May 10, 2024 We’re celebrating National Small Business Day by highlighting some of the hardest-working individuals in the industry who serve patients day in and day out. Small medical practices account for a significant portion of the healthcare system, with over half of physicians working in practices with ten or fewer doctors. Additionally, many physicians own their practices, with 44% being self-employed. Running your small medical practice comes with great benefits but unique challenges. Read more as we discuss the common hurdles and how intelligent software-based compliance solutions work for your small practice. Small Practice Challenges: Cost Small medical practices operate with fewer resources. Cash flow and high costs are common dilemmas for small medical practices compared to hospitals. With fewer resources, small practices can be more vulnerable when challenges arise. For instance, as seen with the Change Healthcare breach, over 78% of surveyed small medical practices cited facing difficulties, with 31% unable to run payroll. While navigating high operating costs, the annual average ranges from $600,000 to $800,000, finding affordable yet effective resources is imperative. Small Practice Challenges: Administrative Burdens Administrative work can significantly impact the success of a practice. Time is valuable, especially when the office staff is a few people wearing many hats. Without the right tools, administrative tasks take a significant portion of a healthcare employee’s day. For instance, the average doctor spends almost 10 hours weekly completing clerical tasks, or roughly one-fifth of working hours. Maintaining complex and time-consuming HIPAA and OSHA compliance are examples of such tasks. Having comprehensive compliance programs is vital to being compliant. Without an automated solution, some administrative tasks include writing thorough policies and procedures, manually tracking staff training, and maintaining organized compliance documentation. Small Practice Challenges: Burnout Burnout is a common experience in healthcare. More than 90% of doctors have felt the impact of burnout. Juggling a demanding healthcare role with the responsibilities of running the practice itself can take a significant toll if not managed correctly. Administrative tasks contribute to this stress, with 64% of doctors noting clerical requirements as a significant stressor. HIPAA and OSHA compliance can be overwhelming, and the consequences can be severe. When fines can cost your small practice millions of dollars, finding a solution to alleviate compliance stress is essential. How Abyde Can Help Running a small medical practice can be difficult, but it is a testament to your dedication to your patients. Abyde understands that you want to spend more time with your patients, and automating HIPAA and OSHA compliance is a path to that goal. Our automated,cloud-based compliance software is for healthcare professionals like you seeking a secure and simplified approach to managing compliance. With Abyde’s easy-to-use solutions, your practice can save time and money, mitigate risk, and ensure you are always up to speed with the latest compliance requirements. To learn more about Abyde’s solutions, email info@abyde.com or schedule an educational consultation with one of our experts here.
