5 financial strategies to improve your practice’s profitability

Description

Abstract: The COVID-19 pandemic negatively affected many physicians’ practices in 2020 — and even into 2021. As medical practices begin to rebound, this is an especially good time for medical practices to evaluate their financial strategies to determine what’s still working and what needs to be improved. This article suggests some ways practices can improve profitability going forward, such as analyzing objective benchmarks and ensuring staff understands payer contracts. A sidebar offers some key benchmarks practices can use as metrics.