How can Physicians Rid themselves of the Financial Bindings?

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How can Physicians Rid themselves of the
Financial Bindings?
The changing healthcare reforms have not only
brought major upheaval in the medical financial
area but also has caused some changes in the way
physicians work too. Long clinic hours, trying to
pay off education loans, home mortgages, car
loans, vacation loans, tend to make most
physicians a bit uptight and pushy, and often
brusque when it comes to interacting with
patients. This vicious cycle that most physicians
get drawn into can be broken and make the
practice of healing enjoyable and
soul-satisfying. Here are a few tips that can
help you, the physician, to once again get back
into the very reason you got into the medical
world- patient care   Be less of a
Spendthrift Yes, that lavish life is enviable,
but what use would it be down the line, when you
are deep in debt? So try and save a certain
percentage of your present income and squirrel it
away, for that comfortable retirement. Live the
Intern life Right from medical school into a huge
salary could see you plush with a lot of dollars.
Well, take a back seat, work out your debts-
education loans, mortgage payments, put aside
that money, check whats left, save a percentage
of that remainder and then use the rest to spend.
So continue living like a resident/intern till
you have a comfortable balance in your bank
account.
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How can Physicians Rid themselves of the
Financial Bindings?
Insure yourself As a physician, the first thing
you need to do is insure yourself- health
disability insurance should be your
priority. Retirement Plans Automatic deductions
from your salary within a few days that goes
towards retirement plans or a savings account,
aside from your checking account, will help you
have a nice tidy sum when required in an
emergency. Running your own Practice? Well,
there are certain risks benefits when running
your own practice Be cautious with Patients
Insurance Especially with the ACA rule that
permits patients insurance to be claimed within
the first 30 days of the grace period but not the
last 60 days, especially if the patients
insurance is terminated. You may end up losing a
lot more than necessary.
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How can Physicians Rid themselves of the
Financial Bindings?
Outsource Get experts to deal with the Medical
Billing and Medical coding sections given the
present ICD-10 transition problems, outsource
your Revenue management services so that you can
concentrate on your patients, while the experts
concentrate on handling the administrative tasks,
thus working towards your favor by providing you
time to bring in new patients, given that the
value for performance-based payments is now the
new mode of earning higher reimbursements.
However, choose your vendor well and one who
suits your specialty.   Modes of
Payments Explore the new modes of payments like
the concierge mode, but choose wisely, after
taking into consideration the geographical and
cultural features of your practice area. Sharing
of savings is also another mode of payment that
can help lessen the load on you and yet bring in
reimbursement if you specialize in any particular
medical area. This is just the tip of the
iceberg that can help you through the maze of
your financial chaos. Remember, its never too
late to sort your finances and make a change in
the way you do things. But change is necessary if
you think you are in a major financial mess. Get
in touch with us!