Every medical practice should have an accountant, specifically, a certified public accountant (CPA). Your CPA should not only do your taxes each year, but also provide you with financial statements on a regular basis. I’d recommend reviewing your profit and loss statement and your balance sheet with your accountant on a monthly basis. Don’t try [...]
Greetings from Park City, Utah, where I’m spending a week in the mountains on vacation. This is a great time of year to get a break from the heat and humidity in Florida. Although I wasn’t expecting it to be in the upper 30’s when I woke up this morning, it’s certainly a pleasant change.
I’ve [...]
In this age of electronic media, print advertising in newspapers and magazines still appears to provide a very good return-on-investment for certain healthcare specialties. Affluent women still frequently read upscale magazines and since women make up a majority of the decision makers when it comes to choosing a medical or dental practice for the household, [...]
When patients call your office it’s inevitable that occasionally they have to be placed on hold. Even well-staffed healthcare practices can’t avoid this. You certainly want to minimize the occasions that you do place patients on hold, but when you do, I strongly suggest that you use an “on-hold” message in your telephone system. As [...]
All businesses, medical practices included, go through various growth stages. New medical practices in their “formative” years can experience significant growth, but often plateau before reaching the next level. This plateau is referred to as a “nexus point”.
Even mature medical practices in their “normative” years reach a plateau. This is especially true when trying to [...]
The last two years have been difficult for Americans because of the downturn in the economy. Almost every area of business has been affected – medical and dental practices included. Even many medical practices relying on insurance reimbursement have felt the decline. Many of their patients have lost their insurance through job loss or their [...]
I’m asked frequently how important Branding is to a healthcare practice. My answer is “it’s critical”. Every potential patient (and referring physician) is asking themselves a critical question that your marketing message has to answer “Why you?”. Branding helps you differentiate your practice from your competition and provides the answer(s) to the question “Why You?”.
I’m [...]