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...]

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...]

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...]

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...]

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...]

5 Sure Ways To Accomplish Little

Trust me on this one. Follow these five tips and I can ensure you will have a harder time managing your medical practice. Money back guarantee! 1 - DONT WRITE GOALS DOWN It's far better to think about your goals on the drive to work in the morning and then forget them two days letter. Who wants to keep track of stressful things anyway? Besides, you'll only be disappointed 6-months from now when you discover you've only accomplished 4 out of … [Read more...]

10 Signs You Are An Over Stressed Medical Practice Administrator

I ran across this list a long time ago. So long ago, that I don't remember where I found it.  I can't take credit for all of them, but some are originals. Feel free to add your own. Enjoy! 1. You haven't booked your vacation yet because you are waiting to fill out a prior-authorization form. 2. You insist on setting an example so you schedule time with your friends and family in 10 - 15 min increments depending on the reason for the … [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...]

Extra, Extra – Now Offering Coaching Services

People always ask me if I do practice management consulting.There was a time when I did. But for the past two or so years, I’ve responded by saying no. I enjoy consulting and love to do it, but I had to stop because of the time commitment. Recently, I was talking with a loyal reader of PediatricInc about this very topic and she suggested I do remote coaching. My friend, who owns her practice, explained that she doesn't necessarily need a … [Read more...]