Do you work in the healthcare industry? Do you run a clinic, hospital, or private practice? Are you having trouble making sure the business is profitable and organized?
If you said “yes” to any of these questions, a medical consultant might be a great addition to your team. Read on to learn more about what a medical consultant does, the benefits they have to offer you and your team, and the steps you can take to find the right person for the job.
What Is a Medical Consultant?
The medical consulting industry is currently worth over $7 billion. It’s clear that people are willing to pay a lot of money to invest in healthcare consulting services. What exactly does a medical consultant do, though?
A medical consultant is a professional who helps you handle the business side of running a medical practice. They address potential problems in accounting, bookkeeping, organization, hiring, etc. By streamlining these and other aspects of your business, they free you up to do what you do best: Save lives.
Why Hire a Medical Consultant?
There are lots of reasons to consider hiring a medical consultant. The following are some of the greatest benefits they can provide you and your team:
If your practice doesn’t run efficiently, you’ll have a hard time maximizing profits and providing the highest level of service to your patients. The following are just some of the issues that can lead to inefficiency:
- Unclear office management procedures
- Outdated technology
- Ineffective technology integration
- Ineffective patient flow structures
- Poor scheduling practices
Sometimes, when you’re caught up in the day-to-day minutiae of running a medical practice, it’s easy to overlook these things. A medical consultant can provide an objective view and show you what’s working and what isn’t.
Optimize Cash Flow
By taking the time to identify and correct inefficiencies, medical consultants can optimize your practice’s cash flow. When you have more money coming in and less money going out unnecessarily, you set your practice up for long-term success.
Medical consultants are especially well-equipped to address accounts receivable issues that are affecting your practice’s bottom line. This might include changing the way you collect payments or verify insurance eligibility. They can examine your tax write-offs more closely and improve your process for following up with outstanding accounts, too.
Improve Hiring Processes
Poor hiring processes are a drain on your practice’s resources. They also impact efficiency, especially if you have a high rate of turnover or are struggling to fill certain positions.
Medical consultants have lots of experience when it comes to hiring employees. They’ll streamline your process for placing job listings, vetting candidates, conducting interviews, and more.
Address HR Problems
Are you dealing with a lot of Human Resources (HR) issues in your practice? This might include things like poor communication, disorganization during staff meetings, low retention rates, or poor employee performances.
If these issues are dragging your practice down, it’s time to bring in a consultant. They can look at things more objectively, identify the problems, and then work with you to come up with short-term and long-term solutions.
Negotiate Better Contracts
Medical consultants also know how to help you negotiate better contracts with your practice’s vendors. This includes software providers, suppliers, credit card processing companies, and more.
When you get better contracts with these companies, you can save money without sacrificing efficiency. This, in turn, boosts your bottom line so you can run a more profitable practice.
How to Choose the Right Medical Consultant
Do you want to hire a medical consultant? Do you want to make sure you’re choosing the most qualified person possible? Here are some tips to narrow down your search:
Ask About Experience
When looking into different candidates, always start by asking about their experience. Find out what kind of work they’ve done in the past, the kinds of practices they’ve partnered with, and what kind of training they have.
It’s a good idea to look into how long they’ve been working in the field, too. In general, someone who’s a bit more seasoned will be able to provide better advice than someone who’s just getting started.
Review Rates and Availability
Consider the consultant’s rates, too. How much do they charge for their services? Do they charge a flat rate or by the hour?
Remember, medical consulting can be expensive. However, it’s a worthwhile investment for your practice (as long as you’re working with a qualified and credible individual).
Factor in the consultant’s availability, too. If someone is highly sought after, they might have a long waiting list. Before hiring them, ask yourself whether you’re willing to wait (or if you can afford to wait) to work with a specific consultant.
Once you’ve narrowed down your options to two or three candidates, reach out to them and ask for a proposal. Encourage them to be as specific in their proposal as possible.
When reviewing these proposals, take note of the specific procedures they’ve used in the past. Did they implement programs like www.quickpayportal.com to help the practice run more efficiently? What kind of results did their clients see in terms of profitability, efficiency, etc.?
Finally, be sure to check references. What do past clients have to say about the consultant’s services? Would they hire them again in the future?
Reviewing references helps you get a better sense of what the consultant can do and whether or not it’s worth it to hire them so you can improve the way you run your practice.
Combat Business Issues Today
The medical profession isn’t just about saving lives. You also have to handle all the administrative issues associated with running safe, well-funded, and profitable medical facilities.
Now that you know more about what a medical consultant does, are you interested in hiring one to assist you with your practice? Keep the tips listed above in mind so you can find the right person for the job.
Are you looking for more ideas on how to run your practice in the most effective way? If so, check out some of the other articles on our site today. The Finance section is full of great business advice that you and your team can implement today.