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Spending Too Much in the Beginning

In English, we seldom differentiate between the words “need” or “want”. In fact, we interchange those words frequently. In Spanish, that is not the case. Spanish speaking natives understand that “Quiero” means I want something, like a candy bar or an $800 pair of shoes, but I don’t need it. “Necessito” means I need something like new eyeglasses or food for my family. There is a clear distinction, and it is important you understand the distinction when starting your medical practice. Perhaps the most common mistake clinics make in the first…

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Partnerships in Your Practice

I have been, and am, in many long term partnerships (some for 20 years). With this experience, I can share how things can and should be handled to keep the partnership alive and healthy. Not everyone will always agree. It’s not the content of the argument that is relevant here. There will be, and should be, points of disagreement and concern throughout the course of your business together. That is healthy and makes for a strong partnership. You want to look back ten years from now and say, “Wow! Look what we accomplished!” That will include many trials with agreements and…

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Physician Compensation Models

Physician compensation can be a complicated subject, mainly because there’s no one right way to offer a compensation package. There are numerous compensation models available, so new Medical Practice owners may feel overwhelmed with structuring their offers to physicians. Some people live with the philosophy, "If you have seen one physician compensation model, you have seen one physician compensation model." Others say, "We have three models: The one we used last year; the one we are using this year; and the one we will use next year." Compensation models include…

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Meeting Unmet Expectations: Dealing with Patient Complaints

Your Medical Practice’s success depends ultimately on one very important thing: The way you treat your customers. Perhaps, the most critical point for your success to shine comes in how you treat your customers when they make a complaint. There are a variety of reasons one of your patients may make a complaint. Maybe they’re unhappy with the cost of the visit. Maybe their prescription did not get faxed to the correct pharmacy. They may not agree with the plan of treatment they have been given. No matter what the complaint is, each complaint can be canopied under: “Unmet…

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How to Create a Legacy of Leaders in Your Business

Guiding team members is a fine balance between deciding what I am responsible for and figuring out what they are responsible for. Additionally, when I’m training company leaders, it’s important they understand what their responsibilities are and what my expectations of them are. I spend a lot of time helping, training, and developing leaders because my company will only be able to grow as big as the leadership team I develop. One of the major principles of our company is developing a legacy of leaders. Two Leadership Types that Hinder the Balance … On the far end of the spectrum…

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Changing Seasons in Marketing Your Medical Practice

For everything there is a season, and marketing your medical practice is no different. You cannot run the same marketing campaign year round and expect to get the same results. Instead, you must understand the four seasons of medical marketing. Understanding the seasons will help you know what to market and where to share your message at. Summertime Sizzle … If you want your medical practice patient volume to sizzle during the summer, you should plan on running campaigns about services or projects that can benefit your patients during this time. The good news is many of these campaigns can be…

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Tips for Negotiating Managed Care Contracts

You will sign a lot of contracts when you start your medical practice, and they all have the potential to impact your bottom line. But one type of contract will impact your incoming revenue more than most... That is why it is important for you to understand the different aspects of contracting with a managed care organization (MCO). A managed care organization is a provider-sponsored network, health maintenance organization, or healthcare plan, and your contract with the MCO will define your relationship with them. Examples of MCOs include Private Healthcare Systems (PHCS), First Health, and…

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Do You Know Your Numbers?

Whether you are a doctor, an entrepreneur, an investor, a manager, or a combination of all of these, you have one job responsibility above all others. Your ability to perform in this role will directly affect the livelihoods of all your employees, and it will affect the success of your business. For that reason alone, you should make it a priority to understand the numbers that impact your practice's bottom line. In general, owners of medical practices tend to be people who want to help others. They tend to be an entrepreneurial group with the ability to quickly learn new things, but the…

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Understanding Billing for Worker's Compensation

As an alternative to the emergency room, your medical practice facility can be a local employer’s best friend when injuries happen on the job. Unfortunately, billing Workers’ Compensation Insurance can be a headache for you if you do not gather the right information from the beginning and follow the proper steps throughout the payment process. Therefore, if you are going to add workers compensation to your occupational medicine program, you must understand how to bill the insurance. Step 1: Train Your Front Desk Staff … From the moment an injured worker shows up at your medical…

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Creating Raving Fans

Have you ever been at a sporting event and there is one raving “fan?” Most likely, it’s a parent that is expressing their excitement by cheering on the team, showing their excitement regarding different plays, but overall being a “fan” of the team. Yet, you feel their energy rubbing off on you and making you a raving “fan” too. I’m sure you’ve felt it. The same feeling and excitement that is felt can certainly be applied to the raving fans, or established patients, that continually trust your team with their medical care. Within this blog…

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