Private medical practices are threatened from several fronts. From the ever-changing insurance landscape to the rise of large retail clinics, private practices have to work harder than ever to stay afloat.
1. The changing insurance landscape: In recent years, there has been a shift from employer-sponsored health insurance plans to individual plans purchased through state and federal exchanges.
This has had a major impact on private medical practices, which are now seeing patients with a wider variety of insurance plans and often less reimbursement than they were used to.
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2. The rise of big box clinics: Big box stores like Walmart and Target have entered the healthcare market in a big way, opening their own clinics staffed by nurses and physician assistants.
These clinics offer basic medical services at a fraction of the cost of traditional doctors’ offices, making them a serious threat to private practices.
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3. The rising cost of drugs and supplies: The cost of drugs and supplies is always rising, but the rate of increase has been especially high in recent years. This puts a strain on the already tight budgets of private medical practices, which often have to pass these costs on to their patients in the form of higher co-payments and deductibles.
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4. Declining reimbursement rates: Medicare and Medicaid reimbursement rates have been declining for years, squeezing already thin margins for private medical practices that rely heavily on these programs to serve their patients.
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5. The evolution to value-based care: Value-based care is the new buzzword in healthcare, and it is having a major impact on the way medical practices do business.
Under this model, providers are reimbursed based on the quality of care they deliver rather than the quantity of services provided. This change is putting pressure on private medical practices to find ways to deliver high quality care at a lower cost.
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6. The rise of telemedicine: Telemedicine is another healthcare buzzword, but it is here to stay. Thanks to advances in technology, patients can consult their doctors via videoconferencing or even text messaging, completely eliminating the need for an in-person visit. This trend is squeezing the margins of private medical practices, as patients opt for cheaper telemedicine options instead of going to the doctor’s office.
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7. Recruitment and retention challenges: Private medical practices are finding it increasingly difficult to recruit and retain qualified staff, especially nurses and physician assistants. With so many options available, many qualified candidates are opting to work in larger hospitals or more established practices, where they believe they will receive better compensation and more job stability.
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8. Competition from online retailers – Online retailers such as Amazon are beginning to enter the healthcare space with products such as over-the-counter medications and home health monitoring devices . This poses a further threat to private medical practices, which already struggle to compete with the big box stores on price.
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Private medical practices have been an essential part of medical care for many years. However, in recent times they have been threatened by changes in legislation, competition and increasing costs. This situation poses a major challenge for private medical practices. Fortunately, the antioxidant scanner is a solution that enables these clinics to survive and thrive.
Antioxidant scanners are portable devices that measure the presence of free radicals in the human body. These measurements allow the medical professional to quickly identify problems related to oxidative stress, such as chronic inflammation or cellular damage, as well as any underlying nutritional deficiencies contributing to the problem. This information helps medical professionals offer personalized treatments based on the root cause of the problem and not just specific symptoms.
Some additional benefits of using antioxidant scanners include reducing the number of tests needed to diagnose a particular disease or condition (as multiple conditions can be measured with a single device), as well as saving time and money by avoiding unnecessary or repeated testing. Last but not least, this type of advanced technology is cost-effective for clinics as the devices are relatively inexpensive and easily accessible to medical professionals.
If you own a business related to private medical services, then seriously consider investing in an antioxidant scanner to improve your overall offering and stay afloat during difficult times.
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At Functional Wellness Network we help the healthcare sector obtain key solutions to improve their services and help their patients achieve better outcomes.
If you want to know more about us, you can sign up for our free Wednesday webinars through our website:
www.functionalwellnessnetwork.com
Where we talk about how we can improve your business revenue and better serve your clients/patients.
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