We recently worked with a smart, energetic practice administrator who was very motivated to improve his practice’s bottom line. He’d already found significant savings by switching billing and phone services (even getting better billing results, to boot). Spurred on by those successes, he’d turned his attention to clinic staffing. While the physicians in his practice […]
Read More
When presented with ideas to update your medical practice’s technology, better support your clinicians, or market your practice in a new way, is your go-to reaction “we don’t need that” or “we’re doing fine without it”? Is your financial management approach simply to always minimize expenses? (Perhaps because you remember the old maxim of taking […]
Read More
Our work with medical practices often involves analyzing a practice’s data against benchmarks from sources like MGMA, NSCHBC, specialty society surveys, etc.  But, it’s not enough just to compare against the averages and percentiles; you have to know whether meeting or beating a benchmark is a good thing.  Believe it or not, this is not […]
Read More
Starting a new year is a great time to review your equipment maintenance contracts and evaluate alternatives.  Independent service organizations compete for your business — if your contract costs keep rising, consider putting your contracts out for bid.  In some cases, rising maintenance costs may also mean that replacing outdated medical equipment is more cost-effective […]
Read More
I recently completed a series of articles for Kareo’s Getting Paid blog about how small business management issues relate to practice management.  While medical practices have an important mission that reaches beyond business, they can’t achieve that mission without succeeding on business terms.  And, in many fundamental ways, medical practices are not so different from […]
Read More
Joe and Judy’s recent webinar (sponsored by Kareo) was a big hit! If you didn’t have a chance to attend ‘live,’ you can register and view it here: Embezzlment-proof your practice Most medical practices are victims of embezzlement at some point — yes, you read that right! — so if you haven’t already learned how […]
Read More
To begin your quest to understand  how well the practice is performing is to  compare last year’s financial performance to the prior year, examine shifting trends and identify the reasons these shifts are occurring.  For example, are you doing less of a particular procedure and, if so, is there a reasonable explanation – or if one […]
Read More
Collection problems don’t begin with a rejected insurance claim or a patient’s failure to make prompt payment.  The headache of managing the accounts receivable starts with  the patient registration form – data collection. It’ s the  receptionists and schedulers failure to  gather sufficient  and accurate financial data when patients first contact the office. Why does this occur?  […]
Read More
Whether you’re contemplating expanding your practice, starting a new practice, or simply wondering what your practice’s profit potential might be, your profits depend on your understanding of local patient demographics. With a host of free online services available, it’s easier and less expensive than ever to understand your area’s demographics and how they might represent […]
Read More
Are you taking a hit on revenue?If you are not analyzing your reimbursement from different payer source and don’t have a clear understanding of what it cost to see a patient you may be taking a hit that you can’t afford. Start with understanding the basic cost for you to see a patient. Take your […]
Read More