The financial stability of any practice starts with the UCR (usual and customary) fee schedule. All too often, we neglect to review and update our fees each year. Problems arise when our expenses go up each year due to inflation and our fees stay the same.
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October is National Women’s Small Business Month. “National Women’s Small Business Month is a time to recognize and applaud the talented, dedicated, and driven women whose entrepreneurial spirit helps drive our nation’s economy forward,” said Carla Harris, Chair of the National Women’s Business Council. This is an opportunity for us to recognize and celebrate the hard work of women in our profession.
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Employee recruitment and retention are vital for any business. The turmoil caused by the coronavirus could make this even more critical. Businesses are attempting to rebound after a period of closing or dormancy but are facing openings and other staffing issues.
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Most patients come into our offices with recent injuries, or not so recent, which have finally become unbearable. Often, we are the last stop before surgery. Truthfully, the patients who need us most are the ones in our communities who are the healthiest. Athletes can rely on chiropractic physicians to reach peak performance levels and minimize the stresses that sports and training can put on their bodies. This is especially important for youth athletes, with seasons lasting longer and training becoming more competitive.
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Current wisdom in the world of business suggests that companies can benefit greatly from developing a strengths-based company culture. What’s that? It means having your employees do the work that suits their strengths and hiring people with the strengths needed for their roles. This thought raises a serious question for your practice. In the name of capitalizing on your team’s strengths, should you be outsourcing compliance?
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Benjamin Franklin said, “The only things of certainty are death and taxes,” neither of which we look forward to. No one likes to talk or think about their taxes; however, hiding under our proverbial blankets until April 15, and hoping for the best, is a sure-fire way to pay more and keep less. Like many of us, I employ an accounting firm to be sure that I am not paying more than I should. But what I have found is that while many accountants are great accountants, they are not always great tax strategists.
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Often, when we think about reviewing Accounts Receivable reports, we overlook the liability of credit balances. We tend to focus most of our attention on commercial payers and accounts that are over 60-90 days past due, but ignore balances with a credit that, unfortunately, can leave your practice open to numerous business and financial risks.
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You look over at your computer screen to access the patient’s chart, and you’re greeted with a demand for payment before you can regain access. It says you either pay the ransom immediately or your entire computer network will be locked down to the point of being unusable. What do you do? Read this article to learn more!
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