Issue link: https://viewer.e-digitaledition.com/i/1108468
A Recap of Ideas for a BY JIM RICE, CPA OVER THE L A ST FE W MONTHS, THERE HA S BEEN A NOTICE ABLE INCRE A SE IN ARTICLES IN VARIOUS MEDICAL MAGA ZINES ABOUT HOW TO MAKE OUR PHYSICIANS' PR ACTICES MORE PROFITABLE. THE INCRE A SE IN E XPENSES AND STAGNANT-TO-DECLINING RE VENUES CONTINUE TO HIT OUR MEDICAL PR ACTICES HARD. A S A CPA WHO WORKS WITH SE VER AL MEDICAL PR ACTICES, I RE AD THESE ARTICLES WITH GRE AT INTEREST. BELOW, I H AV E REC A PPED S OME O F T H E ideas about ways to ma ke a medical practice more profitable. I have not listed these ideas in any particular order or importance, as each medical practice is unique in its services, patients and personnel. 1. REVIEW THE PRACTICE'S EXPENSES REGULARLY TO CUT COSTS AS POSSIBLE, AND COMPARE EXPENSES TO PRIOR COMPARABLE TIME PERIODS AND INDUSTRY STANDARDS. Make sure the expense comparisons are detailed enough to understand the vari- ous types of expenses. If not in a group purchasing organization, check with the state medical association and the local chapter for recommendations. Consider a professional employment organization to bundle various payroll services and gain access to less expensive hea lth insurance and other employer-provided benefits. Approach the banks, phone companies and credit card processors for reduced fees. A word of caution in attempting to cut expenses — cuts can often lead to reduced employee morale and productivity. Employee turnover causes a n i ncrement a l i ncrea se i n expenses. But quickly terminate poor- performing employees and always hire the best. More Profitable Medical Practice 1 4 1 4❱❱❱❱❱ A C C O U N T I N G