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Three Hidden Costs That Are Killing Your Practice

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You need to review three hidden business costs that really hurt your company's profitability- merchant services, cable TV, and third party services. Many times these items start put as cost savings but ignoring them adds significant costs.

Publié dans : Santé
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Three Hidden Costs That Are Killing Your Practice

  1. 1. Three Hidden Costs Killing Your Practice Presented by:
  2. 2.  Stop wasting time, money and energy on these three things and your practice will enjoy increases in patient satisfaction, profits and revenue and a decrease in costs.  Credit Card Processing Fees  Cable TV  Offsite Services Overview 2
  3. 3.  Most practices process their credit card transactions through their bank.  It is an easy add-on service for the practice and a very profitable add-on sale for the bank.  Instead, invite an independent Merchant Services company to review your transaction fees, swipe fees, terminal fees, and the like.  Many can save medium sized practices $2500-$4000 per year.  The best part is that after installation, there is no interruption to the practice work flow. Employees still swipe cards- the only difference is that you keep more money per transaction. Credit Card Processing Fees 3
  4. 4.  Choose a credit and debit card processing company that enable practices to accept virtually all credit and debit cards including Visa, MasterCard, American Express and Discover, as well as Pin- Based Debit transactions  Look at companies that provide:  Security features  Clear Pricing (per transaction plus monthly, set up, & terminal fees)  Industry rules (like October 2015 regulation changes)  Payments in 24-48 business hours What to Look for? 4
  5. 5.  Daytime television is very destructive to an office.  Aside from the obvious disharmony on what to watch and the lost productivity from your staff watching their shows, the actual shows are not conducive to good practice health.  Commercial breaks tell patients:  What drugs they should ask for  What foods they should eat  Where to go if they do not like your service  Who to call to sue you for medical malpractice.  Instead, for the same price as cable, Halo Health will turn your waiting rooms into learning centers that increase per patient revenue, reduce perceived dwell time, and increase patient satisfaction scores. Cable TV 5
  6. 6.  Halo Health turns your waiting areas into learning centers.  Our customized digital patient education systems eliminate outside advertisers and other influences.  Introduce your company staff, community events, products, services, mission statement, and more in a fun digital format.  We do all the work from creation, installation, and maintenance. You only provide power, access to the internet and input on the content. Why Halo Health? 6
  7. 7.  Reevaluate the risk/reward for all of your off-site third party programs involving revenue cycle, compliance, human resources, benefits, training, and more  The quality of these services directly affects the profitability of your practice.  Are your claims getting paid in ten days and for all of the services you provide?  When have you reviewed your HR policies and procedures?  Do they match federal compliance guidelines?  Do you send your staff out for CEs? Off Site Services 7
  8. 8.  A full service practice management firm compare your offsite services against market benchmarks.  The management consultants should help you understand:  Framework of the fee structures each service charges  Scope of the offsite services provided  Recommendations on how to operate more efficiently  Many times bringing services back in house may be most beneficial for the practice. Off Site Services 8
  9. 9.  In order to keep your practice working at its peak, you need to always pay attention to your practice and staff’s:  Financial Health  Mental Health  Physical Health  Emotional Health  Spiritual Health  And we can help. Contact Jim Cucinotta at jim@haloheals.com or at 856-520-8655 to get started. Summary 9