Be Proactive Now to Survive in this Economy

In this unprecedented economic environment, you have to make critical decisions and changes to keep your practice healthy. Your patients will always need you. Can you be there for them? How can you continue to provide your current level of care?

It is almost impossible to understand the economic news. Where do you start to cope with this?

This is what I am doing with my clients. First, decide what you can control. How can you reduce your costs without damaging your practice? How can you retain and increase your income?

Examine your expenses. Determine which costs to eliminate, reduce or leave untouched. Review your insurance coverage. Is it too much, too little, or redundant? Are you covered for what you think you are?

How about your employees? Review their duties, hours, benefits and number. Are you overstaffed?

Do you use outside services? Should you keep them or discontinue them? Should you increase them and reduce your staff? Do you have service contracts? Are they protective? Should you cancel, reduce or continue?

Evaluate your income. Decide how to retain and build referral sources. Who do you reinforce with, reestablish with, or seek as new referrers?

Are your managed care contracts profitable? Should you disenroll, renegotiate, or limit the number you participate in?

Lesson: When facing uncharted waters, don’t plot your course alone. Get expert advice to define the basics of what you need to do to reach your goal. Decide, then row, row, row.