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Casual Articles - 4 Areas Where Your Business is Losing Money
If you thought it was safe to come out of your bunker now that our review of the GX0 record is over, you may want to crawl back in. We're not quite done with our oxygen billing review in regard to medical billing in general. In this installment we begin our review of the narrative record, which is the GX1 record.The GX1 record has only 7 fields in it. You would therefore think that there is just no way to screw this record up. And yet, there are more problems with the GX1 record and denials than the GX0 record. The reason for this is because the majority of the fields are not simple one or two character replies. Most of the responses are narrative ones and lengthy at that. When you combine that with the fact that, unfortunately, many
1. You can lose money with poor reception control.
Ideally, with proper reception control at the front desk, on the phone and certain procedural actions in place you can achieve a higher percentage of closed customers. To the degree that the control at the front desk is missing o
With how unexpectedly expensive it can be to start a new business, why make it more so by buying only new office furniture or equipment? Sure, the purchase of office equipment is a legitimate tax write-off, but you'll still need the income to write it off of, and that can be sporadic when just starting out. So, far better to keep your costs low by buying used office furniture rather than new. It's functional, can be just as attractive, and can save you a bundle over new furniture.If your office is located in your home home, used furniture can be an obviously better choice for many reasons. Bigger businesses look for matching furniture for several different people; but if you're only shopping for one office, the choices should be many. Take a
In every business that I have gone into over the years, what amazes me most is the amount of lost income from poor handling of the major income generating areas of any business. I will cover four of them.
The actual amount of lost income can be calculated. I will describe where you are very likely losing large amounts of money and why. These areas if handled will help you lose less money in your business or in other words, make more money.
Where am I losing money in my business?
Business owners are always looking for ways to increase revenue but we seldom address the areas where buckets of money may be slipping from your fingers. It is common to look at the cost of handling a situation in your office, but little attention is paid to the fact that not handling a weak area of your business is costing you way more than what it may cost to solve the problem.
You need to be able to measure the top basic areas and the way to do it is with statistics. How can you evaluate how close you are getting toward handling any weak area of your business or enhance an area already doing well if you are not using statistics? Operate off of statistics.
Most business owners commonly fail to look at what they are currently losing from weak business management and poor training of staff. Here are four of the key areas of lost income within the organization.
1. You can lose money with poor reception control.
Ideally, with proper reception control at the front desk, on the phone and certain procedural actions in place you can achieve a higher percentage of closed customers. To the degree that the control at the front desk is missing or
In the recent past the hardest part of a job search was choosing from a large number of opportunities. Unfortunately those days are over and the job search is now a chore. The rules have changed - again. No longer can you wear jeans to an interview (business suits are back), no longer can you be haughty (gracious interviewing is back), and rejection letters are now more common. Opportunity still exists, if you know where to look and just what doors to knock on.Here are some tips for today's job-hunting environment:1. Don't limit your search to the web. Historically the best sources for lead generation have been (a) your professional network of business associates (don't forget your vendor friends), (b) your personal network including
The actual amount of lost income can be calculated. I will describe where you are very likely losing large amounts of money and why. These areas if handled will help you lose less money in your business or in other words, make more money.
Where am I losing money in my business?
Business owners are always looking for ways to increase revenue but we seldom address the areas where buckets of money may be slipping from your fingers. It is common to look at the cost of handling a situation in your office, but little attention is paid to the fact that not handling a weak area of your business is costing you way more than what it may cost to solve the problem.
You need to be able to measure the top basic areas and the way to do it is with statistics. How can you evaluate how close you are getting toward handling any weak area of your business or enhance an area already doing well if you are not using statistics? Operate off of statistics.
Most business owners commonly fail to look at what they are currently losing from weak business management and poor training of staff. Here are four of the key areas of lost income within the organization.
1. You can lose money with poor reception control.
Ideally, with proper reception control at the front desk, on the phone and certain procedural actions in place you can achieve a higher percentage of closed customers. To the degree that the control at the front desk is missing o
Working as computer consultants for small businesses can be very financially rewarding and very gratifying. In this article you'll learn about some of the benefits you'll realize as computer consultants.You Can Pick Your WorkAs computer consultants, you have so much flexibility that you're not likely to get bored. You choose what you want to do. It’s a lot of fun. You get to select exactly which technologies and the platforms and the products that you’re able to sell, service and support. You don’t have to get boxed into working with products that you don’t want to deal with anymore.You Can Find Plenty of Clients in Your AreaIt doesn’t matter where you are located. If there are small businesses, no matter what the indust
Business owners are always looking for ways to increase revenue but we seldom address the areas where buckets of money may be slipping from your fingers. It is common to look at the cost of handling a situation in your office, but little attention is paid to the fact that not handling a weak area of your business is costing you way more than what it may cost to solve the problem.
You need to be able to measure the top basic areas and the way to do it is with statistics. How can you evaluate how close you are getting toward handling any weak area of your business or enhance an area already doing well if you are not using statistics? Operate off of statistics.
Most business owners commonly fail to look at what they are currently losing from weak business management and poor training of staff. Here are four of the key areas of lost income within the organization.
1. You can lose money with poor reception control.
Ideally, with proper reception control at the front desk, on the phone and certain procedural actions in place you can achieve a higher percentage of closed customers. To the degree that the control at the front desk is missing o
Nothing is likely to frustrate me as much in conversation as people who assume they know what I am feeling or thinking and what I value when they do not know me or do not ask me any questions to find out.When I observe assumptions being made in business I get just as frustrated.Selling is a fertile field of assumption making. Two of our neighbours separately told me of a story about a farmer and his son who went to buy a car.The car in question was a Rolls Royce. The location was the wheat farming area of northern Victoria in Australia. The father was a simple man with a simple farmer's dress sense, wearing clean working clothes when he went into "town".The sales man, spotting the simply dressed farmer looking over the l
You need to be able to measure the top basic areas and the way to do it is with statistics. How can you evaluate how close you are getting toward handling any weak area of your business or enhance an area already doing well if you are not using statistics? Operate off of statistics.
Most business owners commonly fail to look at what they are currently losing from weak business management and poor training of staff. Here are four of the key areas of lost income within the organization.
1. You can lose money with poor reception control.
Ideally, with proper reception control at the front desk, on the phone and certain procedural actions in place you can achieve a higher percentage of closed customers. To the degree that the control at the front desk is missing o
Business ToolsAdmit it – seeing your competitor’s picture in a feature article in the newspaper or a trade publication gave you a flash of jealousy.You’re right to be envious – any prospective client for your services who reads that interview or feature automatically assumes your competitor is the leading expert in your field.When prospects and clients read about you in newspapers, magazines, or hear you on the radio or TV, you get official “third-party” credibility that draws prospects like a magnet. It’s as if that particular media outlet is actually endorsing your products or services.So how can you get your fair share of media coverage – for free?Tap into TrendsJournalists are drawn to new trends
1. You can lose money with poor reception control.
Ideally, with proper reception control at the front desk, on the phone and certain procedural actions in place you can achieve a higher percentage of closed customers. To the degree that the control at the front desk is missing or the customers are dictating when they will come in or not, you will be losing money. A good receptionist is key to directing the incoming traffic, whether via phone or in person to the proper staff member quickly and with good control. This is quite honestly an easy fix and can improve your bottom line quite markedly.
2. You can lose money from having a poor collections ratio.
Depending on your business, once you make the adjustment in your production for other plans such as managed care, etc. you should be collecting 95% of the remainder. Ideally, when calculating your true collection ratio you would use the last six weeks of collections divided by the previous six weeks of production. There are actually eight areas, if fully handled, that will put your collections ratio in a whole new range.
3. You can lose money from having an untrained or poorly trained staff.
Take your average weekly collections divided by the number of Full Time Equivalents (FTE). Don’t forget to include the owner’s hours and if he or she works 60 hours that is a 1.5 FTE. Every staff member has value to the organization, but some are clearly more valuable than others. When you have a staff member that knows what to do, is very efficient in his or her ability to get the job done and somehow motivates others, you know they are worth their weight in gold. What is sometimes difficult to understand is that getting employees to actually do their job with a high degree of productivity IS attainable. Every time you hire someone within your organization you should have a certa
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