Keeping your debt in check
Financial stress can hit all consultants’ private practices at some stage – as recent events have highlighted. Simon Brignall outlines the three key problem areas and the questions you should address.
BEDROCK OF THE PRACTICE: Medical secretaries are expected to wear many hats, including receptionist, personal assistant, sales ledger clerk, insurance guru, credit controller and debt collector
Over the years, I have been asked a wide range of questions during my meetings with consultants, the most common being on how they compare with their colleagues and ways that they can improve their practice.
They are generally referring to their turnover and you can now add to this mix questions I’m asked about how I feel their practice is recovering from the impact of Covid-19.
These seem like simple things to ask, but they often have complex answers that can be impacted by any or all of the following:
How much time you devote to your private practice?
How long you have been in private practice?
Where is your practice located?
What is your fee schedule, patient mix and specialty?
Levels of distress
It is important to realise that every practice is different which is why, at Medical Billing and Collection, we tailor our services to the needs of each consultant.
As most consultants who come to us are in various levels of distress, the second most common question I get asked is: ‘Am I in worse shape than my colleagues?’
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