One of the other physician partners within your group has gotten excited about offering a new service out of the practice and presents it to the other providers at the monthly meeting. It is presented as a way to not only generate revenue for the practice but also to improve care and provide convenience for the patients. How does the practice proceed?
The decision is made to have the office administrator look into the service and report back, but what needs to be reported back to the physicians?
Diagnosis:
Capitalize on new products or services
Recommendation:
- Understand which metrics and numbers are needed to make an informed decision about offering new services or products, including both potential revenue and all costs involved
- Decide in advance how a new service or product will be paid for based on physician utilization (not all providers will use the same way)
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