How to Increase the Cash Flow in Your Private Practice in 30 Days

If you have a busy private practice, chances are you also have pockets of cash lying around available for the plucking. It simply hasn't been collected yet, and may even have been overlooked. Here are 10 ways to increase your cash flow over the next 30 days.

Collect at the Time of Service

Include in your upfront discussions your expectations on payments. Establish that you are paid at the time of service. For services where payment plans are appropriate (for example, payments at key milestones), be clear from the start as to your expectations, then include them as part of your written agreement.

Step-Up Your Invoicing

There is really no reason to wait until the end of the month to bill, or for that matter, the end of the week. Get your invoice into the mail the day you provide the service. That includes insurance billings.

Follow-Up on Late Payments

Clients can get into the habit of paying late ? 30, 60 or even 90 days ? if they know that you will tolerate it.

Outsource Delinquent Payments

Payments that are overdue by 90 days are more than just "late". They are delinquent. Outsource these receivables and don't let them occur again.

Follow-Up on Potential Appointments

Do you have clients who "intend" to schedule an appointment but haven't called yet to do so? Perhaps they left your last meeting with a sincere intention to call back, or maybe whenever you see them they say "I've been meaning to call?" Call them now and get them on your appointment schedule.

Finish the Project or Service

Sometimes, all that's between you and a check is finishing the project, mailing the report, getting the signature or conducting that last routine visit so you can bill for it.

Re-Visit Your Appointment Scheduling Procedures

If you are one of those offices that routinely schedules the next appointment two weeks to four weeks away ? why? Eliminate time lapses. If you can handle everything in one visit ? and if there is no good reason for not doing so ? do it. If you need to have two or more separate appointments to finish providing the service, schedule them as close together as possible. It will keep the momentum going with the project?and make your billing date sooner.

Handle Appeals and Requests for Reviews Weekly

Sure, these things take time and talent to handle properly, but putting them off for weeks just delays your income from a service that's already been provided.

Consider Down-Payments

Retainers, down-payments or other forms of upfront payments can boost your cash flow while securing a real commitment from your client to follow-through with the full service to which they have agreed. And don't forget to collect your co-pays at the time of service.

Promote Your Products

If you have a product that you make available to your clients, don't keep it a secret. Display it, talk about it, recommend it and, where appropriate, use or demonstrate its use during the visit. This goes for everything from dental care kits to nutritional supplements, to office supplies, special workbooks, kits, tools, books, forms or any other product that you sell.

Tighten Your Financial Policies

Use these ways to increase your cash flow, and while you are at it, go ahead and tighten your financial policies so that these things become the norm. Pockets of cash lying around don't add to your bottom line. You have to pick them up in order to count them in?or to spend them.

For more articles like this on Marketing and Business Development for your private practice, visit the Private Practice Marketing Roundtable at http://www.PrivatePracticeMarketingRoundtab le.com.

About the Author

Dianne E. Dawson, M.A., has worked with business owners worldwide to develop and implement strategies to bring in new clients and to increase business profitability.

She works with self-employed professionals who believe that their private practice has reached a plateau ? it's stuck! ? and what they really want is to make their business "top of mind" and achieve greater profits and financial reward. She can be reached at http://www.PrivatePracticeMarketingRoundtab le.com.

You may download free Marketing Strategy Tools to grow your business when you visit the Private Practice Marketing Roundtable.

---

Age Old Marketing Technique Improves Business Plan Executive Summaries

Every business plan book tells you how the Executive Summary... Read More

Small Business Vendors; Getting the Best Service

If you are a small business you know that you... Read More

Do You Own Your Business Or Does It Own You?

What was your aim when you went into business for... Read More

Forming a Corporation ? Investors

You've come up with the best idea since sliced bread,... Read More

The Advisory Board: A Business Owners Most Valuable Resource

As a company grows, the owner's role begins to change.... Read More

Does Your Small Business Marketing Suffer From The Bulldog Effect?

If you're an entrepreneur responsible for your own small business... Read More

Practical Money-Saving Tips For Small Businesses

One of the primary concerns all small businesses have is... Read More

Boy oh Boy, The Obstructions and Obstacles

The bad things starts with the letter 'O'?.like Obstacles, Obstruction,... Read More

Start a Technical Writing Service

Technical writing services are employed to explain the details of... Read More

Five Quick Ways to Speed Up Cash Flow

At one point or another, almost every business runs short... Read More

Dispute Resolution; Competing With Other Franchisees

If you are in a franchise and have a territory... Read More

Bogus Investor and Consumer Complaints and Consumer Misrepresentation

Like most regulatory bodies in the United States, the Federal... Read More

How To Write A Business Plan

Writing a business plan is a fundamental step to ensuring... Read More

11 Things Small Business Owners Can Learn From The Supreme Court

1. Have A Strong Constitution ? Justices deliver decisions by... Read More

Small Business Computer Security, the Basics

Anyone in business today realizes both the natural dependency on... Read More

ADH Will Make Your Life More Productive & Your Life More Profitable

What is a Virtual Assistant?? A Virtual Assistant is that... Read More

Time to Sell your Restaurant? Some Advice from Restaurant Consultants, Inc.

As a specialist in getting restaurants open, it is surprising... Read More

Small Business Owners - They Owe You The Money Why Dont They Pay?

Doesn't it frustrate you when you've given good service, sometimes... Read More

Deciding Which State To Incorporate Your Small Business In

Once you've decided to incorporate your small business the next... Read More

The End -- Fireworks or Fizzle?

Seems as though there are a lot of business closings... Read More

11 Benefits of Starting a House Cleaning Business

One of the biggest fears people have about starting a... Read More

Small Business Operators - 7 Reasons You Should Change Your Accountant

A recent survey showed that only 28.7% of small business... Read More

Todays Chef, Tomorrows Restaurateur -- Startup Tips by Restaurant Consultants Inc

Researching information for a recent business plan, I came across... Read More

The More you GIVE the More you GET

Why give freebies?We have all seen freebies at trade shows... Read More

Collaborative Negotiating: A Win-Win Strategy

COLLABORATIVE NEGOTIATING:Collaborative negotiating is a win-win strategy that can focus... Read More

Using Excel Payroll Sheet to Make Payroll System Easier

For the employees, payday is the brightest day; they finally... Read More

In Home Daycare Businesses for Profit

To have one of the popular in home daycare businesses.... Read More

A Look at Incorporating a Business in Florida

As you may know, there are many ways to incorporate... Read More

Pressure Washer Companies and Steam Cleaner Maintenance

If you run a pressure washing business it is a... Read More

When to Say NO!

When is it a good thing to say no to... Read More

Dynamics of Daylight Savings Time on Service Businesses in the United States

The Dynamics of Daylight Savings Time changes the way we... Read More

Franchise Sales and Use of Online Franchise Directories

Franchising Directory Sites-Paid Advertising, Lead Generation for FranchisingFranchising Directory Sites... Read More

Becoming Recession Proof

A lot of business owners I've spoken with lately have... Read More