Medibid Allows Doctors to Practice the Way They Want
Doctors’ offices and single physician practices are disappearing as financial pressures mount. According to data put together by Accenture, more than half of physicians now work out of a hospital setting, and that number keeps climbing. The Accenture study also found that escalating administrative costs and reduced insurance reimbursements were physicians’ top two concerns going forward. Physicians also expressed frustration with how these financial pressures have forced doctors to treat more patients with less time for each. It’s a challenging situation.
Medibid offers a solution that can reduce overhead, produce additional profits and give physicians the control they are entitled to as medical professionals. The solution is an online competitive bidding market, where providers and patients can establish a relationship without the need for an insurance company.
How Medibid Works for Doctors’ Offices
MediBid’s online medical marketplace is designed to operate as if it was in the real economy, unencumbered by legislative burdens. Here’s how it works for doctors’ offices:
- Providers register on MediBid – Physicians register their practice on MediBid, including information like where the practice is located, the physician’s experience, training, education, specialties and quality outcomes. Patients that receive treatment from the provider may leave a review, and these will also appear on the provider’s profile.
- MediBid confirms the provider’s information – Once registration is finished, MediBid will verify all provided information meets MediBid’s terms and credentialing standards. If registration is confirmed, the physician can begin bidding on treatment requests immediately.
- Submit a bid – Patients make requests on MediBid for treatment. Once they do, MediBid refers to them as Seekers. Once a Seeker has made a request, providers, or “Bidders”, have an opportunity to bid on the request over a two-week period. Every bid includes a single bundled price for treatment, facility and anesthesia, if required.Patients on MediBid may or may not have medical insurance. They may be self-pay, they may be a member of a self-funded employer plan, they may just not have coverage for the procedure they need. Providers can compete for these patients with competitive pricing, total price transparency and quality. In short, Medibid allows doctors’ offices to market themselves and compete the way they prefer.
- The winning bid is selected – After review, seekers select the bid that best meets their price and quality requirements. The provider that submits the winning bid is notified and sent a bid win report. This report includes the patient’s contact information so that communication can begin immediately.
- Open up communication – Patients and doctors’ offices are encouraged to communicate right away to confirm an appointment time and itinerary. Because the essential details have already been determined, this should be a quick process.
MediBid’s bidding marketplace is simple to access and allows doctors’ offices to rapidly connect with patients. More importantly, MediBid’s healthcare auctions can drive profits and reduce costs.
Why Doctors’ Offices Should Consider Medibid
MediBid’s competitive marketplace restores the traditional relationship between patient and provider. Both sides communicate directly regarding treatment, negotiate a fair price for the service, and the patient pays without an insurance company complicating the exchange. Here’s why that works for doctors’ offices:
- Reduced administrative costs – The operating costs associated with billing are considerable. Multiple studies have detailed just how much it costs a practice, and according to those studies, it can eat up to 33 percent of the practice’s revenue. That’s an enormous administrative burden.It’s required, though, because the provider-payer relationship is convoluted, often involves difficult-to-understand pricing and leaves patients confused about their billing obligations. MediBid removes much of these administrative burdens, as the patient is given a single price, and payment is typically provided on a prompt basis. There’s no need to commit heavy resources to billing with MediBid.
- More control over pricing – Doctors’ offices don’t have to settle for the meager reimbursement rates that often come with Medicare and other forms of insurance. Instead, physicians can determine their own pricing on a case by case basis, so if a physician believes their time is worth more than what insurance will offer, they can demand it. This is how nearly every other industry operates, with business owners establishing the value of their time. Now, MediBid is making this possible for medical professionals.
- More access to patients – About 85 percent of MediBid medical patients are willing to travel for care, especially if they are able to travel within the U.S. for that care. Doctors’ offices can leverage this willingness to attract patients they would otherwise have no chance to reach. MediBid links providers with a global market of patients, opening up many opportunities to gather additional business.
- More time with patients – The realities of the U.S. healthcare system means doctors’ offices are forced to cycle patients in and out quickly. Burdensome patient volume is something physicians have to contend with, and it’s leading to less effective treatment. This was confirmed in a physician survey organized by Athena. In the survey, which included more than 1,000 physicians, six out of 10 doctors agree that patient visits are too short to effectively answer questions and administer treatment.Because MediBid allows doctors’ offices to dictate their rates, physicians can charge what they need to give every patient the time they deserve. Patients want it, physicians want it and MediBid is making it possible.
Doctors’ offices have been looking for an alternative to the provider-payer-patient triangle, where the medical marketplace operates like it should. MediBid is that alternative and allows physicians to practice the way they want and at a price that won’t compromise the practice’s future.