Q What can I do to bring more money into my practice? A Bringing more money into a practice usually means One Of tWO things, possibly both: increasing the number of patients or increasing reimbursement per visit. If bringing in more patients is the answer, then new marketing programs would be effective. There are marketing programs out there anywhere from $50 to $3,000. There is a marketing program out there that uses the Internet search engines to bring you more patients, which ranges from $50.00 to $200.00 per month. There are also many companies out there that are willing to take you on a small term contract, just remember that when taking on a new vendor negotiate terms on every level. When talking to marketing companies, we feel that they are really quick to try and sell us something. Did you know that there are many companies out there that will do a complimentary marketing analysis? It is always helpful to see your practice through somebody else's eyes. Allow yourself to get a free marketing analysis and ask what else the company offers. Reimbursement per visit is usually not the same for every practice. It is important to understand the patients' diagnosis' and symptomology while keeping in mind what other services they may need. At the same time, it is important to keep in mind the payer mix that your practice has. There are some questions to ask yourself in order to determine what would enhance revenue for your office. Ask yourself how many types of products and services you send out to other doctors. Are there any of those things that can remain in house? There are a few things that you need to know: • How many patient visits you are doing a week. . • Insurance Plan that your patients are on (to make sure you are able to get on those plans). • Have you surveyed your patients to see if they would be able to utilize the services of an MD? Q I'm thinking of bringing an MD into my office. What are some things that I need to know before doing this? A Be aware of your cash flow. Be prepared to set up a budget, get information and do a cross analysis of how much a doctor is going to cost you. Know the hourly rate for a doctor and include the cost of malpractice insurance, and understand that the doctor will not be paying for him/herself for at least 90 to 120 days. Dr. Larry Goodman is a chiropractor who has been doing consulting and practice management for 15 years. Lisa Goldberg is the executive director of Physicians Choice Concierge (PCC), a company specializing in revenue enhancement. If you have a question you 'dlike Lisa andLany to answer in an upcoming issue, email [email protected] or call 1-888-369-2224A
