The recession has affected pediatric practices in many ways.

To combat increasing expenses, creativity on the revenue side has helped many practices. Some examples are:

  • Increasing patient volume for the practice practitioner who is not full
  • Charging for completion of forms
  • Selling books & educational material
  • Selling OTC meds
  • Ear piercing
  • Collocating other specialists
  • Increasing screenings offered (developmental, vision, hearing)
  • Treating more complex cases
  • Expand staffing to handle the above

On the expense side:

  • Many re-evaluate benefits packages & respective costs for their employees
  • Eliminate or reduce overtime
  • Eliminate or reduce bonuses
  • Negotiate for better contract terms & pricing with vendors
  • Utilize group purchasing organizations where available & cost is preferable
  • Negotiate for better contract terms & pricing on supplies with better inventory management
  • Consider out-sourcing of services, currently performed expensively or inefficiently in-house

On the patient management side, electronic medical records can help by operating more efficiently, monitoring benchmarking stats & better patient education regarding the importance of well visits

 

We are here to help define your current and future practice needs to ensure your success. For a complimentary consultation on how to increase the financial success of your pediatric practice, please provide the "Quick Contact" information on the sidebar, and we will contact you to schedule a free consultation, including EMR consulting. We serve the communities of Manhattan, New Hyde Park, Manhasset, Hauppauge, Syosset, New York and nearby areas.

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