The healthcare domain is unpredictable and is a challenge for sure. However, physicians who make up the major section in healthcare are accustomed to combating these challenges. Two categories of physicians span the healthcare domain, but an interesting fact is that their roles, challenges and returns differ variably. The physicians who privately practice in groups or as an individual constitute the first category, while those who are employed by a healthcare facility or hospital constitute the second. Let’s compare these two categories,
Private Practice:
Roles and Goals: Privately practicing physicians or groups not only play the role of a doctor, but also of an entrepreneur and administrator. Apart from good care to the patients, they also need to oversee the physician billing services single-handedly. Their returns are not static and profits and losses are unpredictable. The main goal of private physicians is to earn profits by sending error-free claims so that their practices are sustainable.
Risks and Benefits: There are several risks that a private physician faces. The prime one is carrying out physician billing services in-house, which causes a chain reaction of problems if something goes wrong. On the contrary, if the documentation and billing is accurate, then the physician earns good returns, which could be almost twice the earnings of an employed physician. The unpredictability of the billing situation can be changed if the physician outsources medical claims billing services to a medical billing company. This way, the probability of making profits and sustaining the practice can be increased.
Employment:
Roles and Goals: Those physicians who are employed by healthcare facilities have only one main goal, which is to take good care of the patients. They don’t have to worry about the medical claims billing services, which will be carried out by the administration of the hospital or healthcare facility.
Risks and Benefits: Employed physicians do not face any risk as such, but the employer faces many. Such risks can be mitigated by outsourcing the medical claims billing services to a renowned medical billing company. Employed physicians get a fixed salary and a bonus, which stays unaffected even if the healthcare facility encounters a loss. That being said, the physicians also don’t get their bonus when the facility incurs a loss.
About MGSI:
It is highly advisable that both private physicians and healthcare facilities outsource their medical claims billing services to an expert medical billing company. Physicians and healthcare concerns can take full advantage of a medical claims billing company to enhance the profits in their business. MGSI is one such company, which has been serving several clients for more than 20 years throughout the US.
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About the Author
mgsionline Joined: July 6th, 2012 Articles Posted: 76
