A Budget – Personal Financial Management

Financial Planning Steps that Put you in Control

Today we are living in an uncertain economy.  There is talk of changing and increasing taxes, of a failing Social Security system and of skyrocketing educational costs.  Given the various financial uncertainties, it is more important than ever for you to apply financial planning principles to your personal life.  Budgeting is one of these key principles.

Budget Financial Planning

The majority of American households are in significant debt.  According to a study in Time Magazine – May, 2016, the average American household has total debt of $90,000, which includes households that live debt free.  The average households with debt owes more than $130,000.  This debt burden is costing the average household more than $6,600 in interest per year – about 9% of the average income.

Many do not have a budget and as a result most households have no idea where they spent their money last year.  A personal budget can provide this information and can help you take control of your financial life.

Bake My Day – A Recipe for Patient Satisfaction

The Secrete Sauce for Marketing a Doctor's Services

He called on Mother’s Day.  “May I speak to her?”, he asked.  My jaw dropped as I listened to my fifteen-year-old daughter, who was recovering from ACL knee surgery, talk with her Orthopedic Surgeon.  He was calling just to see how she was feeling. Even though my wife provided our daughter’s current status and answered all his questions, he wanted to take a minute to talk with the patient for whom he cared. It was awesome that Dr. Steward called to check in with his patient. One might even expect such a call.  But, when he ended the conversation with my wife asking – “May I speak to her?” – he just created an awesome experience – patient satisfaction for both the patient and her parents.  It was as if he put extra sprinkles on a baked cake…marketing at its finest.

Top of Easter cake covered with white icing and sprinkled with color pops. Candy background.

Build an Exceptional Team – Start with Position Descriptions

Free Position Description Templates

Having clearly defined Position Descriptions is the first step in the process building the right team for your office.  I often receive questions from clients related to staffing issues in their office. And, I often answer their question with a question – What does your position descriptions say?

Position Description

Assess & Measure Your Hygiene Department [Podcast]

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Hygiene Practice

Episode 012

Doctors Business Management Show

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Are you maximizing your Hygiene Practice? Productive, Profitable Dental Practices always have a productive hygiene department.

Your Dental Hygienist is an important member of  your team in assisting your patients with their oral care.  Under the new government health reform, which includes mandatory oral health benefits for children and young adults up to 21 years old, the role of your hygienist will continue to evolve and expand.  In addition to the role of your Hygienist and the work they do for your patients, the business aspects of this segment of your business are also very important to the overall profitability and success of your practice.  In this episode, Mike and team members, Mary Millar, RDH, BS, and Ben Lane CPA, JD discuss Measuring Key Hygiene Department Business Components to improve the bottom line of your Dental Practice.

What's good for Your Patient, is good for Your Practice. - Michael L. DeVries, CFP®, CHBC, EA Click To Tweet

 

Providing Staff Evalutions for Your Office Staff

Any conscientious healthcare business practitioner for various reasons can easily overlook evaluating office staff. Two basic reasons are: one, it is extra work; and second, many doctors simply believe that all is working well in their offices and do not want to “rock the boat”.  Yet, it is very important for you to know that your office is operating as efficiently as it can, and with a well-planned, routinely conducted staff evaluation program, you can achieve several advantages.

Accurately Evaluating Your Office Staff

Don’t be Fooled by Fake IRS Communications

5 things you should know about phishing scams

Be aware that fraudsters are trying everything they can to obtain your personal or business financial information.  I received a call from a doctor client who indicated that she received an e-mail from the IRS stating that they were due a refund for taxes paid.  The e-mail looks legitimate as even indicates an official looking reply to address – office@irs.gov.  The body of the email states the following:

Phishing Scam Warning Sign

Business Intelligence – Using Your Data to Manage Your Practice [Podcast]

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Episode 011

Doctors Business Management Show

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In this episode, Mike DeVries & his guest, Nate Moore, discuss Using Business Intelligence. Using data from your Medical Practice to Manage Your Business Better. The YouTube Video below is a video recording of the show in which you can see the example reports that were discussed during the show.

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Review Your Interest Rates

4 things to check if you refinance your adjustable rate loan

Interest rates have been low over the past many years, which has been most advantageous for utilizing adjustable rate loans. Experts say that interest rates will be on the rise this year – an easy prediction given where rates are currently; how can you go wrong? A better prediction would encompass how quickly the interest rates will they rise? I figure why take a chance; why wait?

Interest Rates

Is your Medical or Dental Practice ready for EMV?

Be ready by October 1, 2015

October 1, 2015, all businesses that accept in-person credit card payments must be able to accept new EMV-compliant credit and debit cards, or risk being responsible for card fraud losses.

EMV Credit Cards