Issue link: https://viewer.e-digitaledition.com/i/163833
++++++++++++++++++++++++++++++ +++ + +++Í PRACTICE MANAGEMENT+ ++++++++++++++++++++++++++++++ AS MANY PHYSICIANS FLOCK TO GROUP PRACTICES FOR STABILITY, THOSE WHO CHOOSE TO STAY THE COURSE OF PRIVATE PRACTICE COULD BENEFIT FROM INCORPORATING ANCILLARY SERVICES. Ancillary Service SMARTS By Valerie Lauer "We're seeing more hospitals trying to take ancillary services and put them into these big institutions. I think physicians should do as much as they can in the office setting, keeping patients in the care of medical professionals who they have relationships with." — Dixon Davis, MBA, MHSA, CPPM, Vice President of Business Development at AAPC I DEALLY, ANCILLARIES NOT only add value to a practice; they also provide care patients want or need, drawing in new clients and keeping the existing patient base on site. "Before deciding on a new service, physicians need to consider whether it fits in the scope of their specialties and if it makes sense for their patient demographics," says Dixon Davis, MBA, MHSA, CPPM, Vice President of Business Development at AAPC. "Then, they need to balance cost and demand to see if it's financially viable." Buy, Lease or Share? The number of patients referred outside a practice for a certain procedure is a dependable way to estimate potential revenue. Initial costs for new services often include training, staffing and space. Instead of purchasing equipment outright, practices may want to consider options such as leases and share programs. These give financial flexibility to providers who want to offer additional services without making large, upfront investments. Out-of-pocket costs for acquiring the latest technology can be prohibitively high, and it can also be difficult to predict patient demand or how long a new offering will remain viable in rapidly advancing fields. "When considering your purchasing options, look at the shelf life of equipment and its support needs," Davis says. "Having a shared lease can be an inexpensive way to get into a unit you may not need to utilize every day while still giving your patient population access to care they need." Ancillary Trends According to the Medical Imaging & Technology Alliance, reimbursement rates for one of the most popular ancillaries — imaging — have dropped more than a dozen times in the past seven years. As a result, commonplace imaging services such as ultrasounds are less profitable than before. However, not all ancillary services improve revenue directly; some may instead offer indirect help to a practice by bringing in new patients and increasing overall volume of services. I COMPLEMENTARY AND ALTERNATIVE medicine (CAM) services are one of medicine's fastest growing fields. Approximately 50 percent of adults seek some sort of CAM each year.