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Impowermed - Physicians

Strategies to Increase Your Income

We are all interested in strategies to improve our financial status that will leave us with more time to enjoy our lives. The following are some of the efficiencies I have implemented in my life that have given me that great combination.

Dr. Carolyn Anderson MD FRCSC

1) Know your numbers. Cold. Hire a great book-keeper or accountant that will provide monthly income statements and balance sheets to review with you. You always want to know where your practice sits from a profitablilty perspective. You are running a business and handle the financials as a business person would.

2) Keep tomorrow's appointment book 100% full. Have the staff fill any cancellations so you can be as productive as possible for the time you spend in the office

3) Remember financial success is measured in profit per hour, not cases per month. Efficiency levels and overhead are critical. Brainstorm with your administrative staff on ways to improve efficiencies.

4) Hire a technician to see patients before you and take medication histories, BPs or other vitals so you can focus on the patient in a more focused manner. The amount you pay a technician hourly will easily be compensated for by the great number of patients you can see per week. If you only saw one extra consult a day, that would be 20 consults a month and would significantly increase your monthly income. For some areas of medicine one extra patient per hour may be feasible when you have the help of a qualified technician.

5) Do a quick review of your billings daily. I have amazing staff but I still have yet to meet the perfect human being. People miss things. It is just a fact no matter how good they are. Five minutes at the end of each day for a quick review of the billings and cross referencing to the day sheet may save you thousands of dollars a year in missed income.

6) Live on less than 80% of your after tax income and invest the rest

7) Single handling. If you open a letter, email or article. Deal with it right then if you can Touch things only once if possible and then follow the TRAF principle. Toss - right away if you do not need it or it if junk, Review - put in a review file to look at later if it requires more time, Action - take action immediately if you can do it quickly such a respond to an email or File - but think before you file if you will really need this again. Apparently 80% of the items we file are never looked at again. Give yourself more time by only doing things once.

 

 

 

 

 

 

 

 

 

 

 


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