Improve REVENUE – Reduce EXPENSES – Increase MARKET SHARE
Your medical practice, among many things, is ultimately a business. Businesses come in many shapes and sizes and have varied Mission Statements. Are you looking to grow your practice? Are you looking to sell your practice? Ultimately, it will behoove you to begin viewing your practice as a business and gain a better appreciation for the components that make up your Assets, Liabilities, and ultimately your EQUITY.
Med Business Advisors will partner with you and your practice, listen and hear your goals and objectives, then implement a plan to achieve those results.
Your Success is Our Success.
Med Business Advisors offers your company the benefit of full-time CFO services on a ‘fractional’ or part-time basis. Med Business Advisors will provide your company with on-site involvement whether at the C-Level or hiring/placing a functional Controller or Bookkeeper to handle the day-to-day of your Cash Flow. The goal of the fractional CFO is to provide proactive financial management and understanding of the overall financial health of your organization.
Aside from delivering the best medical care possible, the goal of any practice is to generate a profit. Med Business Advisors will partner with your organization striving to deliver value in every aspect of the business of your business, to include a variety of Financial & Operational aspects you may not have considered.
- Does the practice have the necessary infra-structure to handle existing business and future growth?
- Will staff be able to handle increased volume (calls, patient inquiries, booked procedures, etc.)
- Is the practice processing claims efficiently?
- How much is the practice paying for credit card transactions?
- What are the particular financing arrangements offered to patients?
- Has the practice secured the best deals with suppliers?
- How is the practice acquiring new patients?
- Is the practice retaining existing patients?
- Should the practice borrow money for capital expenditures (equipment) or self-finance?
Start seeing your business in the same professional manner in which you see your patients…analyze the essentials and care to the overall health of your business. Med Business Advisors will assist you from setting up your practice, building your practice, maintaining, and ultimately harvesting by developing an exit-strategy unique to your needs. Regardless of your specialty, be it Plastics, Orthopaedics, Opthamology, Dermatology, Acupuncture, Audiology, or Veterinary…consult the experts at Med Business Advisors.
Working capital is an important part of a cash flow analysis. It is defined as the amount of money needed to facilitate business operations and transactions, and is calculated as current assets (cash or near cash assets) less current liabilities (liabilities due during the upcoming accounting period). Computing the amount of working capital gives you a quick analysis of the liquidity of the business over the future accounting period.
Med Business Advisors works with our clients to use best business practices in marketing their medical practice to achieve Cost Containment and Patient Acquisition wisely.
The recession and economical downturn in America has created a need for all organizations to contain costs. Since there is a need to continue to contain costs in the future, determining how to cut costs without damaging the company’s ability to collect revenue and survive over the long-term more and more challenging over time. How do most businesses contain costs? Which cost containing strategy is best for you business?
Med Business Advisors creates a variety of proven strategies designed to increase your business, while overall cutting costs that were utilized unnecessarily in the past.
- Patient Awareness: Who and where is your potential customer population for a specific product or service
- Patient Acquisition: How best to reach and persuade that population segment
- Patient Retention: Tracking current clients and maintaining the communication bridge
- Winbacks: Find and market to the clients who have gone to the competitors
- Proper Marketing Distribution: Predictive modeling to show where best to spend advertising dollars
Creating an Effective Brand for Your Practice
Getting everyone to notice who you are, remember your name when they see it on a website, in print or in the media is of vital importance for your business. Just having a logo is not enough anymore and marketing your “Brand” is what MBA can help you with.
The Sophisticated Online Patient
Your future patient is becoming more sophisticated all the time, especially with the use of smart devices. This site like your future site can now be viewed on Desktop, laptop, tablet and smartphone. Isn’t it time to get those 45% that are using smartphones to see your site better than your competition? MBA can design your website this way and pave the way to more patients and profits.