As a healthcare professional, the decision to add a new service to your practice is certainly something you should weigh fully. You should consider assessing patient needs, analyzing competition, and ensuring financial viability. If you’re thinking of such a move, here are a few things to consider as you navigate the pros and cons. Patient […]
Deciding If Adding A New Service Is A Good Idea Read More »
Are you nearing retirement age? If you’re like most doctor and dental practice owners, you’ve been consistently saving for retirement for years now. This means you have options when it comes to maximizing your Social Security benefits. You can start receiving Social Security benefits at age 62; however, delaying benefits can result in a higher
When Is A Good Time to Take Social Security? Read More »
Positive cash flow is the lifeblood of any business. In medical and dental practices that often means efficient and timely collection of payment both from insurance companies and patients. While everyone will agree, that doesn’t mean that all practices can get it done. We work with most of our clients on setting up a system
5 Tips to Increase Collections In Your Medical or Dental Practice Read More »
Are you looking for college savings strategies? Whether you just started a family or already have a growing clan, it’s important to take a proactive approach to saving for college. College tuition inflation averaged 12% each year from 2010 to 2022, with these trends expected to continue over the next few decades. Saving for your
Options For Saving For College Read More »
Medical and dental professionals who own their practice are faced with many questions about the best way to conduct business. One of the more common areas of concern is whether or not collecting patient responsibility, or copays and deductibles, is most appropriate at the scheduled appointment or after. Let’s take a closer look at understanding
Collecting the Patient’s Responsibility – At the Appointment or After? Read More »
As the owner of a dental or medical practice, your main focus is on providing your patients with the best care possible. However, in order to keep your practice running and the doors open, it’s important to have excellent revenue cycle management. Revenue cycle management (RCM) refers to managing and collecting payments from patients for
5 Signs that Your Revenue Cycle Management Team Is Working Well Read More »
One of the questions we field from clients is whether to have a retirement plan for the practice, and if so, which type of plan. Let’s explore the best retirement plan options for medical and dental practices. We’ll also look at other aspects of retirement planning, such as who your plan should cover and how
Retirement Plan Options For Your Practice Read More »
Whether you own a dental practice, a medical practice, or another type of office, running a healthcare practice takes time and effort. It’s hard enough providing top-notch care for your patients, let alone managing the business side. As a result, profit margins, patient turnover rate, and overhead can fall by the wayside, leading to monetary
4 KPIs Every Healthcare Practice Owner Needs to Know Read More »
If you’re like most practitioners, you entered the medical and dental field to help people and make a difference. While you spent endless hours studying and dreaming about your future practice, cash flow management probably wasn’t in the picture. Unfortunately, cash flow management determines the success of your organization, with over 60% of businesses struggling to
5 Simple Ways To Improve Medical and Dental Practice Cash Flow Read More »
