"Business" can be defined simply as what someone does to earn a living. However, in the field of medicine and healthcare, we like to think of 'The Business of Medicine' as a series of interconnected concepts that shape the success of a physician or practice, ultimately leading towards their longevity both clinically and financially.
In our decades of helping Physicians, Clinics and Hospitals, there's a stigma that doctors tend to forget they're also a business. While that's not unfounded, it is necessary to point out that the Hippocratic Oath doesn't involve making a personal commitment to grow a hugely successful and profitable business. But in the space of independently-owned medical offices, it takes both an endless desire to help patients maintain the highest level of health, as well as navigating the dynamic landscape of reimbursement and business revenue.
Yes. Business Revenue. Insurance Reimbursement and Patient Co-pays are the lifeblood of a medical practice (besides the patients). It's how a Practice hires knowledgeable and capable staff. It's how a Practice affords the lease, the electricity, the plumbing, the furniture, and the equipment and technology to continue to practice medicine! Unless an office or group is privately funded, evaluating current and new diagnostic tests and equipment, with an associated reimbursement, is the only way to generate Business Revenue above and beyond the office visit. Even now, some insurances deny and fight paying physicians for common sense, medically reasonable and necessary services. While in other scenarios, those same insurance companies detail screening and diagnostic protocols for specific patient populations with associated CPT (Current Procedural Terminology) codes that have generous reimbursement.
To call yourself an expert in reimbursable diagnostic testing like Morningside Medical Equipment, you have to always be analyzing current trends, and how The AMA (American Medical Association) guidelines and policies translate into reimbursable diagnostic testing versus screenings that are often required but unpaid, and for which patient demographics and what types of physicians or specialties.
The healthcare industry is ever-changing. At the end of the day, all physicians need to stay relevant with current technologies that provide quicker and more accurate diagnoses. In the case of incurable (for now) diseases like Diabetes and Alzheimer's, among many others, the earlier the diagnosis the better the patient outcomes. The difference between a thriving practice and a failing one, is if those diagnostics and technologies add Business Revenue in conjunction with their clinical value.