Home
>
Small Business
>
How to Increase the Cash Flow in Your Private Practice in 30 Days

How to Increase the Cash Flow in Your Private Practice in 30 Days

If you have a busy private practice, chances are you also have pockets of cash lying around available for the plucking. It simply hasn't been collected yet, and may even have been overlooked. Here are 10 ways to increase your cash flow over the next 30 days.

Collect at the Time of Service

Include in your upfront discussions your expectations on payments. Establish that you are paid at the time of service. For services where payment plans are appropriate (for example, payments at key milestones), be clear from the start as to your expectations, then include them as part of your written agreement.

Step-Up Your Invoicing

There is really no reason to wait until the end of the month to bill, or for that matter, the end of the week. Get your invoice into the mail the day you provide the service. That includes insurance billings.

Follow-Up on Late Payments

Clients can get into the habit of paying late ? 30, 60 or even 90 days ? if they know that you will tolerate it.

Outsource Delinquent Payments

Payments that are overdue by 90 days are more than just "late". They are delinquent. Outsource these receivables and don't let them occur again.

Follow-Up on Potential Appointments

Do you have clients who "intend" to schedule an appointment but haven't called yet to do so? Perhaps they left your last meeting with a sincere intention to call back, or maybe whenever you see them they say "I've been meaning to call?" Call them now and get them on your appointment schedule.

Finish the Project or Service

Sometimes, all that's between you and a check is finishing the project, mailing the report, getting the signature or conducting that last routine visit so you can bill for it.

Re-Visit Your Appointment Scheduling Procedures

If you are one of those offices that routinely schedules the next appointment two weeks to four weeks away ? why? Eliminate time lapses. If you can handle everything in one visit ? and if there is no good reason for not doing so ? do it. If you need to have two or more separate appointments to finish providing the service, schedule them as close together as possible. It will keep the momentum going with the project?and make your billing date sooner.

Handle Appeals and Requests for Reviews Weekly

Sure, these things take time and talent to handle properly, but putting them off for weeks just delays your income from a service that's already been provided.

Consider Down-Payments

Retainers, down-payments or other forms of upfront payments can boost your cash flow while securing a real commitment from your client to follow-through with the full service to which they have agreed. And don't forget to collect your co-pays at the time of service.

Promote Your Products

If you have a product that you make available to your clients, don't keep it a secret. Display it, talk about it, recommend it and, where appropriate, use or demonstrate its use during the visit. This goes for everything from dental care kits to nutritional supplements, to office supplies, special workbooks, kits, tools, books, forms or any other product that you sell.

Tighten Your Financial Policies

Use these ways to increase your cash flow, and while you are at it, go ahead and tighten your financial policies so that these things become the norm. Pockets of cash lying around don't add to your bottom line. You have to pick them up in order to count them in?or to spend them.

For more articles like this on Marketing and Business Development for your private practice, visit the Private Practice Marketing Roundtable at http://www.privatepracticemarketingroundtable.com.

About the Author

Dianne E. Dawson, M.A., has worked with business owners worldwide to develop and implement strategies to bring in new clients and to increase business profitability.

She works with self-employed professionals who believe that their private practice has reached a plateau ? it's stuck! ? and what they really want is to make their business "top of mind" and achieve greater profits and financial reward. She can be reached at http://www.privatepracticemarketingroundtable.com.

You may download free Marketing Strategy Tools to grow your business when you visit the Private Practice Marketing Roundtable.

last minute cleaning help Arlington Heights ..

In The News:

Texas startup Janta Power raises $5.5M for innovative vertical solar towers that generate 50% more energy than traditional panels while using just one-third the land.

NASA's twin ESCAPADE spacecraft launched aboard Blue Origin's New Glenn rocket Thursday afternoon from Cape Canaveral, beginning their journey to Mars with arrival expected in 2027.

Learn how to set email reminders on iPhone and Android so you never forget to reply again. Simple built-in features help you stay organized and on top of messages.

Discover how Apple's passkeys revolutionize Mac security by replacing vulnerable passwords with biometric authentication and encryption for ultimate protection.

New survey reveals 78% of parents fear AI scams targeting their kids, yet nearly half haven't discussed these threats. Learn why this dangerous gap exists.

Chrome now autofills passport and driver's license info automatically. Google's latest browser update adds official document support with encryption and user control.

Scammers impersonate Department of Veterans Affairs employees claiming veterans owe money, but real VA communications only direct to VA.gov or official channels.

The AltoVolo Sigma hybrid-electric aircraft flies 500 miles at 220 mph while operating 80% quieter than helicopters, featuring safety systems and compact design.

Google search scam alert: fake customer service numbers can give scammers remote control of your phone. Learn how to spot these traps and protect yourself.

Electric vehicles overtake gas cars in total CO2 savings after just two years of driving, with emissions benefits growing over time as power grids get cleaner.

Louvre Museum reportedly used "Louvre" as password for surveillance system during $100M jewel heist. Learn how weak passwords put even famous institutions at risk.

Bipartisan AI jobs bill from Sens. Hawley and Warner would require companies to report AI-related layoffs and hiring to Department of Labor quarterly.

Joe A. from Shelton, Connecticut, lost $228,000 to a ZAP Solutions cryptocurrency investment scam after his divorce, highlighting rising online fraud.

AI-powered autonomous trucks from Waabi and Volvo target U.S. freight driver shortage with Level 4 self-driving technology and NVIDIA computing platform integration.

Survive flight disruptions with expert travel tips: Book early morning flights, download airline apps and know your refund rights during service cuts.

Apple's iOS 26.1 update delivers major security fixes, performance boosts and enhanced privacy controls for your iPhone. Discover why updating now protects your data.

Russian hackers use fake CAPTCHA tests to spread dangerous malware targeting governments and journalists. Learn how to protect yourself from these deceptive attacks.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Miami-Dade debuts America's first autonomous police SUV with AI cameras, drone deployment and real-time crime detection in groundbreaking law enforcement pilot.

Bank impostor scams cost Americans $2.9 billion as criminals use AI voices and caller ID spoofing to steal life savings. Learn nine essential fraud protection tips.

Foreign-owned apps secretly harvest personal data from seniors, making them prime targets for scams. Learn how to protect your privacy and stop data brokers today.

Sens. Josh Hawley and Richard Blumenthal introduce bipartisan GUARD Act to protect minors from AI chatbots through mandatory age verification and disclosure requirements.

Ghost-tapping scammers exploit wireless technology to drain accounts through small transactions, but RFID-blocking wallets and transaction alerts can protect you.

French pilot project demonstrates wireless charging roads that can deliver over 300 kilowatts of power to EVs while driving, potentially eliminating range anxiety.

YouTube's Ghost Network spreads information-stealing malware through thousands of fake videos offering cracked software, using compromised accounts and fake engagement.

How to Increase the Cash Flow in Your Private Practice in 30 Days

Small Business