Expert Advise: How To Chose The Right Location For Your Practice

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When it comes to opening your own pediatric practice, you don’t have to be a seasoned business person to know that location matters. But knowing location matters is one thing. Deciding  which location is the best choice for a practice is  another matter. Common sense tells us to not open a practice in an area that is saturated with pediatricians, but how do you define saturated? Is 1 or 5 or 20 competing offices too much? What if there … [Read more...]

How Many Miles Before Your Pediatric Practice Runs Out Of Gasoline?

Practice Fuel

My Grandfather shared with me once that back in the day (in the 1950s), he and his buddies would drive around town until the empty light on the car's dashboard lit up. Once the light was on, they'd reset the car's odometer and drive until the car would run out of gas. The purpose? The purpose of the exercise was to know with certainty how far their cars could take them once the gauge indicated empty. As it turns out, gasoline … [Read more...]

Why Your Practice Is Having A Hard Time Making Ends Meet

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The front desk representative handed me a stack of forms to fill-out as soon as I announced I had an appointment with the specialist. It was the beginning of the year. Everything had to be updated. We all know the drill. While the front desk clerk was making copies of my insurance card (why do we still make copies?), I reached into my pocket to pull out the money to pay for the copay. When she got back to her chair I extended my hand with … [Read more...]

What Is The Best Way To Calculate Insurance A/R Days?

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Account receivables turn around time or A/R days (as it is commonly known as well) is the time an insurance claim takes from the moment the practice submits it, to the moment it gets paid. In other words, A/R turn around time is the indicator that measures how fast a health insurance company is paying you. Recently, the topic of how to calculate this key indicator came up on SOAPM. Chip Hart - my Pediatric Practice Management AwesomeCast … [Read more...]

What Good Is A Broke Doctor?

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I was invited a few years back to give a talk on vaccine management. The audience was mainly adult doctors from various specialties. My assignment was to pull back the curtain on how our pediatric practice managed vaccines. In preparation for the talk I spoke to several family practice and internal med practice managers to understand what were the obstacles that steered their practices away from giving vaccines. The practice managers I … [Read more...]

Customer Service Axioms For Your Pediatric Practice

Have you noticed that everybody knows how to deliver exceptional customer service, except those that actually do? We're all customer service connoisseurs. We all can recognize excellent service. And we are even better at pointing out bad service. But when it comes time to execute, most fail. I think that the reason customer service is hard to execute, is not because we don't know how to, but because we easily forget. We often get wrapped up in … [Read more...]

Does Your Practice Management Toolbox Have This Essential Tool?

One day a staffer asked if me I could buy envelopes that have windows on them to send our, we seemed to have missed your payment letter. You know the kind that display the address from inside the envelop. "What's wrong with the ones we have?" I asked. "Nothing. It's just that there are a lot of them and handwriting the addresses on the envelopes we have is time-consuming." “Why do we have so many delinquent letters going out?” I digged. “We … [Read more...]

Want To Be An Awesome Practice Manager? Learn How To Calculate This Key Performance Indicator

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Revenue per encounter is an excellent barometer of your practice's financial health. There are many things that influence the revenue per encounter and consequently allow you to see the impact of things such as: Are your claims being processed timely? Are your claims being paid properly? Are you being paid fairly? Is your payor mix excellent, fair or poor? Are you following proper CPT coding guidelines? To determine your practice's … [Read more...]

Extra, Extra – Now Offering Coaching Services

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People always ask me if I do practice management consulting.There was a time when I did. But for the past two or so years, I’ve responded by saying no. I enjoy consulting and love to do it, but I had to stop because of the time commitment. Recently, I was talking with a loyal reader of PediatricInc about this very topic and she suggested I do remote coaching. My friend, who owns her practice, explained that she doesn't necessarily need a … [Read more...]

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