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...]

Are Practice Management Consultants Worth Hiring?

Chip Hart and Brandon Betancourt

This is a guest post from Chip Hart. Chip is a frequent contributor to PediatricInc and former co-host of the highly revered Pediatric Management Awesomecast. When Chip isn't protecting independent pediatric practices against evil conglomerates, naysayers, and the League of Shadows, you can find him at PCC doing... something (I've never figured out what is it that he does at PCC, exactly).  I will never forget the scene. I was the lonely … [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...]

Are Practice Management Consultants Worth Hiring?

This is a guest post from Chip Hart. Chip is a frequent contributor to PediatricInc and former co-host of the highly revered Pediatric Management Awesomecast. When Chip isn't fighting against evil conglomerates, naysayers, and the league of shadows to help protect and keep pediatric practices alive and independent, you can find him at PCC doing something (I've never figured out what is it that he does at PCC, exactly).    I will never … [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 It Worth Being A Member Of The American Academy Of Pediatrics?

I asked a newly graduated pediatrician if she was going to renew her membership with the American Academy of Pediatrics. Her response did not surprise me. She said, "...probably not. I see no point in being a member." As far as she was concerned, there wasn't an upside ( or value ) to belong to the Academy. I knew what she meant because I share her feelings. Recently I came across an email that challenged my stance regarding the value the … [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...]

4 Simple Questions That Will Make You A Better Manager To Your Employees

As humans, we have an uncanny ability to justify and explain situations in ways that benefit us.  For example... When we observe a father shouting, tugging or being overpowering towards their child, we raise an eyebrow and pass judgement on that parent’s poor parenting skills. If we lose our temper with our kids, we justify it by blaming the circumstances. We'll say, “if you knew how challenging my children are, you would understand.” In a … [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...]