If you are billing third-party payers, chances are you’ve run into a glitch or two. Creating better billing habits just might help you breathe easier. Very few of us would say our processes cannot be improved. And judging from some of the NPs I’ve spoken to, and the questions I’ve received, the billing process is …
Quitting your job can be uncomfortable… more so when you’re leaving to start your own practice. While you’re ready to move on, your employer may not share your enthusiasm. Some feel resentful, while others become “unpleasant” to work with. After all, they’ve invested time and money in you. They may fear losing patients, particularly if …
A common concern when starting a practice is where will you get the money, and how will you fund this practice. There are many ways to approach funding your business. For example, a few funding options you might use include: Personal Savings Personal loans Commercial Loans Selling a home or obtaining a home equity line …
Starting a practice is not an easy thing to do, nor is it a linear process. There are several moving parts, Many things are happening all at once and they are often interdependent on one another. That’s where a framework comes in. In this episode of the NP Business Matters Podcast (#58), I talk about …
There are 6 habits that practice owners have, often for the sake of time, that will hurt their practices. It’s widely known that most businesses fail because of poor cash flow. These 6 habits directly contribute to negatively impacting your practices’ financial health. Habit: Failure to verify If your practice accepts insurance coverage, you must …
Business structures sometimes confuse new business owners, including nurse practitioners. Here are some considerations and things to avoid. There are multiple business structures one can choose from, depending on your state and their requirements. In this episode of the podcast and video, I give an overview on the following, plus tell you which of them …
Cost per patient and payer mix are among the top numbers you need to track when we talk about knowing your numbers. It can make the difference between a practice that is financially solvent and one that is struggling. When I asked a group of NPs, they did not know the answer. It does not …