Making Use of Cash Flow Projections
When you manage your medical practice’s cash flow effectively, you can better prepare your practice for both strong and weak economic times. The key to managing cash flow is the cash flow projection — a forecast of your practice’s cash receipts and expenditures. A cash flow forecast shows the anticipated flow of money entering and […]
Marketing Your Medical Practice
Your patients are becoming more responsible for paying for their healthcare costs due to High Deductible Health Plans. As a result, they are researching their options in terms of treatment and providers. Therefore, it is imperative for practices to pay attention to how they are perceived by these potential “customers”. When marketing your medical practice. […]
Importance of Budgeting for Private Medical Practices
Budgeting for Private Medical Practices As in any other business, a budget can be an important management tool for a private medical practice. A budget is a way for you to measure and keep track of both revenues and expenses. Budgeting for private medical practices helps you identify and fix any inefficiencies in your […]
Finding your medical practice’s optimal staffing level
If your practice has too few staff members, patient care may suffer and collections may slow down. If you have too many, you’ll face rising operational costs. Is there an optimal level that will allow you to operate your practice efficiently without letting your costs get out of control and creating dissatisfaction among patients? Start […]
The role of technology in value-based care
In recent years, the healthcare industry has trended to value-based care, an approach that aims to deliver higher quality care more efficiently and with better patient outcomes. This has a meaningful impact on the way patients receive care as well as how providers are paid, leading many providers to evaluate how they operate. Technology, in […]
Expanding by buying another practice: What you should know
For some time, you have thought about expanding your private medical practice. However, you haven’t taken things much further because the right opportunity hasn’t appeared. Now, a nearby practice has been put on the market and it looks like it would fit in perfectly with your plans for expansion. Before you make an offer, though, […]
Transitioning your medical practice through merger or sale of an ownership stake
Constant changes in the healthcare industry, along with an aging physician-owner population eager to ramp down heavy workloads, have caused many providers to consolidate, either through merger or sale of the practice to another group, or transitioning an ownership stake in the practice to another individual. This consolidation has taken on many forms, including: Practices […]