NEW YORK, Oct. 21, 2013 /PRNewswire/ — At a time when both medical professionals and healthcare consumers are besieged by uncertainty, Creative Practice Solutions maintains that the fundamental challenges and opportunities of starting a private practice are for the most part unchanged. The Manhattan-based consulting firm has recently published an on-demand, educational video series (http://www.creativepracticesolutions.com/#!video/cnyl) for doctors who plan to launch their own business. Videos can be purchased individually or as a complete set.
The impetus behind the series is simple: Creative Practice Solutions understands that many doctors lack the business acumen to create a sustainable private practice. Moreover, attempting to "learn by doing" does a disservice to the consumer.
The educational video series covers all business-related aspects of starting and maintaining a private practice, giving doctors tips and strategies that will support both a strong brand identity and a healthy revenue stream. The complete list of video titles is as follows:
- Part 1: Identity and Start Up Costs
- Part 2: Finding and Managing Staff
- Part 3: Billing and Extra Revenue
- Part 4: Inside the Insurance Industry
- Part 5: The Next Step, Groups and Marketing
Starting a new business is a risk, but recent healthcare legislation introduces a new element; the Affordable Care Act (ACA) is a shared source of anxiety among medical practitioners, insurance companies and consumers. However, the legislation does not go into full effect until 2014, and predictions about what may or may not happen are simply educated guesses at best, or, in the case of the gloomiest prognosticators, political posturing.
Where the ACA will have an impact is in the payor mix. In states that accepted the Medicaid expansion, doctors who see these patients will be in much greater demand. That can be seen as a positive outcome, so long as the practice can deal with that demand. At the same time, the number of people with private insurance plans will increase everywhere, thanks to state and federal health benefit exchanges and cost-sharing subsidies.
With an influx of newly insured healthcare consumers, many of whom will be eager to take advantage of their new benefits, smaller insurance carriers may feel pinched or even put out of business. Larger carriers will then shoulder higher administrative costs as demand goes up. In theory, costs will eventually come down, as younger and healthier people fill out the insurance risk pools. In the short term, however, private practices can expect to see their patients paying more for co-insurance and deductibles. Part 4: Inside the Insurance Industry provides an intricate view of the payor system, including a discussion of the ACA's effects on commercial insurance companies.
The first two years will be a proving ground for healthcare reform. Creative Practice Solutions believes that the worst that could happen would be: higher patient volume; more HMO-type plans; and more cost shifting to consumers. With a well-conceived coding and billing strategy in place, private practices can emerge from these changes relatively unscathed. Part 3 of the video series discusses how to maximize payments and even generate additional revenue, regardless of external conditions.
At the end of the day, Creative Practice Solutions is optimistic about the future of healthcare in America. More insured people will mean greater demand for healthcare and better health outcomes for everyone. Sound business strategies and robust compliance, as described in the firm's video series, will safeguard private practices against unexpected consequences of the ACA.
About Creative Practice Solutions
Creative Practice Solutions is a business consulting company geared towards Medical Professionals. With over 26 years' experience in Healthcare administration, they have improved the functioning, efficiency and collections of both private practice and outpatient hospital departments throughout New York City. Their sister company, VGA Billing Services, Inc., collected over $14 Million for their clients in 2012.
www.creativepracticesolutions.com
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Creative Practice Solutions
153 West 27th Street, Suite 1101
New York, NY 10001