• Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

Be Proactive Now to Survive in this Economy

Article

In this unprecedented economic environment, you have to make critical decisions and changes to keep your practice healthy. Your patients will always need you. Can you be there for them? How can you continue to provide your current level of care?

In this unprecedented economic environment, you have to make critical decisions and changes to keep your practice healthy. Your patients will always need you. Can you be there for them? How can you continue to provide your current level of care?

It is almost impossible to understand the economic news. Where do you start to cope with this?

This is what I am doing with my clients. First, decide what you can control. How can you reduce your costs without damaging your practice? How can you retain and increase your income?

Examine your expenses. Determine which costs to eliminate, reduce or leave untouched. Review your insurance coverage. Is it too much, too little, or redundant? Are you covered for what you think you are?

How about your employees? Review their duties, hours, benefits and number. Are you overstaffed?

Do you use outside services? Should you keep them or discontinue them? Should you increase them and reduce your staff? Do you have service contracts? Are they protective? Should you cancel, reduce or continue?

Evaluate your income. Decide how to retain and build referral sources. Who do you reinforce with, reestablish with, or seek as new referrers?

Are your managed care contracts profitable? Should you disenroll, renegotiate, or limit the number you participate in?

Lesson: When facing uncharted waters, don’t plot your course alone. Get expert advice to define the basics of what you need to do to reach your goal. Decide, then row, row, row.

Related Videos
Victor J. Dzau, MD, gives expert advice
Victor J. Dzau, MD, gives expert advice
© 2023 MJH Life Sciences

All rights reserved.