An ounce of prevention is worth a pound of cure!
2014 is almost here. Planning for the future can seem like a daunting task – often because you are inundated with advice and information from so many companies and individuals trying to gain your business. Here are some helpful tips to help you start the year off right:
- Educate yourself on upcoming code and fee changes – not knowing if any codes you usually bill have changed can have a direct impact on your cash flow. With patient’s meeting deductibles, you don’t want to prolong or lose any reimbursement!
- Partnership planning - this is often overlooked by practices because it often doesn’t affect the business until a partner retires or passes away. According to financial planning expert Bobby Mascia agreements “Most doctors’ biggest asset is the practice that they have in place. Our job is to determine how you put a value on that and use it as your retirement fund.” Do you have agreements and plans in place with your group? Failure to plan for when you retire or if something tragic happens can be devastating for your family and your practice. Michael Guido, financial expert states “Doctors are very good at what they do but they don’t have the time or resources and energy to make their money work better for their practice.”
- Insurance – whether it’s health or liability, do you have the proper coverage you need for your practice? This is more important than how much you are paying for it!
- IT support – with the increase in EHR adoption in medical practices and the greater reliability on hardware to run the office, having proper IT support is a must. Look for a company that is proactive in maintaining your hardware, not just one that responds to a problem
Planning for your business is an investment in its immediate and long-term future. Being proactive when your practice is “healthy” will save you time, money, and aggravation. An ounce of prevention is truly worth a pound of cure!