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.

Beecher limo rentals ..

In The News:

Learn how to work Google's calendar application to streamline and organize your daily tasks from technology expert Kim Komando.

If you do not want Facebook to have automatic access to your private photos, follow our tips to protect yourself. Kurt “CyberGuy" Knutsson shows you how.

Kurt “CyberGuy" Knutsson goes into detail about Apple’s recent iOS update that allows iPhone users to instantly translate spoken language simply by using the Action Button.

Safeguarding your digital life with a reliable physical backup isn't just a precaution, it's a necessity. Kurt “CyberGuy" Knutsson provides the essential backup checklist.

Kurt “CyberGuy" Knutsson reveals how a Redditor exposed false recycling claims at their apartment, highlighting a report that only 21% of U.S. recyclables are processed.

Kurt "CyberGuy" Knutsson offers a travel toolkit featuring five technology tools to help you with booking flights and hotels for your summer vacation.

The bubble behind the clock on your iPhone can appear in different colors. Kurt "CyberGuy" Knutsson explains what each of those colors mean.

Scammers are using the power of artificial intelligence to mimic voices of people and are using the fake voices to commit crimes, like kidnappings.

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

Tech guru Kurt "CyberGuy" Knutsson explains the science behind the Invisibility Shield, a 6-foot shield that makes people become invisible.

The International Olympic Committee on Friday announced plans to use AI in various Olympic aspects, including athlete identification, training and judging.

Tech guru Kurt "CyberGuy" Knutsson explains an easy trick to avoid squinting while working or surfing the web by zooming in on your personal computer.

Streaming giant Roku has recently been targeted by a pair of cyberattacks, and the company confirmed over a half million Roku accounts were compromised.

The Land Aircraft Carrier combines an all-terrain, six-wheeled vehicle with a two-seat aircraft, which features electric vertical takeoff and landing.

The European Union has sent TikTok a "request for information" on the video sharing platform's newest app, TikTok Lite, under the Digital Services Act, with the aim to clean up social media.

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

The FBI is warning the public about a recent phishing scam via text that claims its targets owe money in Pennsylvania for unpaid road toll charges.

Your Apple Music settings may be revealing to your contacts what you're listening to. Kurt "CyberGuy" Knutsson explains the process to change those settings.

Learn how to secure social media accounts, implement legacy contacts, and create a digital estate plan to protect your online assets from 'ghost hackers' after your death.

A ported phone number scam is leading to more people having their identities stolen by sophisticated scammers. Kurt “CyberGuy" Knutsson tells you what you need to know.

The Great Pacific Garbage Patch, a vast marine debris vortex, is being tackled by The Ocean Cleanup’s innovative technologies. Kurt “CyberGuy" Knutsson explains.

Discover easy solutions to tame autocorrect frustration on iOS and Android devices. Turn off, customize and add personal touches to your typing experience.

Kurt “CyberGuy" Knutsson reveals the six top things to do right now before it’s too late: Tech and life choices that can keep your safer on and offline.

Kurt “CyberGuy" Knutsson shows you some simple steps to discreetly hide apps or an entire app page on your iPhone for decluttering or confidentiality.

The ambient light sensors on smartphones may be turned into cameras, according to researches at MIT. This could pose a threat to people's privacy.

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

Small Business