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...]

Is Your Company’s Culture Hindering Your Profitability?

I come from a non-medical business world where most conversation centers around profit, revenue, budgets, marketing, sales and things like that. In the private  practice world, mentioning profit or revenue is almost prohibited as if it was a kind of taboo. I remember being a little taken aback when people in the healthcare business would talk about "profit" and they would lower their voices and look around and whisper the words "making … [Read more...]

Is Your Company's Culture Hindering Your Profitability?

I come from a non-medical business world where most conversation centers around profit, revenue, budgets, marketing, sales and things like that. In the private  practice world, mentioning profit or revenue is almost prohibited as if it was a kind of taboo. I remember being a little taken aback when people in the healthcare business would talk about "profit" and they would lower their voices and look around and whisper the words "making money" … [Read more...]

#12 How Do You Know When To Hire Your Next Physician? [Pediatric Practice Management MediaCast]

Recently, Chip and I saw a question posted on the SOAPM listserve that addressed this notion of when is it the right time to bring on a physician. We thought it was a great discussion topic so we decided to dedicate an entire episode surrounding some of things one ought to consider when bringing on a new doc. To give you a heads up, below you'll find part of the email that was submitted to the listserve. I recently interviewed a potential MD … [Read more...]

How Many Billers Should A Medical Practice Employ?

We've talked about in-house billing vs outside billing before. I even teamed up with my friend Chip Hart and devoted a full podcast to the topic. But we've never talked about billing staff ratios. How many billing staff should we have? How do we know if we are understaffed or overstaff? Should we calculate the ratio based on charges and collections or should we base it on physician count? Dr. Suzanne Berman, one of the many outstanding … [Read more...]

Has Your Medical Practice Lost Its Empathy? Here Is How To Regain It

Empathy, of course, is an important part of what we do. Right? I mean, how else could we restore health, help children reach their full potential and cure them if it is not with some sort of empathy? In my last post, I talked about how empathy was part of our practice's core values but that from time to time, we forget to have it. We start out with it, but we either get comfortable, annoyed, caught up in the day-to-day that we tend to … [Read more...]

Part I: Ditching Your EMR For a New One? Here’s How To Prepare

As many of you know, EMRs have been around for some time. Although I wouldn't go as far as to say they have matured as a product, there have been some progress in terms functionality (notice I didn't say innovation). The new word around the block is that apparently, practices are leaving their old EMR for new shinier ones. Now, some people say that moving from one EMR to another EMR is actually harder than moving from paper charts to an EMR. I … [Read more...]

Part I: Ditching Your EMR For a New One? Here's How To Prepare

As many of you know, EMRs have been around for some time. Although I wouldn't go as far as to say they have matured as a product, there have been some progress in terms functionality (notice I didn't say innovation). The new word around the block is that apparently, practices are leaving their old EMR for new shinier ones. Now, some people say that moving from one EMR to another EMR is actually harder than moving from paper charts to an EMR. I … [Read more...]