By Nick Hernandez bio Bringing in a physician partner has many advantages: A partner may help your practice grow and become more successful; partners allow you to share the workload and to combine skills with another provider; and you can enrich your practice by having a solid teammate. However, business partners can become your greatest asset or your worst liability. … [Read more...] about Evaluating a physician partnership
Increasing profits
Upping your game as a medical office manager
Managing an efficient and profitable medical practice depends upon your ability to master a specific set of management skills, implement best practices, and maintain specific identifiable behaviors and attitudes that are proven to drive management and career success. Those skills, best practices, and attitudes are at the heart of successful medical office management and can … [Read more...] about Upping your game as a medical office manager
What are the chief business concerns of independent doctors?
Competing for patients against hospitals and health systems, which have substantial marketing budgets, topped the list of problems independent doctors face, according to a new survey out from the Association of Independent Doctors, a national nonprofit trade association. The pay gap between employed and independent doctors ranked a close second. "A variety of market forces … [Read more...] about What are the chief business concerns of independent doctors?
10 rules for getting good press and new patients along with it
To get new business, your medical practice has to be the first place the patient calls. To make the call, the patient has to know your practice's name. To know your practice's name, the patient has to see it over and over in the media. Media coverage is good free marketing, says Pam Lontos, president of Pam Lontos Consulting in Orlando. But to be of any value, it has to be … [Read more...] about 10 rules for getting good press and new patients along with it
A dozen metrics for increasing your medical practice profitability
If someone asked you how many new patients visited your medical office last month, would you know? How about how much your office spent on marketing to acquire each patient? Would your staff know these numbers? "Bottom line, if you and your staff aren't on top of the numbers game, you simply are not going to be as successful in your practice as you could be," says Nick … [Read more...] about A dozen metrics for increasing your medical practice profitability
4 best practices to help optimize your processes and increase your reimbursements
By Ranadene (Randi) K. Tapio, MBA, CMRS, CMC, Guest Contributor bio Revenue Cycle Management is multi-faceted. There may not be a right or wrong way as far as your process goes, but there are tips, tricks, and best practices that can optimize the process, and in turn, your reimbursements. After years of experience working with varying sized and specialty practices, … [Read more...] about 4 best practices to help optimize your processes and increase your reimbursements
Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
The trend of mergers between large healthcare provider organizations continued in 2018, as the average size in revenue of sellers (defined as the smaller of two organizations in a transaction) reached $409 million, according to Kaufman Hall's new report, 2018 M&A in Review: A New Healthcare Landscape Takes Shape. This is the highest figure seen since Kaufman Hall began … [Read more...] about Report: Healthcare provider mergers reshaping the landscape as size of transacting parties continues to grow
5 proven levers for improving your medical practice
Virtually any medical practice can immediately improve its revenue, cash flow, profitability, and growth, along with streamlining its operations by embracing five levers for medical practice improvement. John W. McDaniel, founder and chairman of Peak Performance Physicians LLC of New Orleans, LA, says these five levers apply to any type of healthcare business, whether it is a … [Read more...] about 5 proven levers for improving your medical practice
Get personal to get patients to pay faster
Set the expectation of payment before the patient comes in. When the office calls to confirm an appointment, whether it's a live conversation or an automated message, say, "Your co-pay is due when you check in." In other words, "bring your wallet." Some offices go so far as to refuse people who don't have the co-pay at the time of the visit. However, such a strict policy … [Read more...] about Get personal to get patients to pay faster
Make these your 2 top goals for 2019
Goal No. 1: Win the doctors' respect Everyone knows communication is key and, when it comes to managing a medical office, communicating poorly with the doctors can sabotage your ability to do your job well. Here are a few rules for communicating in a way that generates respect, establishes your credibility, and demonstrates that you can be trusted to manage their … [Read more...] about Make these your 2 top goals for 2019