Practice Advisors 360's Articles

Securing Your Legacy: Five Things to Remember

Transitioning or selling your practice to another physician is much more than a business transaction---it’s a venture that requires extensive emotional trust. While we’ve provided extensive information before about the nuts and bolts involved in practice transition, we want to now focus on another aspect: how to protect your legacy. This will ensure that your patients equate your brand to a positive experience. Read our tips here.

Bridging the Gaps: Five Signs Your Staff Needs Extra Training

Your employees are the most important asset to your medical practice, and hiring the right employees may be the most important element of your success. Hopefully, you’ve already determined the key qualities that you want your staff to reflect, and have selected accordingly. But the medical field changes rapidly, and ensuring that your staff has the training they need can not only provide a better patient experience, but it can also improve your bottom line. Read on for help.

Five Ways a Practice Advisor Can Save You Money

It doesn’t take a rocket scientist to understand the basics of how your practice can save money. On a surface level, it’s a “no-brainer.”  A good marketing program? Check. A good collection ratio? Check. Searching for discounts on supplies? Check.  If you’re following these basic philosophies, why would you need a practice advisor? You may be surprised. Read on to see what one such professional can do to save you money.

Eight Things To Do Before You Sell Your Practice

Some of your patients have been with you from the first day you opened the doors of your medical practice, others you may  have “inherited” from a retiring physician. Whether your patients have been coming to you for years or you just met them last week, selling your practice can be an emotional experience for everyone involved-- patients, employees and yourself.  It’s a daunting proposition and emotions can cause you to overlook a few vital elements. Therefore, following are eight items to do before you sell your practice.

Buyer Beware? Five Things to Consider Before Buying a Practice

The rapidly changing world of health care and the fluctuating economy presents a myriad of challenges to physicians, whether they’ve been in the field for decades or are recent medical school graduates. Is buying a practice the right choice for you? There’s no easy answer. See our five things you should consider before buying a practice. 

The Devil is in the Details: The Importance of Using a Checklist

Organizational gurus have dedicated millions of pages and hundreds of self-help seminars to the importance of efficient checklists. But when it comes to running your medical practice, checklists are more than organizational tools—they are lifelines. There are so many facets to successful management that it is very easy to overlook the smallest detail, which can result in a disastrous, and expensive, mistake. Read our organizational tips for your practice here.

Five Insurance Policies Your Practice Must Have

While you’ve certainly paid a lot of attention to what type of health insurance you will accept from your patients, have you considered how your practice is covered? We’re not talking about what personal insurance policies you offer for your employees; we’re talking about what insurance you have to protect your medical practice itself. Is your practice implementing these “must-haves?” If not, talk to your practice advisor, attorney, or insurance representative ASAP.

Are You Ready to Buy A Practice? Take This Short Quiz

Whether you’re just starting out from medical school, or you’re taking over after a partner retires, owning a practice is a thrilling and time-consuming venture. It’s all too easy to let your excitement direct your course. Are you sure you’ve prepared for all the tiny details that can make a big difference? Take this short quiz and examine the answers to see if you’re ready to buy a medical practice!

Five Ways to Grow Your Practice

If you aren’t moving forward, your business income will plateau. Evidence suggests that by being proactive, most practices could add $6 to $9 million in revenue over a 20-year period. Once you have established your branding message, examine these five ways of growing your practice.

Three Elements of a Successful Practice Transition Plan

The last six miles of a marathon are the most difficult. No one wants to give up so close to the finish line, yet if you don’t have vital elements in place for your transition plan, you may be doing exactly that. Whether you are handing the reins of your practice over to an associate or you are purchasing a practice, it’s vital that you preserve the quality of the brand. See the three main elements of a successful transition plan.

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