Every New Year brings with it a new beginning. 2008 was a year that will be remembered for everyone in the United States. It was a year that surprised us all regardless of our economic status or political party. We all watched history be made not only in the financial markets but in the political arena. The one thing that everyone in the country agrees with regardless of your political views is that businesses across the board will have to look at doing business differently in 2009. Medical Practices are no exception.
Where you should begin? 1. Patient Experience: Have your staff remind the patient of the New Year which means new deductibles for most insurance plans. The staff should be informative and helpful to your patients. Helping a frustrated patient with insurance makes your office stand out. 2. Patient Scheduling: This is a hot button for Doctors and patients. Everyones time is valuable in todays hectic lifestyles. When people are sick they need to see their doctor as quickly as possible. Statistics tell us that if it takes weeks for patients to see their doctor, the cancellations and no shows go up in the practice which ultimately affects the cash flow and efficiency in the practice. 3. Budget: A budget keeps you on track and this is an important time to manage all aspects of the money you are spending. A budget will keep your practice more efficient and profitable through the ups and downs of the economy. In 2009 it will be important to closely watch your budget and allocate your spending wisely. What can you do that will enhance your patient experience that will make the difference in 2009? 4. CPA/Trusted Advisor: This is one of the most important people for your practice. Now is not the time to just gather your information and send it to your CPA. Spend time to talk to your CPA/Trusted Advisor and see what improvements they feel you can make to your practice. What possible tax savings can you take advantage of this year? 5. Cash Flow: Doctors accounts receivables are the ultimate bottom line of the practice. There are many aspects that affect your accounts receivables: insurance companies, technology, billing, proper coding, and the people in charge of your accounts receivables. There are many questions to ask yourself regarding your cash flow. If a part of your billing cycle is not working or is mediocre then it is time for a change. Change is the theme for our country in 2009 and every business owner and Fortune 500 companies will have to take a look at every aspect of their business practices. All employees from minimum wage to six figure salaries will have to be better because mediocre will not be okay this year. What changes will you make this year?
