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Are Providers in Need of a Line of Credit to Face Upcoming Challenges?

Thursday, January 26th, 2012

Collecting deductibles and co-pays once a patient leaves your office is time-consuming, costly and makes practice cash flow inconsistent and unpredictable. If you’re like most practices, during the latter half of a calendar year, many of your patients have met their deductibles and insurance covers the majority of their office visits and medical needs.  As we turn the calendar over on 2012, it’s a good time to remind your front desk team that a new benefit plan year has begun and reinforce your collection procedures. A well-trained medical biller on your team is your best weapon in keeping your practice [...]

What Story Do Your Numbers Tell About Your Medical Practice?

Thursday, September 1st, 2011

Recently in assisting a practice with analysis of RVU’s (Relative Value Units), it dawned on me that most practices do not utilize any methodology to analyze whether they are actually making money on procedures and visits being performed in their practice. Maddie Brown, CPA recently shared at an event I attended in North Carolina that our numbers tell a story that reveals what is actually unfolding within our businesses.  It is the same with medical practices and so much more so today in the ever changing world of healthcare.   So the question is what do your numbers reveal or not [...]

How A Fly and A Big Hot Air Balloon Can Help Us Manage A Medical Practice

Monday, October 11th, 2010

On a recent podcast by highly respected writer, teacher and mentor, David Neagle, who is a millionaire entrepreneur coach, read a fascinating story by Price Prichett.  This story was called The Fly Story – Doing It Differently…you can read it here. Intuitively, this story clearly relates to practice manager life because so many times we continue to do things the way we have always done them and hope for a change.  Actually, you might recall that Einstein called this the definition of insanity. Specifically for a medical office to run smoothly and efficiently there must be both continuity of care [...]

The Difference Between Surviving and Thriving In A Medical Practice

Monday, September 27th, 2010

Listen to this post in audio here: Surviving vs Thriving Have you ever watched the Survivor episodes on TV?  Many times when I get called in to a medical practice to help them figure out what is going on they are often in the “Survivor mode.” The difference between surviving and thriving in your medical practice is the difference between just skating through the remainder of this year with the business as usual and making a new impact in your business. So how do you know if your medical office is actually in survivor mode?  Here are a few indicators: [...]

Working Accounts Receivable – Part Two

Monday, July 26th, 2010

To successfully work your accounts receivable and get more accounts paid in a timely manner, as a responsible practice manager, it is important to implement a system.  These tips are a continuation from a previous medical billing post entitled Working Accounts Receivable – Part One. To recap, last weeks tips: 1. Know what your practice management system can do for you. 2.  See Staff As Resources. Now for this week’s tips: 3.  Utilize a Daily Tickler System You will know more of what to do next if you are creating or utilizing a daily tickler system.  Some practice management software [...]

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