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...]

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...]

Embrace Change And Transform Your Medical Practice

In medicine, spontaneous change isn't encouraged. And for good reason. Life is at stake. Change is only encouraged when there has been plenty of scientific evidence to support the change. When it comes to changes as it relates to the business side of medical practices, many adopt the same posture that is common on the medicine side. For example, new AAP recommendations/guidelines, treatments, screenings, clinical … [Read more...]

Big is Not Necessary Better – How a Solo Doctor is Changing Pediatric Healthcare in Her Own Way [Pediatric Practice Management AwesomeCast]

Today on the AwesomeCast, we had the pleasure to talk to Dr. Robin Warner. Dr Warner is a solo doc outside of Cleveland. Chip and I were interested in talking to Dr. Warner for several reasons. For starters, we wanted to learn about her experience as a solo doc. We also uncovered some interesting patterns that I think are great lessons for those of us that have smaller practices. Dr. Warner also shared a project she has been working on that … [Read more...]

#20 Key Performance Indicators Smart Practice Managers Measure [Pediatric Practice Management AwesomeCast]

For today's AwesomeCast, I invited my friend Paul Vanchiere from the Pediatric Management Institute. Apparently, Chip had more important things to do... Pfff. Family. So he was MIA for this recording. If you don't know about the Pediatric Management Institute, make a note to visit. Paul and his team are doing some really cool things to help pediatric practices manage their business better. Paul knows a few things about key performance … [Read more...]

#18 Is the Independent Physician a Dinosaur? [Pediatric Practice Management AwesomeCast]

Not too long ago, you couldn't avoid reading in the media about how the independent doctors  were becoming extinct. Pundits and experts in the field stressed that if independent doctors, those that own their own practice, didn't join, sell, merge or retire all together, they were going to walk the same path as travel agents, video stores and mom-and-pop own book stores. I've subscribed to a different thought. I'm crazy enough to believe … [Read more...]

You Can Take Away Our Lives, But You Will Never Take Away Our Freedom

My co-host on the Pediatric Practice Management AwesomeCast, is working a project that I think many that read this blog will find interesting.  I'll let you read it directly from Chip's original post: Over the past couple of days, I've been working with some friends on a concept publication entitled "Independent Pediatrics." The idea is to share the myriad stories of what it's like to practice pediatrics independently - the challenges, the … [Read more...]

Do Your Patients Expect Something for Nothing?

I would say yes. However, I would submit that the reason our patient's expect something for nothing is our fault, not theirs. The truth is, we've given away so much over the years. And now that we want to charge for things (that have always cost us) like forms, after hour phone calls, and other things, people think we are now wanting to collect for things that they were lead to believe had no value. Not to mention they often think we are … [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...]