From the category archives: PA360

Saving Money In Your Medical Practice

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.

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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. 

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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.

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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.

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Should You Get a Tri-Layered Valuation for Your Practice?

Dedicated customer service. A profitable practice. Increasing property values. While you believe you have a good idea of what your practice is worth, demonstrating that value to potential investors or buyers is not as simple as it sounds. It’s impossible to convey the emotional investment you have made in your practice, and it’s difficult to quantify intangible benefits of the customer base you have established. See if a tri-layered valuation is right for your practice!

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The Importance of Pro Forma Analysis for Your Practice

Imagine: Your dental practice is exceeding your expectations. New patients arrive every other day, and you’ve even had to hire two new hygienists to handle the workload. Expansion seems to be the logical choice, or it might be better to spend the money on new equipment so you can offer cosmetic dental procedures. How can you accurately determine the best course of action? That’s when a pro forma analysis is vital to the success of your practice.

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What You Need to Know About ROI

It is one of the most vital measurements for a practice, and the numbers can determine if it sinks or swims. While most dentists and optometrists have a solid, basic understanding of ROI, many aren’t aware of the subtleties that can transform one minor misstep into a catastrophe. Learn more about ROI and how to measure it.

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