Risk management is crucial for protecting a practice against the fallout from potential lawsuits and malpractice claims. By proactively mitigating these risks, private practices can gain operational efficiencies and minimize vulnerabilities.
In today’s rapidly evolving healthcare landscape, private practices face an unprecedented challenge from corporate entities. McKinsey’s 2020 report shed light on the striking disparity between the financial resilience of corporatized practices and hospitals compared to their private counterparts during the pandemic. There’s an urgency for private practices to empower themselves to thrive in this competitive environment—and addressing regulatory risk is at the top of the list.
The article from Medical Economics delves into innovative strategies designed to bolster the efficiency, cash flow, and overall resilience of a private medical practice. By exploring these approaches, physicians can safeguard their business against unforeseen adversities, such as regulatory penalties or lawsuits, and gain the tools necessary to navigate these turbulent times and emerge stronger than ever. Read more.
