Part III in a Three-Part Series
Medical practice ownership can be expensive and scary. You carry the costs and make the decisions on your own. Making the wrong decision about a long-term lease or build out can cost you time and money, and there is worry about paying for things today you may not need in the future or paying for space 24/7 when you don’t work 24/7.
So, what do you do? Historically, you’ve had three options:
- Maintain your status quo by running your solo medical practice the same way you have been
- Join a group
- Sell your practice to a group or hospital
Maintaining your status quo means making the same mistakes and working alone more than you want. There is the potential for lack of access to the capital necessary to commit to long-term leases and escalating overhead costs; not to mention the stress surrounding the need to address ever-changing regulatory compliance requirements for privacy and reporting. Frustration reigns since the expertise required to navigate real estate, legal and technology-related challenges rarely go hand-in-hand with the skills needed to help improve your clients’ health and wellness.
Joining a group medical or health and wellness practice might solve some of these problems, but it comes with a new set of trials. Traditionally, groups have a harder time making decisions or agreeing who is in charge, who has the final say in practice matters and how costs are allocated. Health and wellness groups typically don’t have a subject matter expert on important real estate, legal or technology-related issues. Skills gaps and intra-office politics often contribute to the group failing, leaving you alone to find a new office, administrative burdens like updating your mailing address with insurance carriers, the post office, and banking institutions, plus legal fees, and more.
Some might consider selling or merging their medical practice to a hospital or healthcare system. Dissatisfaction with institutional employment is rapidly increasing due to the administrative and scheduling demands institutions require, along with the performance metrics and shorter face-to-face interactions with patients, which all ultimately undermine the patient relationship. The lack of job satisfaction caused by compassion fatigue is a very real problem in today’s hyper-consolidated healthcare landscape.
A Cost-Effective Health and Wellness Office Solution That Works the Way You Want
Nexis Wellness takes on the burden of managing your office space, while you maintain ownership of your practice and focus on helping patients. Our flexible Membership options allow you the ability to start, grow or wind down you practice while maintaining ownership and control of your practice, your fees and your patients/clients.
Our HIPAA-compliant medical co-working space allows you to pay for space only when you need it. You can expand to multiple rooms as your practice grows and share technology with everyone else –giving you access to more office space, treatment rooms, group meeting rooms, systems and equipment at a low cost. Experts make the decisions on technology, build-out and leasing for you – carrying all the risk and stress of making those choices.
As a Member you are joining a health and wellness community, not just renting space. You find harmony between staying independent and harnessing the power of the group when needed for referrals, collaboration or crisis management support.
Nexis Members have access to our network of preferred partners who are all subject matter experts ready to help with your EMR/EHR and practice management technology, billing, credentialing, marketing, legal, insurance and business strategy needs.
Health and wellness co-working is a smart office solution for someone looking to improve their bottom line and get back to focusing on their patients/clients.
Contact us today to schedule a tour.
We look forward to learning more about your practice.