Progress Notes Issue 38: 12 Steps to Grow YOUR Practice
NP Business Tip: 12 Steps to Grow YOUR Practice You've already opened your practice, and now you are wondering what you can do to grow it. Here are some areas to focus on. They are applicable even if you are just getting started. What's the most important one...the bonus idea at the end. - Take care of yourself. It's not easy having a business/practice. You work hard. In order to keep up with the demands, it's essential you take care of YOU.
- Identify and know just who your clients are. If you know who they are, you can clearly provide services to them. Your best marketing tool is your satisfied clients.
- Stay current with your specialty. In todays world, things change quickly, and you are expected to keep up with the trends in your specialty.
Customer/Client service is paramount. There are lots of choices available to many patients today and good customer service is essential.
- Improve your financial acumen. This starts with having a clear idea of your financial health. Know where your money is coming from and where it is going. Without this information, you are essentially blind.
- Manage your cash flow! You cannot survive business without adequate cash flow. You have to know where money is coming from and where it is flowing to.
- Correct any blocks that inhibit money from coming into your practice. If you are accepting insurance, make sure claims are not being denied, and if they are, take steps to correct them. If you accept checks from patients and they bounce, or if patients are not paying...you'll need to take steps to correct this deficit. Make sure your front desk people are collecting and recording copays.
- Know where your money is going. Who is managing your money -- paying bills, making deposits and keeping the books? Always check and double check to make sure everything is correctly accounted for.
- Control inventory. Are you ordering supplies appropriately? You do not need to order supplies for the year, only a few months at a time.
- Make sound business decisions. While we practice in order to provide a service, you are still running a business. If you don't "mind your business", you will not be able to provide a service.
- Prevent loss through monitoring expiration dates on vaccines and medications you may have in your office. Monitor these things on a regular basis.
- Plan, plan, plan. You need to plan out your marketing,. You growth in terms of staff, personnel, finance and the administration of your business.
Bonus: One more thing. Learn from those who have gone before you and ask for help when you need it. More and more NPs are doing what you are doing. Gather with them. Examples are NPBO™, and our NP Business™ group on Facebook. Gather mentors around you. Take action, it does not have to be perfect, but it does have to be forward moving.NPBO™ Action Step: Write down at least three things you can begin to focus on. Where are your holes? What can you do to improve the area? Where do you need help?
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