Grow and Operate your Practice

Once a practice is up and running, there is still quite a bit to keep your eyes open to and manage . Some of the most common issues NPs report have to do with mone: billing, managing funds, and getting enough patients into the practice.

Much like the previous last blog post, here are our 2023 top recommended posts and podcast episodes to help you become more successful managing and growing your practice.

This list is not exhaustive, and as before, I recommend searching the blog and scanning our podcast list for additional information. And, of course, as always, you can reach out to us.

Habits That Hurt Your Practice on NPBusiness.org

When we are busy, and our mental resources are stretched, sometimes we try shortcuts, which may become a habit. This may not be very productive nor in our best interest, and sometimes, it could turn into a financial disaster.

When you planned your business, one of the biggest tasks was to assess costs and determine the financial viablility. This is something that must be re-assessed and updated to run your practice profitably. Pay Mix and the Cost per Patient – it’s essential knowledge.

Cost Per Patient, Payer Mix
image of 4 pillars representing the "4 Ps of Marketing" Framework

There is a business myth, that all you need to do, is hang your shingle, open your doors, and the customers will come. It’s wishful thinking. With everything a practice needs to pay attention to, marketing the practice is crucial. It’s a simple equation: no patients, no money! We have a lot of content on marketing, so be sure and search.

New and established practices need to pay attention to their fee schedules annually. It’s not uncommon for an established practice to continue with the same fee schedule they established 5 years earlier when they opened. It’s essential to revisit your schedule and contracts regularly.

Of course, there are more areas NPs with an established practice can delve into, such as AR issues, billing issues, human resources, and more. I invite you to read the previous article, search the blog, or reach out to us if there is something you cannot find.

Within our NPBO™ Private Community, we have members who are at various points along the journey to owning, growing, and managing a practice. They regard the Coaching Circles and the Private Office Hours as invaluable; perhaps you will too. You can learn more here, at https://npbusiness.org/membership.

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