Some of the current issues affecting podiatric medicine today are a decrease in reimbursements and a shortage in the number of practicing podiatrists. While there is little to do in term of decrease in reimbursements, you can always increase your patient base with new services. Over the years, we have noticed that many patients don’t know all the full capabilities and scope of practice that a podiatrist can offer. It is very important to communicate clearly all the services you are offering. A great idea is to have brochures that summarize your services.
Another issue, if you own your practice, is the difficult and time-consuming process of having to find the financing for the most updated equipment on the market. Successful practices are using state-of-the-art technology such as the latest model of toenail fungus lasers and mobile MRI machines. Benefits of taking ownership of the equipment include the possibility to get referrals from other physicians and/or charge a rental fee for allowing them to use the equipment.
On the other hand, if you are still working for a hospital or another practice, you may consider the idea of purchasing a practice. With the shortage of practicing podiatrists on the rise, and some of the older practitioners getting close to retirement, this may be a great idea. When you decide to take this route, there are key factors you should review to ensure your success.
As professionals in medical mergers and acquisitions, we are here to help define your current and future practice needs to ensure your success. For a complimentary consultation on how to increase the financial success of your podiatry practice, please provide the "Quick Contact" information on the sidebar, and we will contact you to schedule a free consultation. We serve the communities of Manhattan, New Hyde Park, Manhasset, Hauppauge, Syosset, New York, Garden City, Great Neck and nearby areas.
