Medical professionals often dream of owning their own private practice. But, three things get in the way. One is that working 80 to 100 hour weeks does not leave a lot of time to oversee the financial aspects of the business. Another is that in medical school they neglected to teach bookkeeping 101, opting instead for anatomy, physiology, and pathology. And, the third problem these days is that health insurers have become “health providers” and are making it difficult for any individual health professional or clinic to survive in private practice. Luckily there are folks like Exigo Business Solutions who are experienced with helping run a successful healthcare practice.
Exigo Business Healthcare Services offers help on several fronts for the healthcare professional who loves their work but is drowning in business details.
Tired doctors know how to delegate. They write orders for nurses to carry out when caring for patients or are at the hospital. But, then they try to do the books themselves. Or, they hire a part-time bookkeeper who does not do a good job and who does not provide the good doctor with a clear picture of the business financials.
More and more patients are coming to the door and less and less money is going into the bank. How can we help?
Exigo Business Healthcare Services helps private practice physicians run the business side of a healthcare practice. We will take over the bookkeeping chores and provide a clear picture of what money comes in, what money goes out, and what happens in between.
We will use an innovative bookkeeping method called Profit First. Health professional practices have become increasingly complicated over the years. Many professionals see patients from several different insurers. And, each plan has a different contract and payment system to keep track of. Figuring out which insurers are providing you with profitable work and which are not is critical for a profitable practice.
Using the Profit First system we tally up income, subtract your profit, and have expenses as the bottom line. You probably know that this is not how bookkeeping usually works. But, the problem with a healthcare practice today is usually not lack of income but excessive expenses. After you allocate profit up front, we will help you deal with excessive costs of doing business.
When we use the Profit First method for your bookkeeping, we ensure that you receive a fair profit for your hard work. Then we help you take a look at expenses and determine what is necessary and what can go. We will dig down and do a cost to benefit analysis of the various payers whose clients you see as patients. All too often the paperwork associated with a specific health insurer requires so much time and expense that you are doing work for them for free or at a loss. Finding which insurers are profitable and which are not is critical to the monetary success of a healthcare practice today.
The skill sets that make a knowledgeable and thorough clinician or a skillful surgeon are not necessarily those needed to successfully manage a small business. And that, is what your healthcare practice has become, a small business. Exigo Business Healthcare Services understands your daily challenges and will work with you to help your practice thrive and be profitable. We don’t want to see you have to sell to a hospital because of unorganized bookkeeping.
When you are doing lots of business but not seeing more on the bottom line, ask yourself, are your profits in focus? Then consider converting to Profit First.
A penny saved is a penny earned and every dollar you move to a Vault account is safer from being spent unwisely. Put part of your profit allocation in Vault.
Read and understand an example of Real Revenue being used in a business to get a better idea of what it is and why it is so important in the Profit First method.