Essential External Members for Running an Efficient Solo Medical Practice

Running a successful medical practice takes more than just clinical expertise. It requires a strong support system made up of essential external members who help manage finances, handle billing, and ensure a steady stream of patient referrals. In this post, we’ll discuss the crucial roles of accountants, billing companies, and referral sources—and how they contribute to the efficiency and success of our practice.

The Role of the Accountant

An accountant is one of the most valuable external partners in our practice. They do much more than just handle taxes—they provide vital services like payroll management and financial advice. It’s important for us to work with an accountant who is accessible and available for regular check-ins, especially when it comes to making major financial decisions or navigating tax implications.

In our practice, day-to-day accounting tasks often involve tracking revenue and expenses. We’ve found that using a single bank account for practice revenue and a dedicated credit card for office supplies makes financial management much simpler. Regular meetings with our accountant help us make informed decisions about savings, 401(k) plans, and other tax-deferred investment options. Their expertise ensures we stay on top of our finances and plan ahead for the future.

Importance of a Billing Company

Outsourcing billing to a specialized billing company is a game changer for us, particularly in the early stages of our practice. These companies handle essential tasks like credentialing, tracking revenue, and using sophisticated software to monitor our practice’s performance. With the billing handled externally, we can focus on what really matters—patient care—without getting bogged down in the details of billing and insurance.

Although billing companies typically charge a percentage of collections—usually around 5-6%—the investment is worth it, especially when we’re just starting out. As our practice grows and becomes more established, we may consider bringing billing in-house, particularly as automated billing solutions continue to improve.

Credentialing and Automation Trends

The trend toward automation in billing is one we’re keeping an eye on, as it may reduce the need for large billing teams in the future. Many electronic medical records (EMR) systems now offer features that can automate billing, streamlining operations and improving overall efficiency. While automation is an exciting development, starting with a billing company has provided us with the foundational support we need during the early stages of our practice.

The Role of Referral Sources

For us, maintaining strong relationships with referral sources is absolutely essential. A robust network of referring physicians and hospitals ensures a steady flow of patients, particularly for specialists. Actively cultivating these relationships is key to mutual support and the overall success of our practice.

Being prepared to answer patient questions about referrals and having a trusted network of physicians we can rely on has made a huge difference. Not only does it improve patient satisfaction, but it also fosters a collaborative environment where the patient’s best interests come first.

Summary of Essential External Members

To wrap things up, running an efficient medical practice requires the strategic involvement of external members such as accountants, billing companies, and referral sources. Our accountant’s financial expertise is crucial to managing the business side of the practice, while our billing company helps us focus on patient care by handling the administrative tasks. Building strong relationships with referral sources is key to maintaining a steady flow of patients and driving our practice’s growth.

Before we opened our practice, we made sure to conduct thorough market research to identify potential referral sources and establish connections with local physicians. These strategic partnerships have played a pivotal role in helping us build a solid foundation for a thriving medical practice.

By working with these essential external members, we’re able to ensure that our practice operates smoothly and efficiently, allowing us to focus on what we do best—providing quality care to our patients.