Running a private practice is not cheap.
In evaluating our KITRIN IsoForge and Isoevolve products, the monthly price of the product is always a concern for most of our prospective clients.
The purpose of this article is to discuss the real costs of having a private practice.
To assist us in this research, I asked each member of our team to research and compare pricing from at least 3 suppliers for each of the following services:
- Telephone Answering and Dedicated Phone Line
- Unpaids / Debt Recovery Solution
- Financials and Tax Solution
- Invoicing, Payment Allocation and Medical Aid Submission/Follow-up Solution
- Online Marketing Solution
- Office Space Solution (based on a reception area and 2 offices or practice rooms)
How Much Should It Cost to Have a Private Practice?
As part of the KITRIN IsoForge and IsoEvolve product, we’ve identified 9 core processes that every healthcare practitioner in private practice must have in place. These are:
1. IsoForge Strategy Process
2. IsoForge Telephone Management Process
3. IsoForge Invoicing Process
4. IsoForge Payment Allocation Process
5. IsoForge Medical Aid Allocation Process
6. IsoForge Unpaids Management Process
7. IsoForge Financial Compliance Process
8. IsoForge Tax Compliance Process
9. IsoForge Marketing Process
Assuming that you need to put a team in place in terms of your own employees, contractors or external suppliers in place, to handle each of these processes, our research indicates that the pricing should be as follows:
- Telephone Answering and Dedicated Phone Line (Lowest Quote = R695; Highest Quote = R3950)
- Unpaids / Debt Recovery Solution (Lowest Quote = R6599; Highest Quote = R22500)
- Financials and Tax Solution (Lowest Quote = R2000; Highest Quote = R5800)
- Invoicing, Payment Allocation and Medical Aid Submission/Follow-up Solution (Lowest Quote = R1850; Highest Quote = R20000)
- Online Marketing Solution (Lowest Quote = R1580; Highest Quote = R10000)
- Office Space Solution (Lowest Quote = R12000; Highest Quote = R43840)
So while this is not a comprehensive comparison exercise, it does give us an indication of the type of expenses that a healthcare practitioner can expect when shopping around for the services in her private practice.
A capable receptionist is normally the immediate solution for private practice functions, but the skills of the receptionist will never cover the full breadth of the services needed (as per the processes outlined above).
To summarise, the minimum cost that a healthcare practitioner can budget for in her private practice is R24,724 or R12,724 (excluding the office space costs).
Why Does the KITRIN IsoForge or IsoEvolve Product Make Sense for You and Your Private Practice?
Instead of working with multiple service providers to manage the essential processes in your private practice, you work with just one.
By choosing the KITRIN IsoForge product, you get access to a cross-functional team to cover all 9 critical business process in your private practice, and you get this opportunity by paying a fixed and cost-effective monthly fee.
If you’re still not sure whether the product is a good fit for your private practice, or you just want to chat about the current challenges in your private practice, setup a free appointment with us at your convenience, and let’s see if we can assist you in any way.