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A recent study by the Medical Group Management Association found that 24% of medical group leaders benchmark on a monthly basis, 15% benchmark quarterly, and 41% benchmark annually. Even more surprising, a mere 15% of medical group leaders never benchmark. Do you use financial benchmarking in your medical or dental practice? Financial benchmarking unlocks crucial […]

Efficiency and profitability are positively correlated. As one metric improves, the other often follows. This means that optimizing patient flow results in more efficient and profitable practice operations.  Efficient practice operations not only lead to stronger financial outputs but can also improve patient satisfaction and reduce patient turnover. In this article, we’ll explore how you

Is your practice facing frequent patient no-shows and patient cancellations? Are you noticing changes to your bottom-line profitability? Is employee productivity decreasing? One of the not-so-fun aspects of running your own dental or medical practice is dealing with cancellations and no-shows.  Patient no-shows can be costly, especially within 24 hours prior to the appointment. This

Are you finally accomplishing your dream of opening your own medical or dental practice? As all of the pieces come together, it’s important to set yourself up for financial success from the start. This is where effective budgeting for medical and dental practice startups comes into play, helping you properly allocate resources, understand your bottom

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

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

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

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

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