Being a doctor remains one of the most lucrative jobs in the country, with specialists taking home at least $250,000 annually. If one decides to establish his or her clinic, he or she also enjoys better flexibility when it comes to time.
The problem is medical schools don’t provide enough training to make sure doctors can become effective business managers. They then face several challenges that may damage their business and reputation.
Doctors see several patients a day on top of doing rotations and home visits. They also attend seminars or complete their fellowship. Once doctors become business owners, though, burnout occurs at a much faster rate due to poor supervision skills, including micromanaging. The more they micromanage, the harder it is to establish a good relationship with the staff and nurses. As burnout increases, the likelihood of committing medical mistakes increases.
Payment Regulations and Models
While doctors receive a handsome pay for their services, the billing and collection systems are another story, and often they can be complex and difficult. For one, various federal and state regulations such as MACRA may dictate the manner of reimbursement services.
Doctors who want to be more efficient in revenue cycle management (RCM) can work closely with a revenue cycle management solutions company that can provide a wide range of services, such as paper claims submission, financial reporting, and primary and secondary billing.
This company can also solve another growing problem among physicians — negotiating with payers. This can force doctors to accept unfair agreements to avoid losing a patient.
Being a doctor isn’t easy, and it becomes increasingly difficult once one tries to become a manager. Recognizing these challenges, though, is one of the major steps to improving not only productivity but also the value of the service and the self-worth of the profession.