A few ‘P’s that perfect a medical practice

In the interests of supporting our partners in the medical fraternity we try to advise on ways that you, as a medical practitioner, may be able to create a better practice. We have done a few articles on setting up a medical practice, but this one on ‘A few ‘P’s that perfect a medical practice,’

Preventing Medical Practice Start Up Pitfalls

In the interests of offering good service and solid advice to not only our existing, but also potential future clients in the medical field, we have embarked on a series of articles, which we hope will help with the ‘start up’ of a private medical practice.

8 financial ‘wellness’ aspects wellness practitioners need to consider

We like to believe that as medical practiced financial management specialists we have, over the years assisted you to build a sound practice, which in turn should have earned you as the medical practitioner some substantial – or at least reasonable wealth! Now that you have some money, there are many aspects of building your personal wealth and just the financial stuff that goes on in life that simply can’t be ignored.

A few healthy tips if you’re setting up a medical practice

In the interests of serving the medical profession as a whole, we at MFI, believe it is not only important to diligently ensure the financial ‘wellness’ of practicing practioners and hospitals, but to also advise and encourage those who have dreams and ambitions to enter private practice.

A few good business reasons to enter the primary healthcare space

You may be on the threshold of entering the Primary Healthcare business (PHC) – or still at the stage where you are just looking for a future business that offers good prospects.

Your financial wellness is not just about your medical practice

We have published …and will continue to publish many articles about the reasoning behind and the vital importance of medical practitioners and hospitals partnering with financial specialists in the medical industry. The reason for this is because it is the main offering and largest focus of MFI, one of South Africa’s most respected and reputable exponents of medical practice management.

9 great reasons for partnering the experts

MFI is a multi faceted financial institution that offers many areas of financial management expertise – the primary one being the financial management of the medical profession. It is highly specialised and requires a level of expertise that is not offered by many other financial institutions.

4 tough Q&As asked and answered by Medical Finance Managers

When in your own business, there are many problems that can arise regarding financial management ….and none more so than in the medical profession. As medical practitioners know only too well, their livelihood relies largely on the management of funds administered and paid to them by medical aids and so they face a few unique challenges.

A few pertinent questions were put to medical practitioners and the solutions provided in this article were provided by M.F.I one of the country’s premier Medical fund management firms. So, what are the 4 tough Q&As asked and answered by Medical finance Managers? Let’s find out…

The four questions that were asked were as follows:
• Are you drowning in Medical practice administration?
• Are you struggling to get what’s due from your medical aids?
• Are medical aid audits giving you a headache?
• Is medical billing crippling you?

The answer, sadly, from many medical practitioners asked was a resounding “yes” to most of the questions, but happily the solution to all of these issues is found in just one solution. The solution is a Medical practice financial management service that M.F.I provides to medical practitioners – at least in Bloemfontein and Cape Town, as that is where they are based.
If you, as a medical practitioner, have any doubt that this will in fact answer all the tough questions asked, then just know that over 100 medical practitioners already enjoy the state of the art technology that enables this experienced company of medical finance experts to process medical aid claims in excess of R200 million a year!
The motto adopted by M.F.I is ‘While you get on with the wellness business – we make your financial wellness our business!’ This pretty much sums it up, as the service is comprehensive and really does take the headaches out of medical practice finance and administration, allowing medical practitioners to just get on with making people well!

The services include:

• Setting up Hospital & Medical Practice Services
• Data processing of hospital & medical claims
• Administration of medical accounts
• Collections
• Control of payments
• Contact with medical schemes
• The updating of medical fees
• A call centre for patients
• Training in medical software ….to name a few.

As one can see, the service is 2 tiered and includes both ‘Medical practice management’ and ‘Medical and hospital practice management ‘ taking the hassle out of ‘day to day’ medical administrative issues with clients, hospitals and medical aids alike.

If you answered “yes” to any of the 4 tough Q&As asked and answered by Medical finance Managers, we suggest you contact us to find out more and start a new life that will give you ‘peace of mind’ and a highly improved medical practice!

5 things you need to know about your financial services provider

The Financial institution that you choose to partner with, particularly if you are in the medical profession, needs to be able to answer some hard questions before you can make it a partnership for life. In this article we take a look at five crucial aspects of providing financial services and how one financial institution in particular ticks all the boxes. So what are the 5 things you need to know about your financial services provider?

1
What is their track record?
Fly by nights and financial institutions that can’t be trusted will generally not be able to produce much of a solid history. Do the Financial service providers you need have tried and tested results? MFI, for example, have a highly qualified team of over 46 experts in their own fields. This is what ensures financial insight and solid management.

2
Can they give you custom made financial solutions?
As mentioned earlier, people in certain professions (and particularly those in the medical profession) require specific types of services to ensure they are covered in all aspects of their business. MFI’s experience, combined with progressive ‘know how’, gives our customers bespoke solutions, thereby giving them the edge with competitors.

3
Are they flexible?
Many financial institutions, even those that give bespoke solutions, are not always flexible enough though to handle many different types of clients. Again MFI meets these needs by having services that are extensive, covering most financial requirements both in and out of the medical fraternity. They are not too big to service individuals or too small to handle large corporate contacts.

4
Do they follow through?
So many businesses find that after a financial requirement is settled on – they are just left hanging. Do the people you want to partner with follow through? Solid institutions like MFI don’t just make the sale and disappear – their reps and Sales people are trained and committed to follow every service offering through to completion. On-going liaison and support is also par for the course.

5
Most importantly – Can they be trusted?
With the many cases of financial institutions around the world being involved in dodgy activities, integrity is a big issue. Mutual trust, confidentiality, transparency and especially accountability are not just promised by MFI, but practiced within the organisation as our ‘core values.’

We hope that these 5 things you need to know about your financial services provider have been helpful to you. If we have convinced you that MFI most certainly do tick all the boxes, then contact us and let’s talk about your specific financial requirements.

The 3 pillars (or cornerstones) of comprehensive financial services

We were not sure whether to title this piece ‘The 3 pillars,’ or ‘4 cornerstones,’ of a comprehensive financial management company. We offer 3 primary services – which can be seen as 3 pillars rising proudly above a landscape of mediocrity – solid pillars that uphold a financial institution of service excellence. They are also standing on 3 cornerstones – these are the foundations of experience and acquired expertise. Well, whether they are pillars or cornerstones, they demonstrate the comprehensive nature of the services offered by a business like MFI. So, the 3 pillars (or cornerstones) of comprehensive financial services are…

Medical practice management services – Over 100 medical practitioners already enjoy the state of the art technology that enables us to process medical aid claims in excess of R200 million a year! Through our ‘Medical practice management’ and ‘Medical and hospital practice management’ services, we take the hassle and the grind out of ‘day to day’ medical administrative issues with clients, hospitals and medical aids alike. These services include, but are not limited to:

• Setting up Hospital & Medical Practice Services
• Data processing of hospital & medical claims
• Administration of medical accounts
• Collections
• Control of payments
• Contact with medical schemes
• The updating of medical fees
• A call centre for patients
• Training in medical software

Accounting and banking services – Our team of qualified Accountants and Auditors provide a professional comprehensive bouquet of accounting and banking services to private individuals and corporate companies, regardless of the size or nature of their business or organisation. We have, for over 10 years, built a solid reputation providing these services and more:

• Accounting & Auditing
• Annual financial statements
• Taxation
• Management accounts
• Secretarial services
• Payroll Services
• Business Advice
• Cash flow statements
• Valuations
• Arranging financing on behalf of clients
• Pastel Training

Financial planning services – Our expert financial wellness practitioners, with their extensive knowledge of the finest financial products available, ‘realise the vision’ of financial peace of mind for individuals and businesses alike. Financial Guru Will Robinson said “Financial fitness is not a pipe dream or a state of mind. It’s a reality if you are willing to pursue it and embrace it.” These services include but are not restricted to:

• Estate planning
• Long-term insurance
• Consultations
• Investments
• Offshore investments
• Wills
• Trusts
• Deceased estates

No doubt you will agree that these 3 pillars (or cornerstones) do make a comprehensive range of financial services, but where, you may ask, is the fourth cornerstone? We at MFI believe that the fourth cornerstone is the foundation of Integrity – Mutual trust, confidentiality, transparency and especially accountability are not just promised, but practiced within the organisation as our ‘core values.’ Contact us and partner with us, for a solid financial future – in every respect!