Financial Management Archives - Nurse Practitioners in Business

Female provider sitting at a desk, seemingly explaining something to a female patient as she points to text on a piece of paper.

How to Improve Practice Collections Without Damaging Trust

Higher deductibles, larger copays, and more co-insurance mean patients are now responsible for a much bigger share of their care than they were even a few years ago (… if there is coverage at all).
What used to be collected from insurance is now sitting in your accounts receivable, waiting to be collected from your patients.

Billing, collections, Patient Responsibility, Trust

Image of piggy bank surrounded by paper money

Money Beliefs: They Can Make or Break A Practice

Whether we realize it or not, the stories we tell ourselves about money influence everything we do in life.

Finances, financial statement, Money Beliefs

partial view of balance sheet and financial analysis report

Key Financial Terms Every NP Must Understand

Even though you are a Nurse Practitioner in your own practice, you didn’t go into healthcare because you love spreadsheets, financial statements, or business jargon. You got into healthcare to help people, to make a difference. But once you operate your own practice, you quickly learn that business jargon and finances are no longer optional. Read More

AR, Cash Flow, profit, Revenue

Image of torn medical billing statement with bright red letters across it: "Past Due"

What To Do When Patients Don’t Pay

Money can be a touchy subject, especially for people in the helping professions, such as you and your fellow NPs. The topic of money tends to be particularly challenging for new practices and providers. You’re just starting your practice, and you’re eager to build your business. Sometimes, you spend more time with your patients than Read More

Billing, co-insurance, co-pay, collections, Deductibles, Insurance, non-payment, Patient Responsibililty

A jar with money in it and the sign "Emergency Fund

Building an Emergency Fund for Your Practice

Building an emergency fund may take time. However, it is a crucial step in ensuring financial stability and resilience during tough times.

Emergencies, emergency fund, practice management

How to Reduce Staffing Costs in Your NP Practice

Across most industries, employee-related expenses are at the top of the list. Exploring
how to reduce them without compromising the quality of the service or treating employees unfairly makes sense.

business expenses, Employees, Staffing, variable costs