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Top Doctors Business Network | When Your Practice Becomes a Business! News

Mission, Vision, and Values - Doctors Business Network

Mission, Vision, and Values - Doctors Business Network

Crafting a vision, mission, and values statement for your medical practice is a key component of your marketing and branding. These three elements tell customers and the community who you are and what you stand for, and help to differentiate you from your competition. But what’s the difference between the three? A vision statement outlines your ideal view of the future. This is the best possible outcome you could imagine for your medical practic…See the Story

Merchant services – credit cards - Doctors Business Network

Merchant services – credit cards - Doctors Business Network

Working with a merchant services provider will allow your medical practice to accept credit card payments from patients, clients, vendors, and anyone else who owes you money. Credit card processing capabilities will afford your medical practice the following benefits: Process payments at lightning-fast speeds – no more waiting for paper checks to clear! Accept mobile payments from your patients, increasing convenience for both you and them. Acc…Read Article

Asset Protection - Doctors Business Network

Asset Protection - Doctors Business Network

Asset protection is a key area of financial planning often overlooked by many physicians. Not only do you need to protect your practice against malpractice lawsuits, but also against losses due to bad investments and taxes. Begin with good malpractice insurance. Your policy should include claims-based coverage and insurance-based coverage. You may also need to add tail coverage to ensure you’re protected after the policy ends. Next, add an umbre…Read Article

Practice Website Development - Doctors Business Network

More and more consumers are making buying decisions based on online research. Building a strong online presence will help prospective patients find your practice and make a buying decision on their own, saving you time and money trying to acquire their business. A strong, professional-looking website is a key marketing component of any successful practice. Your website serves as a virtual storefront for your business. Poor design and development…Read Article

Determine Employee Benefits - Doctors Business Network

When recruiting top talent for your medical practice, it’s important to determine which benefits you will offer your employees. Some benefits are required by law for certain types of medical practices in certain states. Others are optional but may help you attract the industry’s best and brightest to your practice. Still other types of benefits provide lucrative tax rebates and incentives. Required benefits include time off for jury duty, voting…United States · United States Read Article

Choosing A Payroll Company - Doctors Business Network

There are over 400,000 payroll companies currently operating in the United States. How are you supposed to find one that’s right for your medical practice? First, consult with your attorney, financial advisor, or an independent CPA about the benefits of outsourcing your payroll to a third party. Next, obtain referrals from other medical practices similar to yours in size and scope. Third, consider using a top payroll company such as Paychex, ADP…Taxes · United States See the Story

OSHA Compliance - Doctors Business Network

OSHA, or the Occupational Safety and Health Administration, is a government agency that provides protective provisions for workers within their work environments. Being OSHA-compliant means establishing a safe work environment that meets OSHA’s guidelines. Not only does compliancy protect you and your employees from work-related injuries; it greatly reduces the instances of costly worker’s compensation payouts and lawsuits. In order to become OS…Read Article

How To Find Money Factoring Resources - Doctors Business Network

Money factoring is a short-term solution to help you maintain a steady cash flow in your medical practice. While factoring is not a traditional loan, it’s still important to shop around and a find a factor that isright for you. There are 3 effective ways to find a money factoring company: First, check trade publications like Modern Healthcare and Physicians Practice. Many factors advertise in healthcare-related magazines like these. Second, talk…Read Article

Purchasing A Commercial Condo - Doctors Business Network

Are you ready to purchase a commercial condo for your medical practice? A commercial condo offers a variety of benefits for medical entrepreneurs in private practice or partnerships. Unlike other types of real estate, where up to 35% of the property cost must be put down in cash, medical professionals can purchase a commercial condo with a down payment of just 10%. Thanks to a program available through the U.S. Small Business Administration, it’…United States · United States Read Article

How To Choose A Medical Billing Company - Doctors Business Network

When choosing a medical billing company, it’s important to line up all the usual suspects. These are the services a medical billing company must provide in order to make outsourcing profitable for your practice. They include… The generation and submission of claims… Carrier follow-up…. Payment processing… Patient support and invoicing… And transfer to collection agencies. Each one of these usual suspects is an important service offered by any re…Read Article

Document Imaging - Doctors Business Network

Document imaging technology allows you to create, manage, and store electronic files in your medical practice, including digital versions of patient’s medical records. Document imaging reduces paper clutter, frees up office space, and provides an evergreen, electronic copy of the document that can’t be physically destroyed or lost. However, document imaging comes with certain risks in addition to its many benefits. Due to the large amount of pap…Read Article

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