Improve Cash Flow In Your Practice

Money Saving Tips

Improve cash flow in your practiceNeed to improve cash flow in your practice?  You’re not alone.  Every practice manager would like that feather in their cap.  Most already run a tight ship, so how do they improve cash flow in your practice?

1.  Your website – believe it or not, this is your BEST marketing tool.  It is worth it to manage and maintain it (if you can) or hire an outside source to help you get the most optimization out of your site.  You want to make sure it is updated regularly so people come back, and you want to post good, educational articles.  Become the authority on your speciality!

2.  Negotiate – It never hurts to negotiate with a vendor.  In reality, they expect it.  What can they say?  “No”?  So you can you. 🙂

3.  Delegate to the right staff – Look within your staff for specific talents.  You would be shocked at what you can find.  You may have someone who dabbles in graphic art, or SEO (search engine optimization).  They may have great ideas, and appreciate the chance to be creative.

The obvious ways to save money in a practice are to always evaluate staff, increase billing in some capacity, see more patients, etc.  But sometimes, it is the little things that help.  Like the website.  Some medical practices market, but some don’t.  People are using the yellow pages less frequently so the website becomes very important.  As for your vendors, even the smallest savings add up after a year.  Plus, your doing your practice a great service.  As for negotiating, some people are not wheeler and dealers.  That’s what email is for!  When contracts come up for renewal, just ask for a reduction!

Other quick ways to improve cash flow in your practice are to market yourself in the community.  There area always free vendor fairs, health fairs, etc.  You can also join your state medical society.  Networking is a great way to meet people and bring in new patients.   And lastly, take a good look at your problem areas.  Don’t be afraid to say, “I could use more efficiency in this area”.  Once you acknowledge it, you will be able to fix it, thus saving you time and money.

Again, to improve cash flow in your practice does not always mean bringing in more money the obvious ways.  Sometimes the “hidden” ways work just as well!

 

Sheryl J. Cherico, CEO Tier3MD

IT Support for Healthcre

#save money medical practice