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    3 ways to fix a cash flow problem in your practice

    If your cash flow is dropping, it may be time to reinvest in your team.

    Your practice is a living, changing organization, and it ends each day a little different than it began. Slight changes in revenue, outstanding receipts, patient load and procedural requirements occur daily and regularly at your practice. These changes not only have an impact your practice on their own, but they also carry quite an effect when combined.

    MoneyYour staff is your front line of defense and your response mechanism to these changes. You have provided clear direction to address the issues and mitigate them, but somehow negative outcomes can still happen. Unfortunately, your staff might not always notice, track or consider these changes, which is completely normal and should be expected. With that in mind, small negative changes slipping past over time can add up to bad results.

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    So, now you either know or suspect you have an issue. You have noticed a prime symptom; your cash flow is dropping, yikes! Patient loads are inconsistent and new patients are not rolling in as needed. But why? Is it due to poor follow through? Fewer treatments being delivered? Longer payment cycles? Insurance changes?

    There can be any one of a dozen or more issues contributing to a turn in practice performance. Trying to go back and determine all of the issues through forensic efforts can be a real challenge. How many of your staff are trained to do this effectively? There are many reasons for a compromised cash flow, all of which could hurt you, your practice and your success. Where and how to fix the problem is a question most don’t get past. What is clear is that something needs to change in order to reverse the course.

    Your solution path lies in a couple of places. The good news is you have options.

    Click through the slides to learn about three important options.

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