Today's slowing economy is leading many physicians to put the brakes on spending.
Today’s slowing economy is leading many physicians to put the brakes on spending. But such a reaction may not in fact be the best solution for easing economic pressures. Rather, it’s an opportune time to get creative and explore ways to increase revenue and profits for your practice.
Start by taking a critical look at how well you manage a “typical” day at the office. Too often, I see inefficiencies and poor scheduling patterns that compromise revenue. Think about it: If you saw just one additional patient per day you would sweeten the revenue pie without adding to your expenses. Conversely, no-shows cost you plenty.
Here are a few pointers to consider that can lead to improved profits:
Practice economics is a big picture issue, so don’t get radical and put a freeze on expenses until you’ve considered these simple steps to increase revenue and improve efficiency. Seek opportunities that support your practice’s mission, enrich the services you offer, and lead the way to a more secure future. It’s your practice -- protect it!
Judy Capko is a healthcare consultant with more than 20 years experience. She is the author of “Secrets of the Best Run Practice” and “Take Back Time.” Her focus is practice operations, staffing, finance and marketing. Judy is a national lecturer, presenting at many executive management and physician specialty conferences. She is based in Thousand Oaks, Calif. She can be reached at (805) 499 9203 or through e-mail at judy@capko.com.
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