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...]

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...]

Seven Reasons Why You Don’t Want To Miss This Pediatrics Practice Management Seminar

My friends at the Pediatric Practice Management Institute (PMI) have an awesome seminar that you don't want to miss. Why should you not miss it? Glad you asked. I have lucky number 7 reasons why you should not miss this seminar. 1 - YOU'LL BE AWESOMER I know awesomer is not a word. But it gets's the point across. Here is the deal, no matter how experienced you are at managing a practice, there is always something new you can learn. 2 - YOU'LL … [Read more...]

Seven Reasons Why You Don't Want To Miss This Pediatrics Practice Management Seminar

My friends at the Pediatric Practice Management Institute (PMI) have an awesome seminar that you don't want to miss. Why should you not miss it? Glad you asked. I have lucky number 7 reasons why you should not miss this seminar. 1 - YOU'LL BE AWESOMER I know awesomer is not a word. But it gets's the point across. Here is the deal, no matter how experienced you are at managing a practice, there is always something new you can learn. 2 - YOU'LL … [Read more...]

What Does A Convenient Store And A Medical Practice Have In Common? 

The answer is, Cost Accounting. Cost accounting is one of those topics that you either find fascinating (this makes you an accountant) or find it as boring as watching reruns on C-Span. If you belong to the latter group, don't worry. I got you covered. Using a convenient store as the backdrop for the narrative, my friend Paul shares in the video below, the fundamental business principle of cost accounting and how independent pediatric … [Read more...]