Let’s face it — most business and medical practices don’t have the problem of being too efficient in their operations. On the contrary, many medical practices suffer from a range of bottlenecks and redundancies that waste time and energy. These broadly fall into several practice areas, including the front office, the back office and the physicians. Here are eight areas to home in on to improve procedures and reduce waste.
Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers like physician practice owners. Here are some of the most notable changes.
Management expert Peter Drucker famously said, “If you can’t measure it, you can’t improve it.” Within a medical practice, it’s possible — though not necessarily desirable — to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone calls. So what should your medical practice measure?