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...]

Want To Be An Awesome Practice Manager? Learn How To Calculate This Key Performance Indicator

Revenue per encounter is an excellent barometer of your practice's financial health. There are many things that influence the revenue per encounter and consequently allow you to see the impact of things such as: Are your claims being processed timely? Are your claims being paid properly? Are you being paid fairly? Is your payor mix excellent, fair or poor? Are you following proper CPT coding guidelines? To determine your practice's … [Read more...]

Do You Struggle With Budgeting?

Budgeting is no easy task. It is cumbersome, slow, frustrating and most often wrong by the time you finish with it. Most of us are really bad at budgeting, therefore we avoid it like the plague. But we should all agree that budgeting is very important and quite frankly a must when running a business. The way that I've approached budgeting for the practice over the years is by keeping it as simple as possible. And then, once I've mastered … [Read more...]