Revenue Diversification w/ Dr. Syed Abbas Moosavi (Ep. #13)

Unlocking Financial Stability in YOUR Medical Practice THROUGH THE POWER OF Revenue Diversification

In an ever-evolving healthcare landscape, maintaining financial stability while delivering comprehensive patient care is crucial for medical practitioners. Dr. Syed Abbas Moosavi, in episode 13 of the "Doctors and Dollars Podcast," delves into the transformative benefits of revenue diversification within his medical practice. This article explores Dr. Moosavi's journey and insights on how diversifying revenue streams can lead to a thriving, resilient practice.

A Day in the Life: Diverse Service Lines

Dr. Moosavi begins by sharing his daily routine, which includes seeing patients across various service lines, conducting lectures, performing VES examinations, and engaging in orthobiologic evaluations. Initially focused on interventional pain management, Dr. Moosavi realized the importance of broadening his scope to include multiple patient referral sources and service offerings. This strategic shift not only enhanced financial stability but also attracted interest from other healthcare providers and organizations, contributing to the growth of his practice.

Diversification helps sustain revenue and mitigate potential losses, but it also demands efficient internal organization to prevent staff burnout. His practice employs a structured approach, assigning primary points of contact for communication and scheduling while ensuring all team members are well-versed in various tasks. This system prevents overwhelming the staff and maintains a high standard of patient care.

Personal Journey to PMR and Revenue Diversification

Reflecting on his career, Dr. Moosavi recalls discovering his passion for Pain Management and Rehabilitation (PMR) during medical school. Initially drawn to radiology, he found greater autonomy and diversity in PMR. This newfound interest led him to explore various treatments and procedures, eventually prompting him to establish his own practice. By focusing on revenue diversification from the outset, Dr. Moosavi scaled his operations to multiple locations, ensuring a stable and thriving practice.

Dr. Moosavi underscores that his successful implementation of revenue diversification truly took shape around 2022. With a dedicated team member, Dr. Michael Bonnet, focusing on traditional pain management, Dr. Moosavi could manage and expand the diversified aspects of the practice. This strategic mindset, born out of a prosperity perspective, enabled him to maintain a robust network and offer a range of services, mitigating the risk of over-dependence on a single income stream.

Dr. Moosavi's practice offers a variety of services, including VA evaluations, independent medical examinations, remote therapeutic monitoring, and pharmacy services. By partnering with external companies for billing and patient management, his practice shares the financial and operational burdens, enhancing efficiency. Additionally, they offer Medicare-approved remote therapeutic monitoring and manage their own DME for personal workman's comp cases, carefully evaluating potential new service lines based on financial and staffing considerations.

Pain Management and Patient Safety

Safety concerns led Dr. Moosavi to separate opiate monitoring from traditional pain management services. Patients are referred to a remote monitoring program with nurse educators for follow-ups post-prescription, prioritizing safety and risk reduction. This approach reflects his commitment to patient safety and the responsible management of pain treatments.

Discussing the differences between US and Canadian healthcare systems, Dr. Moosavi highlights the extended waiting times for non-urgent procedures in Canada. This often leads patients to seek faster, albeit costly, treatments in the US. His practice balances providing timely care for Canadian patients while accommodating their insurance constraints, ensuring they make informed decisions about their treatment options.

The Future of Orthobiologics

Dr. Moosavi anticipates significant growth in orthobiologics, driven by increasing patient awareness and demand for treatments like PRP (platelet-rich plasma) and stem cells. He emphasizes the importance of educating both patients and healthcare professionals about these advanced therapies, predicting that orthobiologics will play a crucial role in the future of regenerative medicine.

In addition to treatment, Dr. Moosavi's practice focuses on injury prevention and rehabilitation. By educating patients on preventive measures and recovery processes, he aims to reduce the incidence of reinjuries and promote long-term health. This holistic approach underscores the importance of education and awareness in achieving optimal patient outcomes.

Embracing Diversification

Dr. Moosavi's experience demonstrates that revenue diversification is essential for the sustainability and growth of a medical practice. By offering a wide range of services, maintaining efficient internal organization, and prioritizing patient safety and education, medical practitioners can create resilient and thriving practices. As the healthcare landscape continues to evolve, embracing diversification will be key to meeting the diverse needs of patients and ensuring long-term success.