How Many Miles Before Your Pediatric Practice Runs Out Of Gasoline?

My Grandfather shared with me once that back in the day (in the 1950s), he and his buddies would drive around town until the empty light on the car's dashboard lit up. Once the light was on, they'd reset the car's odometer and drive until the car would run out of gas. The purpose? The purpose of the exercise was to know with certainty how far their cars could take them once the gauge indicated empty. As it turns out, gasoline … [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...]

Increase Your Medical Practice’s Bottom Line In One Easy Step

A few months before we opened the practice, we picked up a flyer inviting doctors, billing and coding staffers to attend a coding seminar in town.  It looked like something we ought to go considering we were about to open our very own private practice and had zero billing and coding knowledge. About one minute into the lecture, I was lost. I had no idea what they were talking about. I was merely a marketing guy and had no idea about managing a … [Read more...]

Increase Your Medical Practice's Bottom Line In One Easy Step

A few months before we opened the practice, we picked up a flyer inviting doctors, billing and coding staffers to attend a coding seminar in town.  It looked like something we ought to go considering we were about to open our very own private practice and had zero billing and coding knowledge. About one minute into the lecture, I was lost. I had no idea what they were talking about. I was merely a marketing guy and had no idea about managing a … [Read more...]

How To Implement A Credit Card On File Program For Your Medical Practice

My friend Mary Pat Whaley from Managementmypractice.com recently published a FREE 30-minute webinar where she introduces the concept of Credit Card on File exclusively for PediatricInc subscribers. How cool is that?  Actually, that is partially true. The webinar is in fact free. But it is not only for PediatricInc subscribers. It is available for everyone! (I got carried away). Even though this is only a 30-minute webinar, Mary Pat … [Read more...]

Brandon, What Is Your Policy On Keeping Credit Numbers on File? [Pediatric Practice Management AwesomeCast]

I continue to get a lot of questions about our practice's policy of collecting credit information from all of our patients. So Chip and I thought we'd dig into what is a recognized growing trend. In this episode, I describe my thoughts going into this decision, some of my concerns, and why we decided to collect them. Chip also asked me how do we go about collecting cards, how did I/we present the idea to parents, where I store the cards and … [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...]

#10 Pediatric Compensation Models [Practice Management VideoCast]

http://youtu.be/BbB-PqE-6LI In an amazing feat of timely discussion, Chip cover the topic of compensation models in pediatric practices. It's not just about the pay, it's about the management duties, performance measures, and dissatisfaction that many practices feel with their present methods of paying themselves. We reference many real-life examples and data from a survey of 100s of pediatricians. Chip will be covering this topic at … [Read more...]

#6 Learning Steps to Budget for Your Medical Practice [Practice Management VideoCast]

In this episode, Chip and I have our first guest. Paul Vanchiere was kind enough to sit down with us to talk about budgeting. Why budgeting? Well, I suspect that this is an area where many practice don't excel. If you are part of a larger group, the likelihood you have a sound budgeting process that is sophisticated. But for those in smaller offices, not so much. Paul is a great guest because he has been worked in many different healthcare … [Read more...]