Is it a recession? A slow down? Something else? Regardless, NPs need to understand how to protect their practices and even thrive. The news is quite unsettling these days on many fronts and there is a lot of talk in healthcare about the economy and if, when, and how it will impact healthcare and healthcare Read More
It’s not uncommon that NPs approach business with the idea that they can bootstrap their business. Indeed, if you do an internet search, you’ll find tons of articles on how to bootstrap your business. Indeed, there are many companies that did their startup this way. However, it just means they did not go after investors. Read More
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 Read More
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 Read More
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 Read More
How many patients do you see on average? I’m sure you’d have the answer on the spot. Now let me ask you… What’s your percentage of A/R over 120 days? What’s your first-pass resolution rate? The number of days in A/R? That’s a bit more difficult to answer, would you agree? And that’s the reason Read More
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