Learn How To Create A Budget For Your Medical Practice

In medicine, the mention of the word profit is often viewed or interpreted as a dirty word. It is as if the word does not belong in the lexicon when health care is addressed.   I argue (in the context of the private medical practice setting) that profitability is a medical practice's responsibility for one simple reason. If the medical practice (also known as a business) doesn’t deliver profits, health care providers are unable to provide for … [Read more...]

The Value of Having Core Values

There is a story about a frequent flyer that had reached her limit with the airline's flight crew. She did not appreciate the crew told jokes during pre-flight safety announcement. So she wrote a letter to the CEO of the airline. Among other things, the frequent flyer's letter said that felt the safety check announcements were very important therefore ought to be communicated in a serious manner. The CEO indeed receive the letter. His … [Read more...]

Are You Following These 10-Steps Before Terminating A Physician- Patient Relationship?

This post was originally published on the Verden Group's Blog. Written by Sumita Saxena, Senior Consultant, The Verden Group It unfortunately can happen to anyone: You go above and beyond to provide your patients excellent care with uncompromising accessibility, and yet something somewhere goes wrong and the relationship quickly deteriorates. After trying your best to mend the problem it becomes clear – the relationship has broken down … [Read more...]

A Vital Aspect Of A Medical Practice That Practice Managers Cannot Afford To Overlook

When we talk about managing our practices more efficiently, we think about negotiating with insurance companies, proper coding, practice financials, revenue per visit, E&M code distributions and a bunch of other objective things. I find it interesting, however, that we put so much focus on maximizing revenue and minimizing cost, but ignore a topic that far consumes our time. And arguably is more important to the "health" of a pediatric … [Read more...]

Customer Service Axioms For Your Pediatric Practice

Have you noticed that everybody knows how to deliver exceptional customer service, except those that actually do? We're all customer service connoisseurs. We all can recognize excellent service. And we are even better at pointing out bad service. But when it comes time to execute, most fail. I think that the reason customer service is hard to execute, is not because we don't know how to, but because we easily forget. We often get wrapped up in … [Read more...]

Extra, Extra – Now Offering Coaching Services

People always ask me if I do practice management consulting.There was a time when I did. But for the past two or so years, I’ve responded by saying no. I enjoy consulting and love to do it, but I had to stop because of the time commitment. Recently, I was talking with a loyal reader of PediatricInc about this very topic and she suggested I do remote coaching. My friend, who owns her practice, explained that she doesn't necessarily need a … [Read more...]

Do Pediatricians Have A Marketing Problem? [Pediatric Practice Management AwesomeCast]

Today, Chip and install about pediatricians' marketing problem. We dive in and discuss how pediatricians have not done a good job of distinguishing themselves from the competition. And when we say competition, we don't mean other pediatricians, but rather retail based clinics and large hospital networks. The result of our poor efforts in differentiating ourselves? Parents don't really understand the value that comes from visiting the … [Read more...]

Deceptively Easy Way to Improve Your Practice, Guaranteed

On a piece of paper, write down this question: It doesn't have to be written exactly like I wrote it. Any variation will do. Then, make copies. Several of them. For the next few days or even weeks, hand each parent that comes to visit your office the sheet of paper with the question on it. While they wait, they will have plenty to think about out. You can ask them to use the remaining space - as well as the other side - if they require … [Read more...]

Learn How to Get a Handle on Your Collection Efforts

One of the questions I get asked the most about, is our credit card on file program. We started this policy back in 2009. And let me say it has been one of the best decisions we've ever made. For starters, having credit cards on file enables us to focus more on health care than health care collections. It goes without saying that our A/R has improved tremendously. We don't have to send out multiple letters or make too many phone calls in order … [Read more...]

The Reason Your Collection Letters Are Not Effective

Most patient collection letters I’ve seen come off very threatening and standoffish. They are written to intimidate. For example, they’ll say, “Final Notice” or “...your account will be sent to collections if you don’t respond...” The notion one is trying to convey is, you better pay now or else. At our practice, we sent out letters with these aggressive words. And most of them got ignored. So what did we do? We sent another letter but this … [Read more...]