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? A medical consultant might be a great addition to your team if you said “yes” to any of these questions.
Read on to learn more about what a medical consultant does, the benefits they 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. People are willing to pay a lot 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 problems in accounting, bookkeeping, organization, hiring, etc. Streamlining these and other aspects of your business 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:
Increase Efficiency
If your practice doesn’t run efficiently, you’ll have difficulty maximizing profits and providing your patients with the highest level of service. 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- Outdated technology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
Medical consultants can optimize your practice’s cash flow by taking the time to identify and correct inefficiencies. You set your practice up for long-term success when you have more money and less money unnecessarily.
Medical consultants are especially well-equipped to address accounts receivable issues affecting your practice’s bottom line. This might include changing the way you collect payments or verify insurance eligibility. They can also examine your tax write-offs and improve your process for following up with outstanding accounts.
Improve Hiring Processes
Poor hiring processes are a drain on your practice’s resources. They also impact efficiency, especially if you have a high turnover rate 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 many Human Resources (HR) issues in your practice? This might include poor communication, disorganization during staff meetings, low retention rates, or poor employee performance.
If these issues drag your practice down, it’s time to hire a consultant. They can look at things more objectively, identify the problems, and then work with you to develop 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, and credit card processing companies.
You can save money without sacrificing efficiency by getting better contracts with these companies. 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 choose 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 also good to look into how long they’ve worked in the field. In general, someone a bit more seasoned will be able to provide better advice than someone 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. People who are highly sought after might have a long waiting list. Before hiring them, ask yourself whether you want to work with a specific consultant (or if you can afford to wait).
Request Proposals
Once you’ve narrowed 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 results did their clients see in profitability, efficiency, etc.?
Check References
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? Remember the tips above to 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 other articles on our site today. The Finance section is full of great business advice you and your team can implement today.