If you want to improve your financial performance, the first step is understanding what your practice financial statements are telling you. Your profit and loss (P&L) statement is a report card that tells you how you did over a certain period of time. The P&L will have little influence over future decisions, however, if you are unable to determine what can change an ‘F’ … [Read more...] about Fixed Vs Variable Expenses
Practice Manager
Case Study: PT Manages the Practice Without Building Relationships
PT, a new office administrator for a practice, has been in the position for nine months. The physicians are all pleased with how PT shares business and other information with the partners and conducts the monthly meetings. Some long-term members of the clinical staff, however, have complained to the partners saying they find PT cold and distant. They do not feel they have a … [Read more...] about Case Study: PT Manages the Practice Without Building Relationships
Cybersecurity for Medical Practices
Why Does Cybersecurity Matter? So why should medical practices be worried about cyberattacks? Patient Data! Healthcare organizations are prime targets of cyber attackers because of the importance and value of patient data. Even a small practice with several physicians will have accumulated tens of thousands of patient records over several years of operation. These records … [Read more...] about Cybersecurity for Medical Practices
My Practice will Never be Hit by Ransomware
One of the biggest mistakes physicians and practice managers can make is to assume they will not be a target of cyberattacks. Unfortunately, this is absolutely untrue. Recently, a two-physician practice in West Michigan was the victim of a ransomware attack. The practice lost access to all medical records, billing, scheduling, and other critical data after ransomware … [Read more...] about My Practice will Never be Hit by Ransomware
Guide for Choosing Passwords
Why Do I Have to Change my Password Again? Medical practices can be hectic environments, with everyone having seemingly one million things to do. Coming up with a new password can feel like just one more thing no one has time to do. The first thing you think of is your anniversary or your pet’s name; great—you’re done. Wrong! By choosing a weak password, … [Read more...] about Guide for Choosing Passwords