Pediatric Practice Management Seminar You Don’t Want To Miss

The content in many practice management seminars or conferences are either too generic (the one size fits all medical specialty approach) or too specific (subspecialty focused) in my view. As a result, it makes it difficult sometimes to figure out how to apply the lessons from other medical specialties to pediatrics.

If only there was pediatric specific seminar, where everybody in attendance speaks yScreen Shot 2014-11-21 at 10.10.07 AMour language (the language called Pediatrics), are aware of my specific challenges and when I receive advice, tips, suggestions or recommendations, it is provided with in the context of pediatrics. Wouldn’t that be great?

Well, our prayers have been answered.

My friends at the Pediatric Management Institute have put together an awesome line-up of speakers (Disclosure: I’m one of the speakers. But I’m not including myself among the awesome ones), presentations and case studies for a one day seminar in the San Francisco/Oakland area that you will not want to miss.

This one day seminar packs a lot of information. Here’s a glimpse of the topics that will be discussed:

  • Coding, The Basics and Beyond
  • Set Your Practice Prices Fairly and Easily
  • Brave New World: Future Pediatric Models
  • Key Performance Indicators for Pediatric Practices
  • Easy Methods to Collect Patient Balances
  • The 5 Legal Issues To Watch Out For In a Pediatric Practice
  • Top 10 Coding Lost Opportunities
  • Five Concepts to Maximize Your Marketing
  • When to Add Another Provider to Your Practice
  • ICD-10, Ready or Not!
  • Patient Recalls
  • Budgeting for a Pediatric Practice

Whether you are an expert in practice management, employed by a large health organization or just starting to learn about how to properly manage a medical office, this seminar offers a valuable learning opportunity.

But wait… there is more!

The PMI team is holding the seminar at the Holiday Inn & Suites Oakland Hotel Airport , which as the name implies, is right next to the Oakland airport. No need to rent a car or arrange for additional transportation. You’ll be right there. Fly in. Attend the seminar. Fly out.

For a PDF on the topics, speakers, location and date (Saturday January 24, 2015)  click on the link: Pediatric Management Institute Seminar

Psst…. one more thing.

If you use the code “PediatricInc” when you register, you will receive $75 off your registration. How cool is that? This offer is exclusive to PediatricInc readers. Now you can bring someone along and save $150.00. If you bring one more person, you’ll save $225.00… it’s like the gift that keeps on giving. 🙂

Register

 

Brandon, What Is Your Policy On Keeping Credit Numbers on File? [Pediatric Practice Management AwesomeCast]

I continue to get a lot of questions about our practice’s policy of collecting credit information from all of our patients. So Chip and I thought we’d dig into what is a recognized growing trend.

In this episode, I describe my thoughts going into this decision, some of my concerns, and why we decided to collect them. Chip also asked me how do we go about collecting cards, how did I/we present the idea to parents, where I store the cards and what benefits did it bring to our practice and our families.

I also give out a shou-tout to Mary Pat Whaley from Managementmypractice.com. Mary Pat hosts a monthly webinar on how to implement a credit card on file.

I addition to this recording, I’ve written quite extensively about the issue. If you click on this “link“, you’ll be directed to all things collections from the PediatricInc perspective.

Enjoy!

 

 

Listen 

iTunes link

#20 Key Performance Indicators Smart Practice Managers Measure [Pediatric Practice Management AwesomeCast]

Screen Shot 2013-11-07 at 7.42.08 PMFor today’s AwesomeCast, I invited my friend Paul Vanchiere from the Pediatric Management Institute. Apparently, Chip had more important things to do… Pfff. Family. So he was MIA for this recording.

If you don’t know about the Pediatric Management Institute, make a note to visit. Paul and his team are doing some really cool things to help pediatric practices manage their business better.

Paul knows a few things about key performance indicators, why they are important, and most important, how to calculate them. So I sat down with him and asked him a few questions regarding the topic.

On the AwesomeCast, Paul shares with us an area on his website where you can find explanations, formulas, examples and descriptions for all the key performance indicators.

For details check out this link: Calculators – KPI 

And if you want to learn about the seminars Paul and his crew is doing around the country, visit: PMI Seminars

Here are other ways you can check out the AwesomeCast:

How Many Patient Should My Practice See?

I get this question from time to time. Especially from people that are thinking about opening their own practice.

As with most things, it is hard to say unless one understands the situation. For example, some doctors go for profitability regardless of lifestyle, while others are going for lifestyle and don’t mind forgoing some profitability.

Deciding which one you want will go a long way in understanding how to tackle this question.

So where do we begin? Glad you asked. First, you need to determine a few practice numbers. Let’s start with Cost.

– Practice cost

Practice cost is everything that cost you money. This is all the expenditures that go out. Some people exclude doc salaries and doc benefits, but for the purpose of this exercise, I include everything except bonuses. Quick example, le’t say a practice will spend $450,000 in operational cost and a solo doc wants to make $200,000 in an anual salary. Then your total cost is $650,000. If the doc is comfortable with $100,000 then the cost is 550K.

Naturally, you need to bring in at least that much to pay off the bills and for the doc to get paid.  But how many patients does that translate to?

Well, for that, we need to know the average payment for each encounter (net, not gross).

– Average payment per visit or encounter

This is the net dollar amount your practice gets per encounter. An easy way to figure this out is add all the encounter in a year and divide that by your net receivables.

Let’s say a solo doc brought in $650,000 in receivables and the practice saw a total of 5950 encounters in a year. Simple math tells you that your average payment is $109.

Example: $650,000 / 5950 (encounters) = $109 avg payment

I know, I know, we aren’t looking at well visits vs sick versus RN visits. You’ll want to do that later. But I want to keep it simple. So stay with me.

Next, you’ll need to know how many days your practice is open.

– Number of days worked (or will work in a year)

If a practice is open 5 days week and is open all year around, the practice will be open for roughly 260 days. If the doc takes vacation then you’ll need to subtract the number of days off.

Let’s put these concept into practical terms.

How much do I need to break even?

Let’s say a solo practice will spend $650,000 (including the doc’s salary). We know that the average payment per visit is $109 (don’t get bent out of shape if the $109 is not your number. Focus on the process, not the numbers).

Now we can answer how many patients the solo doc will have to see in order to break-even.

Cost / Average payment = Number of patients.

$650,000 / $109 = 5963 patients

If your practice works 260 days a year you can do the math this way.

Number of patients / days open = number of daily patients.

5963/260 = 23 patients a day.

Twenty three patients isn’t all that much. Most doctors are in the 30 patients a day range. But here is the kicker, you have to see at a minimum of 23 patients a day for every single day the doc works. If the doc sees 25 one day and the next day sees 15 the doc is averaging 20 patients; which isn’t enough to make the $650,000 that we discussed earlier.

Please, keep in mind that this is a very simplistic view. Of course a good accountant can help you figure this out better.

But the idea is put some of these numbers in perspective. Once you have them, you can start going crazy with more complicating reporting. For example, you can look to increase your per encounter average or look to reduce expenses all of which will change the “patient a day” figure.

Well visits revenue is different than sick child revenue, so you can manage these two visits and make a big difference in how your practice does financially.

But again, the point is to start to give you an idea what the expectation ought to be. Once you have this perspective, then you can move in to refine your numbers.


#smm