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 …
Three Critical Things You Must Consider Before Getting Into Business!
If you’ve been thinking about starting a business, there are three fundamental things to consider before making any decisions. These three considerations apply regardless if you want to start a clinical or non-clinical business. And… they hold true no matter if your new venture is full-time or part-time. Starting a business doesn’t come with any …
Why You Need To Know The Four Numbers That Matter Most In Your Business, Part 2
We talked about revenue and expenses last week. Did you get a chance to look at the numbers for your practice? Was there room for adjusting one or the other, or perhaps both? What would you have to do to increase your revenue, decrease your expenses, or perhaps a combination of the two? If you …
How do I Choose a Niche for my Business?
A reader recently asked us, how do I choose a niche. I think this is a great question because every business – both clinical and non-clinical – needs a niche. This topic also came up at the recent NP Business Boot Camp (get on the waiting list for the next boot camp here) as well, so let’s …
Ask Yourself These Questions Before You Start A Business
Starting a business is high on the list of goals for many nurses and nurse practitioners. Many of us want to start a clinically related business, and others do not. Regardless of what type of business you want to start, there are specific considerations you’ll want to understand before you move forward. Take a look …
7 reasons NOT to Start a Healthcare Practice
While Nurse Practitioners can and do make great business owners, not everyone is cut out to start, own or operate their own healthcare practice. Here are 7 reasons why you may NOT want to start your own practice (at least not right away): 1. You are risk adverse. You need and want a guarantee that …
Will You Be in Business After October 1, 2014?
Many small practices are expected to go out of business with the changes in ICD10. Why? October 1, 2014 ushers in the largest change many of us have seen in medical billing and coding as the US adopts ICD10. The changes are sweeping. According to the CDC, there are almost 19 times as many procedure …