How independent is your practice?
Independence Day is coming up fast, but how many Doctors stop to ask themselves this: “How Independent is my practice?” For example, does your practice obtain the bulk of its revenue from one single payor source? For many practices this can be a reliance upon Medicare. For others it’s a reliance upon Auto or Liability cases. And for others it can be Private Pay Patients. Whatever it is, if the large majority of your practice revenue is coming from one single source, then it means one thing: Dependence. And, from a risk management perspective, dependence is dangerous. What would happen if this payor source dried up? For example, what would happen if you’re dependent upon Medicare patients and received a Medicare audit? Would your practice survive the months of zero income? Or what would happen if you’re dependent upon Auto cases and the state law is changed to reduce medical fees?
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