The Hybrid Model: Is It Right For Your Medical Practice?
The face of medical practices has changed tremendously; thanks to the sprouting digital means of medical procedures which have made life easy for both the patients and physicians.
With the passage of time, new terminologies began to inculcate in the medical healthcare industry that changed the overall look of medical practices. The inclusion of medical billing services, compliance, and medical credentialing, EHR and EMR and so much more have transformed the medical healthcare industry.
The medical billing companies in Maryland and other states have been working efficiently in providing the perfect solution to the billing challenges of various medical practices. Apart from medical billing services, another new approach that has become popular in recent times is the hybrid model of work. A lot of medical practices have opted for it and are running their businesses successfully.
The hybrid model gained popularity mainly because of coming up with creative solutions that were well integrated into the system as well as beneficial for the employees.
A hybrid model is considered to be a win-win situation for everyone as this kind of model is applied to any size of medical practice. Whether it is an independent practice or a small center of multiple treatment departments or a tertiary hospital, the hybrid model works for everyone!
Before getting down to the question of whether a hybrid model is right for your medical practice or not, let’s find out what is a hybrid model.
What is a hybrid model in the medical healthcare industry?
A hybrid model in medical practices is known to be a model which is a perfect blend of concierge models along with traditional medication. In this kind of model, the physicians take some concierge patients while they still keep on serving those who rely on the traditional and standard insurance model. This is a business model that allows a medical practitioner to treat a number of patients belonging to different financial and social backgrounds.
Advantages of a hybrid model in the healthcare industry
Like anything else, the hybrid model has its own set of pros and cons. Let’s have a look at some of the advantages that have made more and more doctors in the United States of America opt for this model for their medical organizations.
With the implementation of the hybrid model, the medical practice can easily retain its prized employees as well as the ones who have complete knowledge about institutions and traditional medicines along with patient information.
It is easy to warn or get rid of the employees who have been lacking the enthusiasm to perform. The low-performing individuals are easily laid off, making room for the top-performing employees. This will help the deserving employees to come ahead and outshine others with the help of their skills and knowledge.
Once a medical practice has converted itself to the hybrid model, rapid changes will become evident in the first few days as the practice undergoes a transition. The medical practice will see improvements within the 90-180 days of transitioning into hybrid models.
This model allows physicians to decrease their workloads, when the volume of patients is low, the response improves which means that quality care increases. This will automatically lead to loyal patients. Hybrid models make a practitioner have a better relationship with his patients on the basis of the quality of care.
There is absolutely no rush for the doctor to get a high number of patients. This model helps in striking a balance between finances and productivity. The doctors are burdened less which alleviates the possible burnout. This model increases the satisfaction of a physician along with patient satisfaction resulting in a stable revenue cycle.
Disadvantages of the hybrid model
As mentioned above, like anything else, there are advantages and disadvantages of hybrid models. Have a look at the disadvantages of the hybrid model in the medical healthcare sector.
The hybrid model is expensive.
Apart from the costs of the medical procedures, there are additional charges also such as monthly, bimonthly, or yearly subscriptions under the banner of the consultation fee, which might not be affordable for everyone.
The patient influx is relatively lower in this model as the practice is expensive and not everyone can afford the hefty price tag of the hybrid model consultation.
The revenue stream is stable but as the number of patients is less, it might be possible that the doctors feel that it is insufficient to run the practice, leading to dissatisfaction among the physicians.
Patients might be alien to the usage of technological apps and means of communication which may lead to a lack of communication between them. The health care provider might have to educate his patient regarding the online tools to establish a better relationship.
A hybrid model in medical healthcare means bringing together the best of both worlds that is the concierge models and the traditional medicines. The hybrid model brings together telegraph technology and the face-to-face treatment relationship between a doctor and a patient.
A hybrid model relies on technology, heavily especially for monitoring of the patient, scheduling an appointment, video conferencing, and taking continuous follow-ups.
A hybrid model is the future of the medical healthcare industry.
The Coronavirus pandemic acted as a catalyst to test a lot of new technologies in the healthcare sector which has been long overdue. This transition of the healthcare industry from the orthodox means to a hybrid model may take time but it is imminent now as the patients and physicians both work over the complexities of the digital platforms and transformation to these online platforms.
The day is not far away when the world of healthcare would have transferred to a hybrid model completely across the world!