,000 plus in profitability could do for your life and your practice.