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Pediatrics - Strategic Planning & Financial Consulting of Pediatrics Practice

Pediatrics

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.

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Some of our more traditional services  available for your specialty are entity selection, accounting & taxation, QuickBooks set-up and maintenance,  Excel consulting, insurance needs assessment, equipment and technology needs assessment, depreciation method analysis, cash flow projections, business expansion assessment & analysis, stock market & real estate market diversification, intellectual property accounting & taxation, retirement planning, exit strategies & estate planning. Keeping in mind, no two healthcare businesses are alike, as your financial care consultant, we perform all of the above services with a goal to minimize your tax burden,  maximize your wealth, and lower or eliminate your anxiety regarding your finances.

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