Watch Your Balance Sheet
Until your practice’s business processes have proven themselves, you should be prudent about spending. Focus on your core strengths and partner with value added suppliers to enable your practice to grow and succeed.
Listen to Your Patients
Feedback, especially the kind gathered from personal conversations, is essential to figuring out how and when a practice should make a change. Physicians and administrators need to ask patients what’s working and what’s not and not rely on their gut alone.
Keep an Eye on the Stats
Track and analyze key indicators for your practice. Work with partners who can help you use your business software to monitor the success of your practice. These statistics will help you know when you need to make a change.
If possible, you should test a new business strategy while preserving the current business model—just in case the new model turns out to be less effective than hoped for. Allow your practice to evolve and grow.
Be Open to Change
To allow a practice to evolve and grow, doctors must set aside their personal beliefs about the practice or its processes. There is a myth that stubbornness and raw determination are good traits for a small business owner. The truth is that tenacity and willpower are good for getting started, but then they can often get in the way of getting to the next level.
About Apex EDI
Apex EDI is a leading healthcare claims clearinghouse for medical and dental professionals. Apex EDI serves thousands of physicians, dentists, and other medical providers nationwide with its Apex OneTouch® solution. The OneTouch® solution is a Web-based electronic claims reimbursement system that increases productivity and profitability while facilitating fast payment of insurance claims and providing additional reporting and analysis. Founded in 1995, Apex EDI is based in American Fork, Utah.