Progress Notes Issue 36: Economic Challenges?
NP Business Tip: Economic Challenges? I've spoken with several NPs who are facing some economic challenges in practice right now. They are occurring for several reasons -- but the result is the same...it's making an economic impact on your practice. What is commonly being reported is NPs are seeing less people because of loss of insurance and an unwillingness or inability to pay co-pays or co-insurance. In addition, at least in my state, Medicaid has reduced reimbursement by 11.2% across the board. So how are NPs weathering this storm? And what else can be done? Here are nine ideas to get you started thinking about your own strategies. - One NP I spoke with reduced her hours to 4 days per week. Because they are seeing fewer patients, they have consolidated their appointments to just 4 days a week, thus reducing overhead. On the plus side, staff is getting a bit of a break this summer and they like that.
- Fit more people into the schedule. If you have 20 minute appointment times, consider adding a few 15 minutes sessions in. Make room to squeeze in a same day visit for a shorter visit.
- Are there people who need to be seen that are not being seen by others. As an example, since Medicaid has reduced reimbursement, very few providers in my area will see new patients who are on Medicaid (and it's a growing pool of patients).
- Utilize your down time to complete projects that have been waiting for you to have a moment. Think about your P&P, cleaning out your sample closet, working on your marketing plan.v
- Implement your marketing plan! Often we say we want to do XYZ if we just had the time. Now is the time to create the time. It's essential to consistently market.
- Discover ancillary services you can offer that may bring in additional revenue.
- Look for partners for specific programs or special offerings. Often when two or more people work together the results are far more than if you each worked individually. You'll often see this referred to as a "joint venture".
- Optimize your systems. What systems are in place to utilize your time and your staffs time more efficiently? And what can you do with this new found time to market your business, create a new arm to your business, or simply take some time off to take care of yourself.
- Take a look at your overhead. Are there things you are spending money on needlessly?
Most of all, keep breathing. What other action steps can you take to stimulate business, manage your cash flow, and be ready to continue growing? Feel free to add you comments in the forum, the Facebook page or on the NP Blog.
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