Make Your Practice More Profitable by Using Locum Tenens

September 11th, 2013 2 Min read Make Your Practice More Profitable by Using Locum Tenens Blog
Healthcare reform is changing the rules of reimbursement, which has some practice owners considering whether it's time to close up shop. But selling your practice isn't your only choice. There are industry thought leaders who suggest there are viable alternative options to help you not only stay in business but also make your practice more profitable. In a recent article, author Wayne Lipton wrote:

"Many primary-care practices have focused on reducing overhead and securing better fees. This 'hunker down' mentality has resulted in stunted growth and reduced compensation...However, those practices that have embraced growth by looking at alternative practice models, or growing their practice by adding more physicians, extenders, and other specialized services, continue to see growth."

Sounds simple enough, though adding more physicians, extenders and other specialized services doesn't come cheap. Of course, it wouldn't be prudent to staff up without knowing there is adequate need in your community, or how you plan to divvy up the business, or collect on your investment. It would be wise to develop a business plan for each hire that takes into consideration the direct revenues the provider would generate against costs such as salary and benefits. There is yet another alternative. Using locum tenens is an excellent way to grow your practice but with far less commitment than making permanent hires. Locum tenens can facilitate compensation growth while ensuring your practice continues to meet the needs of patients. Here are just some of the benefits of bringing on a locum tenens, either an advanced-practice professional or physician. Locum tenens can:
  • Increase your productivity, resulting in greater patient satisfaction
  • Provide routine care, allowing you time to focus on more complicated cases
  • Generate direct revenue for your practice
  • Potentially expand your services offerings
  • Oversee the office while you make your rounds at other facilities
Utilizing locum tenens will not only allow you to maintain more control over your business while you experiment with a new practice model, but will also serve as a viable source of revenue generation while you do. For more ideas on how use locum tenens, visit the CompHealth employer resources page today.