Enterprise Profitability for the Medical Professional

I recently attended a seminar on profitability. This particular seminar concentrated on helping medical professionals fine tune their expertise with regards to the business aspect of their business.



Why is that important? Many businesses, including medical services, are started because someone is passionate about their skill or craft. They have a knack for working with people and figuring out how to fix them. So, a business is born; and with it, all the paperwork.



In my line of work, I find a lot of medical providers/businesses want to expand, but do not know how to make it happen. For example, as a sole propietor of a dental office, they do everything: see patients, deal with employees, etc. A secretary/office manager is typically in the office greeting patients, filing; but s/he does not really have any decision making authority. And if she does, she probably does it all without any internal controls.


So, how does the dentist, who works long hours with patients, step back and take an overview look at their practice.



Well, Enterprise Profitability is a great way to take a boring topic, personalize it and learn how to take the necessary steps in growing your business. The biggest take away is that profit is an illusion and does not mean anything until you get paid. In the medical services world, getting paid is difficult, given the current payer system. Nevertheless, there are strategies that can be utilized in order to optimize the revenue stream.




Laura McAdam, MSOD, CPS, CIA moderates the sessions.

Give her a call at 630-530-1171 or email: lauramcadam@comcast.net.

The next General Business Session for Enterprise Profitability is December 9, 2009. You will take away at least 3 easy steps that you can implement the following day in your business. It's that simple.

Business as Usual

We have all watched and read the news nervously the past few months as Wall Street and the White House best decide how to handle the country’s newest financial crisis. But what few people, especially business owners, ask themselves is, ‘What does this really mean for me?’

The answer: Re-evaluation of the coming year’s business plan, some forecasting adjustment, and in the end, not much .

This newest economic slowdown can be interpreted as part of the economic cycle. We, as a country, have been through numerous recessions and stagflations through the years. The recent failures of Wall Street giants do not necessarily mean the business owner is going to shut down.

All business owner should re-evaluate expenses to make sure spending aligns with the overall business plan; however, growth and maintenance of any company relies upon continuing to operate in a manner consistent with the company’s overall vision.

Many in the business world view this current crisis as an industry-specific recession; affecting those companies associated with the financing and banking industries. According to Jim Elsener, business writer for The Business Ledger, “You have to separate what is bad business from a recessionary trend.”

Getting credit is more difficult. Nevertheless, a company or individual who has a good credit history, as well as cash collateral are able to find financing. Banks are not freezing loans, just being more responsible to whom they lend money. The current state of affairs does not allow risks to be taken as loosely; lending institutions are being more selective in their lending practices.

When a company has something of intrinsic value to sell, there are buyers. The overall quantity of bids may be low; quality of bids, however, should remain high.

The bottom line is…business as usual. Our economy needs companies of all sizes to continue selling and buying.

To read more from Jim Elsener’s article, please click here.

When does the business owner engage with a Commercial Real Estate Broker?

As a business owner, there are so many details on an ongoing basis. Operations, profitability, growth are just some of the big ideas that need to be addressed in a business. So, when do you start thinking about your business' space requirements? And when do you engage a Commercial Real Estate Broker to look out for your interests? It may be necessary to have your space before you even chat with a customer. Or, you may be 8 years into a home office and realize that in order to grow you need some space where your employees aren't walking through your home.

No matter if its the grand opening of your business or just a need for expansion, a business plan with a sound financial strategy is a must have. Some business owners have trouble with business planning. No worries. There are consultants out there that will assist and bring value to your business endeavor. They will help strategize as to the best course of action to take. It's not worth wasting your time and your potential Broker's time with ideas that are logistically difficult to implement.