As consultants seek alternative revenue streams, is it time to consider adding medico-legal to the services your practice provides? Simon Brignall from Medical Billing & Collection discusses the billing challenges you will face.
The current economic climate has highlighted why it is important that many businesses have diversified revenue streams.
This diversification can be accomplished in many ways and often may be as simple as adding a new practice location with a different patient demographic. For example, adding a central London location will likely increase your exposure to international self-pay and embassy patients.
Medical Billing and Collection data shows that the amount of private medical-insured invoicing we do for our clients has dropped from 66% to 55% over the past decade.
The 45% of the invoices we now raise that are not billed to insurance companies include self-pay (see my article last month) and a range of other sectors that have seen an increase in activity such as medico-legal, embassy and work for the NHS.
I have received many calls from consultants who are now either considering adding medico-legal work to their practice or they already have and find it challenging. So I will focus on this area and explain what you need to know from a billing perspective.
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