Why We Do It: Benefits of Joining a GenesisMD Group Practice
In today’s challenging business climate and heavily regulated medical industry, it is difficult or impossible for solo practitioners or small medical practices to achieve the aim of a Group Practice.
The formation of a Group Practice is very complex. Physicians who have attempted to form a Group Practice on their own have frequently failed to successfully create one that fully complies with the State and federal rules and regulations.
Many physicians haven’t tried to form a Group Practice due to the apparent insurmountable legal barriers to their construction.
The principals of GenesisMD have substantial experience and expertise in the formation and operation of Group Practices. We are uniquely positioned to simplify, and streamline the process and can promise that your GenesisMD Group Practice will be contractually rock solid and legally watertight.
Why Form a GenesisMD Group Practice?
There are many potential benefits to forming a GenesisMD Group Practice and a rapidly growing number of physicians across the United States are consolidating their practices because of these benefits:
- Due to the size of a GenesisMD Group Practice, inherent efficiencies are realized and physician members are able to collect a broad range of quality and efficiency data.
- A GenesisMD Group Practice is in a much better position than smaller practices to negotiate greater reimbursements with managed care companies and other third-party payors (“Payors”);
- A GenesisMD Group Practice generally enjoys increased negotiating leverage in its dealings with vendors, including medical malpractice insurers, banks, practice management and EMR software vendors;
- Time consuming practice management functions, such as billing, accounts payable, credentialing, negotiating with vendors, pension administration and human resources administration, are performed cost-effectively by specialized staff, which are normally unaffordable luxuries to small medical practices. This permits physician members to focus on patient care and practice development;
- GenesisMD Group Practices can more easily invest in other ancillary services and treatment modalities (e.g., diagnostic imaging, laboratory services) without violating the federal prohibition against self-referrals (the “Stark Law”); and
- Physician members of a GenesisMD Group Practice can share coding and billing practices, as well as treatment protocols, with their co-members in order to optimize quality of care and profits.