(Add to Favorites | View All Articles | Resource Directory)
|
|
|
How to Increase the Cash Flow in Your Private Practice in 30 Days
If you have a busy private practice, chances are you also have pockets of cash lying around available for the plucking. It simply hasn't been collected yet, and may even have been overlooked. Here are 10 ways to increase your cash flow over the next 30 days. Collect at the Time of Service Include in your upfront discussions your expectations on payments. Establish that you are paid at the time of service. For services where payment plans are appropriate (for example, payments at key milestones), be clear from the start as to your expectations, then include them as part of your written agreement. Step-Up Your Invoicing There is really no reason to wait until the end of the month to bill, or for that matter, the end of the week. Get your invoice into the mail the day you provide the service. That includes insurance billings. Follow-Up on Late Payments Clients can get into the habit of paying late - 30, 60 or even 90 days - if they know that you will tolerate it. Outsource Delinquent Payments Payments that are overdue by 90 days are more than just "late". They are delinquent. Outsource these receivables and don't let them occur again. Follow-Up on Potential Appointments Do you have clients who "intend" to schedule an appointment but haven't called yet to do so? Perhaps they left your last meeting with a sincere intention to call back, or maybe whenever you see them they say "I've been meaning to call?" Call them now and get them on your appointment schedule. Finish the Project or Service Sometimes, all that's between you and a check is finishing the project, mailing the report, getting the signature or conducting that last routine visit so you can bill for it. Re-Visit Your Appointment Scheduling Procedures If you are one of those offices that routinely schedules the next appointment two weeks to four weeks away - why? Eliminate time lapses. If you can handle everything in one visit - and if there is no good reason for not doing so - do it. If you need to have two or more separate appointments to finish providing the service, schedule them as close together as possible. It will keep the momentum going with the project?and make your billing date sooner. Handle Appeals and Requests for Reviews Weekly Sure, these things take time and talent to handle properly, but putting them off for weeks just delays your income from a service that's already been provided. Consider Down-Payments Retainers, down-payments or other forms of upfront payments can boost your cash flow while securing a real commitment from your client to follow-through with the full service to which they have agreed. And don't forget to collect your co-pays at the time of service. Promote Your Products If you have a product that you make available to your clients, don't keep it a secret. Display it, talk about it, recommend it and, where appropriate, use or demonstrate its use during the visit. This goes for everything from dental care kits to nutritional supplements, to office supplies, special workbooks, kits, tools, books, forms or any other product that you sell. Tighten Your Financial Policies Use these ways to increase your cash flow, and while you are at it, go ahead and tighten your financial policies so that these things become the norm. Pockets of cash lying around don't add to your bottom line. You have to pick them up in order to count them in?or to spend them. For more articles like this on Marketing and Business Development for your private practice, visit the Private Practice Marketing Roundtable at http://www.PrivatePracticeMarketingRoundtable.com. About the Author Dianne E. Dawson, M.A., has worked with business owners worldwide to develop and implement strategies to bring in new clients and to increase business profitability. She works with self-employed professionals who believe that their private practice has reached a plateau - it's stuck! - and what they really want is to make their business "top of mind" and achieve greater profits and financial reward. She can be reached at http://www.PrivatePracticeMarketingRoundtable.com. You may download free Marketing Strategy Tools to grow your business when you visit the Private Practice Marketing Roundtable.
MORE RESOURCES: News provided by Yahoo! News and Google News What do Google's privacy policy changes mean to your small biz? - Crain's Chicago Business (blog) Business calendar More Than Half of Canadian Small Business Owners Cite Dealing With Taxes as an Area of Significant Weakness in ... Wilmington council considers small biz help along with ballpark - WWAY NewsChannel 3 Oh baby! Small biz scores huge Angry Birds deal - CNN 5 tax tips for small biz - El Paso Inc. Video: Are small business credit cards worth it? |
|
|
|
RELATED ARTICLES
Expanding your business. Are you a small business owner who wants to expand your business? Do you need to add another professional location to your company to test and explore a new market? Does a prospect of spending thousands of dollars to find a right location, sign a new long term office lease, purchase or lease office equipment and hire new employees holding you back?Virtual office center may be the answer for you! The concept of virtual office is not new but with advancements in latest internet/communication technologies, the idea of virtual office has become far more appealing for a wide range of businesses. The reason for that is a marriage between computers, internet and telephone systems. What to look for when seeking a Virtual Assistant Articles abound advising the business community how to properly screen when looking for a Virtual Assistant (VA). Unfortunately, some of the advice may lead you astray, as it often ignores the fact that VAs are not employees but independent contractors providing professional business to business (B2B) services. Simple Business Tactics Are Your Key To Success In a world full of complications sometimes we overlook the simple things in life. We are so busy trying to work out our twisted problems that we miss out on the simple secrets to success. Joint Venture Your Way to Extraordinary Sales! You know what makes me really happy? Drinking a Starbucks latte while doing my grocery shopping at Safeway. Getting my Godiva fix at Barnes & Noble. Creative Metrification - A Technique to Improve Some things in business are relatively easy to measure - these are the "hard" metrics such as sales volume and profit, production per man-hour, time without an accident, shipments without error, number of customers served, on-time delivery, etc. Other, "soft" metrics, are more difficult to quantify, but with a little creativity, measurement can be made of just about anything. Your Business and the Story of a Tree; Part One This morning, I went to take a short walk outside. I've been feeling a little more flexible since this weekend, and I figured a stroll would help me keep that liquid feeling in my bones that I've missed so much. The unpleasant task of firing someone Here are a few tips on how to hand out pink slips when it comes time to terminate an employee.As a small business owner with employees, you will likely find it necessary one day to terminate an underperforming employee - if you haven't already. In Home Daycare Businesses for Profit To have one of the popular in home daycare businesses. Many people think all you have to do is love kids and have a home. We Know Who THEY Are Am I the only one that does not have an "A" button on my computer? I have looked on the keyboard, monitor and hard drive I can not find that darn thing anywhere. Nobody will tell me where it is. Reverse Merger: Have They Taken the Reverse out of Reverse Merger? Are the promoters and consultants destroying the market for Reverse Merger? First lets take a look at reverse merger. In a Reverse Merger, an operating private company merges with a public company that has little or no assets, nor know liabilities (the "shell"). Financial Dose for Business The goals of businesses have undergone much evolution from the times when entrepreneurs were content with anything that they received above the capital invested. Businesses now want to expand their reach globally, riding on the wave of technology. Boat Detailers; Add-on Products and Services As a Boat Detailing Specialist, you may want to offer services such as making sure your clients' boat's batteries are charged and offering to charge them or test the boat before they arrive for their departure. This is an easy service to provide and will keep you on the top of the boat owners list of reputable and reliable service companies. Increase the Wealth in Your Community Many of us have noticed how some nearby communities seem to be "wealthier" than other nearby communities. They seem to have more shopping markets, more restaurants, more choices; items often cost more in these communities than they do in surrounding areas, yet the affluence remains where the prices are high; people are drawn to these communities, bringing even more resources and more wealth. How to Write a Credit Policy for Your Business The book, "Become the Squeaky Wheel," by New Hampshire author Michelle Dunn, says the different ways people use and extend credit makes or breaks your credit policy and bottom line, which could result in less or more sales and money for your business."Business owners all have different types of businesses but can all extend credit," explains Michelle Dunn. Taking the mystery out of Small Business Software The start of a new year is a time for a clean start. Resolutions are made, you clear your files of last year's paperwork, and you swear you are going to start the year off keeping your financial house in order. Creating a Paperless Office When working from home, it is usual to find that you have your office in an area that is not very big, such as a box room or even in the corner of the kitchen. When your business really takes off, you will begin to discover that your work area starts to get swamped by paperwork and that you are running out of storage space. Boston Market; Mobile Auto Detailing Boston itself covers 50 square miles of concrete and traffic, well city limits actually exactly 46 square miles, the entire metro area can be and is often over stated at 1100 square miles, but more realistically about 380 in our humble opinion. And you know some of that is water. Is Your Business Making Money? Is your business making money? Would you know?Figuring out whether your business is actually making money is no easy task. Most small business owners have a pretty good idea of what their top line is (their revenues), but unless they're closely tracking and inputting all of their expenses, the bottom line can often come as a complete surprise. Becoming Recession Proof A lot of business owners I've spoken with lately have commented how their business is slow because of "the recession." If you are one of these people, you might want to reconsider your position. Cashing In Your Chips & Pastures New No, I'm not talking about gambling or dairy cows - although business is often referred to as a gamble, I'm referring to your exit strategy. That time when you decide to 'play no more' and go off and practise your golf swing.
|
| Home | Site Map | Privacy Statement | More Articles |
| © 2006 |