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Auditing Your Practice: Finding Alternative Revenue |
In today’s economy, even traditionally stable fields like healthcare need to diversify to stay competitive. Multiple streams of income offer the opportunity to avoid significant income loss if conventional revenue streams fail. If you’ve been sensing a need for locating new sources of revenue for your medical practice, this article will provide guidance.
Welcome to our series on auditing your medical practice! Auditing your practice may seem unnecessary, or even counterproductive, when you know you have all the required processes in place for keeping the practice running smoothly. But that’s precisely when an audit should occur, because standardized policies and procedures could lead to your practice falling into a rut that causes you to miss out on additional income opportunities, among other things. After all, auditing your practice does not mean that you will necessarily make changes; it simply means that you are open to new ideas that could benefit your practice.
Auditing your medical practice will help you determine whether or not your practice’s resources are being allocated to the programs and services that will result in the best return on investment, as well as measure the outcomes of both existing and new initiatives. However, while you engage in those efforts, your practice still needs to comply with the numerous and ever-changing regulatory and legal requirements that govern healthcare. This is the subject matter for this article in the Auditing Your Practice series on compliance solutions.
The current series on auditing your medical practice involves examining various aspects of your practice to see which parts are working and which ones aren’t, as well as identifying additional potential revenue streams. Part of the process of auditing your medical practice must involve a review of your website.
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Telecommuting Practice Managers: Tax Issues, Part Two |
If your physicians/owners have allowed you to begin telecommuting in your position as practice manager, you've all become part of a growing trend. Realizing that telecommuting can be a win-win for practices and their employees, many doctors and practice owners are shifting to part or full time virtual employement when posssible.