5 can’t miss financial strategies for practices

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Focus on these five things to stay ahead of the competition.

According to the Medical Economics 2021 Physician Report, only 11% of practice owners said they did better in 2020 than in 2019, while 46% said they were doing worse. The top reason listed was lost revenue and increased expenses due to COVID-19.

With patient volumes still below norms, growing competition from urgent care centers and retail clinics, and rising operating costs, experts say every dollar counts. Here are the five best financial strategies to boost a practice’s bottom line.