Are You Making These 5 Financial Mistakes In Your Medical Practice?

We know doctors don't get finance or accounting training during the time they spend in medical school. As a result, they tend to rely heavily on practice managers, accountants and other financial experts with managing their money.   But as medical practice owners (aka small business owners), the buck stops with the doctor. Thus, it is wise not to rely blindly on the "experts" and from time to time take a look at areas of the business for … [Read more...]

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...]

11 Straightforward And Practical Tips To Improve Your Practice’s Bottom Line

You do not have to be a marine captain to know that there are countless potential dangers navigating waters. With a little imagination you know there are many risks. Some hidden, like currents, while others are painfully apparent (i.e. howling winds, waves and torrential storms).   We know there isn’t anything the captain can do to eliminate weather conditions or enforce her will on ocean currents. However, we can all agree the captain … [Read more...]

11 Simple and Practice Tips To Improve Your Practice’s Bottom Line

You don’t need to be a marine captain to know that there are countless potential dangers navigating waters. With a little imagination you know there are many risks. Some hidden, like currents, while others are painfully apparent (i.e. howling winds, waves and torrential storms). We know there isn’t anything the captain can do to eliminate weather conditions or enforce her will on ocean currents. But we can all agree the captain has control … [Read more...]

How Well Do Parents Know What You Do As a Pediatrician?

During the summer months, I posted on our practice's Facebook page, a note encouraging parents, to schedule their children's wellness visits. Although the message was for our entire Facebook community, I wanted to catch the eye of parents with teenagers. Don’t know how well you manage teens in your office, but in our office, we have decent wellness visit numbers with younger patients. The teen population? Not so much. Once the teen years … [Read more...]

Can Your Medical Practice Afford To Drop An Insurance Carrier?

I received a letter from the University of Chicago Medical Center explaining that effective Jan 2016; they will no longer accept BCBS. The announcement took me by surprise. Not because the hospital was dropping an insurance plan- but because they were dropping a major plan, BCBS. BCBS has a significant market share in Chicago; which translates to a lot of patients having BCBS as their insurance carrier. I can only imagine why the hospital … [Read more...]

What Do Patient Lab Reports Have To Do With A Medical Practice’s Financial Statements?

An important aspect of managing a business is learning how to read financial statements. It's no secret, however, that most doctors don't have formal business training. So reading financial statements to some is like reading in a language you don't speak. But that is not an excuse for physicians that own or have a stake in their medical practices not to learn fundamental business principals such as reading financial statements. Learning … [Read more...]

What Do Patient Lab Reports Have To Do With A Medical Practice's Financial Statements?

An important aspect of managing a business is learning how to read financial statements. It's no secret, however, that most doctors don't have formal business training. So reading financial statements to some is like reading in a language you don't speak. But that is not an excuse for physicians that own or have a stake in their medical practices not to learn fundamental business principals such as reading financial statements. Learning how to … [Read more...]

Let's Talk About What Happened In Vegas

My friends from the Pediatric Management Institute (PMI) put on another great practice management conference in Las Vegas last January. The content was excellent, thanks to the fabulous faculty PMI brought in. The topics varied from customer service principles to fundamental changes happening in the health insurance industry and how those changes are - or soon will be - affecting doctors' financial bottom line. Below are a few highlights and … [Read more...]

Let’s Talk About What Happened In Vegas

My friends from the Pediatric Management Institute (PMI) put on another great practice management conference in Las Vegas last January. The content was excellent, thanks to the fabulous faculty PMI brought in. The topics varied from customer service principles to fundamental changes happening in the health insurance industry and how those changes are - or soon will be - affecting doctors' financial bottom line. Below are a few highlights … [Read more...]