From the category archives: PA360

Expert Advice

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.

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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.

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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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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.

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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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Why You Need Professional Tenant Representation

For medical practices, location means much more than convenience or a nice neighborhood: It can make or break your business. A crucial piece to this puzzle is negotiating the best deal with the landlord. Practice advisors have access to professionals who will represent your best interest in negotiating a lease. See the benefits of working with a professional tenant representative.

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Should You Sell Your Dental Practice? Five Things to Consider

You've spent decades building your practice into a successful business. You've invested blood, sweat, and tears and more significant financial investment into this business. If you’re looking toward retirement, you think it's time for a return on your investment and sell your practice. Isn’t it time to reap the rewards of your efforts? Not so fast. Consider these five things before selling 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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How A Practice Advisor Can Help Your Bottom Line

While dentists, optometrists and other medical professionals can do their own research on the various aspects of starting a practice, this places them at a disadvantage: They may not be aware of the latest trends and issues within a given area, and every minute spent learning about a new resource is time that could be spent building the practice. Here's how hiring a practice advisor can help your bottom line.

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