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Aug 17

Buy-Sell and Partnership Agreements Can Keep Things Running Smoothly

One of the more common transactions that occurs in any business is new owners buying in, while established owners are bought out. Medical practices are no exception. The existence of buy-sell agreements which spell out the terms under which these transactions will occur can make these transitions in the practice much easier.

Jul 27

Physician, Heal Thyself! Ten Steps to Help Avoid Burnout

Each and every day, physicians face unprecedented work stresses. Included are the ever demanding responsibility for their patient’s health and well-being, coupled with long working hours, sleep disruption, making life and death decisions, and navigating a complex and ever changing health care system. Facing these ever-present and unrelenting pressures can lead to “physician burnout.” This article suggests some steps that can help combat burnout, including accepting limitations, finding a niche and developing a support system.

Jun 30

Should You Rent or Purchase Your Practice Facility?

Whether they are just opening a new practice or building a current one, physicians may need to assess whether owning or renting medical office space best serves their needs and those of their colleagues, employees and patients. This article explains some pros and cons of both owning and renting, as well as provides some helpful pointers in making this important decision. A Sidebar provides an equation for determining the amount of space needed for a new or expanding practice.

May 25

Should I Implement Third-Party Billing for My Health Care Practice?

Physician practices tend to struggle frequently with the decision about whether or not they should outsource their billing processes. It can be quite the balancing act weighing the pros and cons. What is good for one practice might not work for another. This article goes over a few considerations health care practitioners should take when deliberating third-party billing.

Apr 26

What Can You do to Prevent Employee Fraud?

It is important for medical professionals to be aware of the potential for employee fraud in their practices and to ensure that their internal controls are designed to provide maximum protection. This article explains the most common types of employee fraud and lists several steps management can take to keep it from happening, such as conducting a risk assessment, separating staff duties and monitoring employee behavior.

Mar 31

The Power of Delegating: Improving Practice Efficiency

From a business perspective, spending too much time on non-medical concerns can reduce a practice’s efficiency and profits in the long run. This brief article points out that physicians need to delegate responsibilities so that they spend less time taking care of financial, recordkeeping or other functions unrelated to their medical responsibilities, and more time performing the duties of a physician.

Feb 10

Harnessing Best Practices in Claim Denial Management

Claim denials are a huge financial drain on physician practices. If nothing is done to reverse a denial, the revenue that it represents is lost to the practice. Attempts to manage and resolve the denial can cost an average of $25 to $30 per claim, according to the Medical Group Management Association (MGMA). In this blog, we take a look at some best practices you can employ to help manage claims denied by payers.

Jan 17

Always Be Closing: Internal Marketing and Tracking

Internal marketing can help retain patients and increase patient referrals. This brief article explains four tracking methods — including recording how new patients heard about the practice and coding marketing materials — that can help medical or dental practices evaluate their return on investment (ROI).

Dec 09

Getting Patients in the Door

Attracting patients is increasingly challenging for physicians. One way to getting patients in the door of a medical practice is to create a marketing plan that incorporates an understanding of the practice’s target demographic and brand identity. Using this form of marketing plan can attract patients that fit into the identity basis. This article discusses some marketing tactics for physicians and medical practices to consider. It also suggests that these efforts probably should cross several formats and platforms to be most effective.

Nov 21

Bring it On: Adding an Associate or Partner to Your Practice

A practice may consider adding an associate or partner for many reasons — from an increase in practice volume, preparing for retirement or even an eventual sale. In any case, careful consideration of the pros and cons is necessary to ensure there are no regrets down the road. This article looks at some steps to take before making this significant decision, including a thorough analysis of practice goals and how to find a good match.

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