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How To Make A Profit In Your Healthcare Business

Posted on September 13, 2021 by Jean Eaton in Blog

How To Make A Profit In Your Healthcare Business

Healthcare providers learn their skills at medical school, but don’t learn how to make their business profitable. One of the best ways you can serve your customers better is by having a more profitable business.

However, healthcare practitioners face unique pitfalls and business challenges. Many health professions naturally lend themselves to self-employment but often don’t receive training on entrepreneurship and how to start a healthcare business and especially the financial side having a profitable business. This can very quickly lead to feelings of stress and overwhelm which can cause otherwise skilled healthcare providers to leave their profession.

Many healthcare providers find that their job is physically demanding and, if their health requires them to work less for a period of time, they worry that they don’t have the financial resiliency to fund a reduced work schedule.

Independent healthcare practices often have small numbers of clinic staff who are expected to fulfill many roles. Clinic managers are often tasked with bookkeeping even when they haven’t received training to help them with that.

Consequently, many healthcare providers and business owners don’t have simple systems to manage the finances of their business and are making business decisions on wishes.

 My Takeaways

Tammy Hyska’s personal experiences as the financial manager of her husbands’ chiropractic business and as an accountant to healthcare businesses in Alberta helps her to break things down for non-accounting people to understand without feeling overwhelmed.

On the most recent episode of Practice Management Nuggets podcast, I interviewed Tammy Hyska. Tammy shares practical tips for all practice owners, healthcare providers, and clinic managers who have an active role in managing the billing and the finances in the healthcare practice.

Tammy understands the common problems that healthcare providers experience when they manage their own business. She knows that people don’t train to be healthcare providers to have an excuse to do bookkeeping.

Instead, Tammy provides 5 practical tips to have a healthy business without becoming an accountant.

  1. Have a separate business bank account and a separate personal bank account
  2. Have a spending plan
  3. Read Profit First by Mike Michalowicz
  4. Use an accounting software
  5. Avoid debt

Tammy Hyska's #1 Tip to Healthcare Practices

It's not what you MAKE but what you KEEP that matters! Click to Tweet

 

Listen To The Podcast

5 Critical Things Healthcare Practitioners Need To Have A Profitable Business | Episode #102. Expert tips with Tammy Hyska on Practice Management Nuggets Podcast For Your Healthcare Practice.

Listen here: Practice Management Nuggets Podcast

Listen To The Podcast Here

Featured Guest: Tammy Hyska

Tammy Hyska Can Help You Enjoy A Profit In Your Healthcare Business From Day #1!

Tammy Hyska will help you avoid money stress with these tips to set up the financial side of your business the right way with a simple strategy that will teach you just enough to have financial success without the overwhelm.

Get started right away with the free 5 Critical Things Healthcare Practitioners Need To Have A Profitable Business.

Download this free guide from Tammy here:

5 Critical Things Healthcare Practitioners Need To Have A Profitable Business

Download the free guide from Tammy here

Financial Confidence Formula

Then, check out the Financial Confidence Formula For Healthcare Practitioners training from Tammy Hyska. This is a complete system for operating a profitable business.

This course is ideal for new business owners and existing business owners and clinic managers who haven’t yet implemented the blueprint to a highly profitable business.

When you receive support to simplify and streamline the accounting side of things in your practice, you will reduce money stress.

Tammy will cover everything you need to get it right and avoid all the unnecessary pitfalls to make a profit in business.

Tammy Hyska

Tammy Hyska, CPA, CA, has been a Chartered Accountant for over 20 years. As the Financial Freedom Coach in her independent consultancy, Tammy helps entrepreneurs have more profitable businesses. Tammy has in-depth understanding of health care businesses as her husband is a health care provider and Tammy helps her husband run the financial side of his practice. Tammy is passionate about helping small business owners have a more profitable business.

#PracticeManagementNugget, dental, dental business, healthcare, healthcare business, podcast

How To Build a Legal Foundation For Your Healthcare Practice

Posted on July 5, 2021 by Meghan in Blog

How To Build a Legal Foundation For Your Healthcare Practice

Many healthcare providers are excited to open their first independent practice but have many questions about how to build a legal foundation for their practice.

Corrine Boudreau of Online Legal Essentials can help you!

On the most recent episode of Practice Management Nuggets podcast, I interviewed Corinne Boudreau of Online Legal Essentials. Corinne has developed guided legal templates for Canadians doing business online.

Corinne has a knack for making things practical and easy to implement. Being a lawyer since 2002 has given her perspective and experience to boil things down to the essentials.

Corinne’s advice is that the essential business documents you need for a new healthcare practice are based on relationships. Relationships are triggers for business documents to help improve communication and set expectations – get it in writing!

For example:

Relationships with patients or clients

  • Terms of service and payments documents

Relationships with employees, contractors, associates

  • Hiring documents

Relationships with other healthcare providers in a group practice

  • Fee splitting and payment options
  • Cost sharing agreements

Relationships with landlords

  • Commercial lease agreements

Relationships with the public

  • Privacy policies including on your website
  • Copyright notices when you create and distribute your unique content

Your Big (or Small) Online Presence

Every practice needs an online presence of some kind. Maybe your brick-and-mortar local clinic only needs a simple business card presence to attract new patients and let them know how to find you. Or maybe you will offer virtual visits, online memberships or courses, or online sales of physical products. It is important to project yourself as a business owner by having a professional presence on your website – this includes having a privacy policy, copyright notice, disclaimers, and terms of use statement.

Should You Incorporate?

In the podcast, Corrine discusses corporate structure options for healthcare practices – including the difference between an incorporated business, partnership, or corporation business entities vs professional corporation when you are a member of regulated health profession.

Listen To The Podcast

What Should Healthcare Practices Know About The Legal Foundation For Their Business? | Episode #101.

Expert tips with Corinne Boudreau of Online Legal Essentials. Practice Management Nuggets For Your Healthcare Practice.

Listen To The Podcast Here

Templates Make It Easy!

You know that I love templates – and tips, tools, and training to make it easy!

Corinne delivers guided customizable templates to help you set up your business, operate your brick-and-mortar local business, or your online business!

Get started right away with the free Ultimate Checklist for Running a Business Online in Canada.

Download the free guide from Corinne here
#PracticeManagementNugget, dental, dental business, healthcare, healthcare business, legal, legal foundation, legal templates, podcast

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