How the founders helped establish various independent physicians practices without spending THOUSANDS of $$$!
"If you have the wrong people on the bus, nothing else matters"
"Good to Great" - Jim Collins
And then it all began…
The learning of stuff that none of my prior years of training in multiple countries had prepared me for. I got thrown into this world of business of medicine with no training, no advice, no time or financial leeway to have the luxury to learn about it before drowning.
I was seeing patients all day in between managing the employees, phone calls, teaching residents and the myriad of problems that started the moment the office opened for the day. I googled all night, bought a bunch of medical office management books, spoke to as many contacts in various specialties as I could. My brain was running non-stop.
Setting up the corporation, location, electronic records company, billing, credentialing, accounting, equipment, employees, payroll, labor regulations, attorney etc. This list was never ending. I had to start somewhere. I did. I went through a whole year of no sleep, no rest and no financial return. Only thing I did get was a lot of grey hair.
In short, whatever advice I got, whichever third party vendors or service providers, I hired were just wrong.. I kept prodding along with the help of some solid advisors and a lot of research. I turned around and got the right team together soon enough for me not to quit.
Since then, fortunately even with the receding economy, the implementation of Affordable health care act and the corporatization (Yes, I made up the word!) of health care by large conglomerates of health systems, I have managed to not only survive but survive with vengeance. I am now running multiple centers. I am happy that our team has managed to accomplish the hard task of combining excellent and ethical medical care and still be business savvy.
Now, as we are moving to expand across the country, I have come to the realization that fortunately I have all the right pieces in place, so why not help other people who may be at a position where I was many years ago. This led to the birth of this enterprise to enhance business support for the “Independent MD” out there.
Remember, we are trained to be great doctors! We do not need to go to business school to be just that. It's steep learning curve that can be just a little different. We are not afraid of learning curves now, are we?
Adeeti Gupta MD
Walk In Gyn
Anti Ageing M.D.
Dr. Adeeti Gupta
She is a Leader in Minimally Invasive Surgery, is who offers a one-day hysterectomy and is one of the few to offer a similar one day surgical procedure for pelvic prolapse.
Dr. Lucot Cherenfant, MD, Medical Director & Board-Certified OB/GYN
Our team of experts have combined their strengths to establish the “IndependentMD” in an effort to share all the lessons learnt along the journey of navigating the mire of health care business world.
To the lost physician out there who is floundering under the pressures from insurance companies, providing quality care, seeing a million patients a day and having a hard time keeping up with health care compliance issues, hospital administration, credentialing etc.etc…
You are not alone!
Some key elements that are needed for the birth of new medical practice are:
- Structuring the foundation of the medical practice.
- Choosing the right EMR.
- Practice location, website and social media management.
- Choosing Ancillary Consultants.
- Employee Management.
- Financial analysis and guidance on modern insurance coding.
- Practice and competitive analysis.
- Vertical integration’s to enhance business.
- Marketing opportunities for structuring on-going high quality patient care.
With the recent universal implementation of the Affordable health care act and mandatory insurance for all, the cost implications on a personal level are not necessarily talked about.
On an average, the monthly premium for an individual is approximately $ 700 to $ 900 and for a family with 2 children, the monthly cost of just staying insured with bare minimum skeletal coverage can be close to $ 2000. This monthly bill still carries with it the burden of huge co-pays for every visit to the provider, the ER or a hospital stay. In addition the costs of a co-insurance and a deductible are tagged upon the plan. Most people are not even aware of all these hidden added costs because they are deeply ensconced in the complicated tables presented to the policy holders in gigantic binders.
Navigating this new world with little or no guidance can be extremely challenging for the cash strapped, hard working middle class populace out there.
A recent study in the JAMA showed that the out-of pocket costs for hospital admissions has steadily increased by 37 % from 2013 till 2016. The average cost was $ 738 per hospitalization in 2009 and has been rising above $ 1000 since 2013.
Now, think about this. You are in an office and the front desk person says, “I have a person on the phone and she is very upset because she got a bill”. She says, she has insurance. Why did she get a bill?
This is a routine phone call is almost every medical practice. Patients and physicians are both being squeezed from both ends. Patients are paying a huge chunk from their paycheck every month to get insurance coverage. Now, little do they know or read the policies in detail that “coverage” does not mean anything. Most problems or care visits are applied to their deductibles. Annual deductibles for most plans range anywhere from $2000 to $20,000. Until recently, most people were not even aware of the what a deductible means! Now, that they know this, there are other hidden costs, like co-insurance and co-pay. They feel cheated that they have to pay all this extra stuff that they had no idea they were responsible for. All they had comprehended was that they now have “insurance”.
Now, think of the provider side. They have to run an office, open the doors, hire staff, pay the staff, pay the phone bills, pay the electric bills, see patients, do the billing and at the end of the day, pay their own bills. At the end of the entire process, the payments get applied to the deductibles and then the provider has to hire another third party to retreive the balances (which constitute the entire payment for the service).
The above dual conflict has become a common place occurrence converting a once happy encounter to an acrimonious relationship between a patient and his/her provider. No one is at fault, yet everyone feels betrayed. Solution? Do not get insurance, pay the penalty and pay out of pocket and control your own care or keep paying through your nose all year round so that one day you have to pay the entire deductible anyway if there is a calamity?
There is no right answer!
Are the policy makers looking at the trickle down effect of cost burden on the actual users of health insurance policies?
Adeeti Gupta MD, FACOG