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, such as bookkeeping services for physicians
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, Garden City, Great Neck and nearby areas.
