... Many nurse practitioners have asked this question over the years "should I lease my space or purchase my space." There is, of course, no one correct answer to this question as both have their advantages. The answer for each NP will vary depending on his/her goals and resources. Let's take a look at the advantages for each of these options. Initial Cost: With the purchase of a building, your initial cost will usually be significantly higher when you take into account the down payment and closing cost of ... you own your own building? It really depends on your own goals. If you plan to stay in one place for a long time, have the resources to consider purchase of your space, and can shoulder any associated risks, then this is definitely something to consider. © 2010, Barbara C. Phillips, NP. All Rights Reserved.
Tags: np business | np business tip | office space | tax advantages | nurse practitioner | clinicians |

... got me to thinking about the questions we ask, and those that we don't ask during an interview. I've adapted the ones the article suggested and added a few others. Ask yourself how you can you use them in your own business? In what ways will this role help you stretch your professional capabilities? What have been your greatest areas of improvement in your career? What is the toughest feedback you've ever experienced and what did you learn from it? What are patients ... . The list of questions for interviewing may seen a bit time consuming but hiring quickly and finding out later that you hired the wrong person will not only cost you time, it will cost you money. © 2010, Barbara C. Phillips, NP ...
Tags: np business | np business tip | business tip nurse practitioner | clinician | practice owner |

... business owner. It gives you fresh perspective, new ideas, allows your creativity to be in full production and prevents burnout. You owe this to yourself as well as your patients. After all, how often do you encourage them to participate in self-care? It's time for the healer to heed his or her own words. Taking some time to yourself to recharge and relax will not only help to keep you healthy, it will also keep your practice healthy. Your staff and patients will notice and appreciate the fact that you follow your own healthy advice. © 2010, Barbara C. Phillips, NP ... you. Vacation - There is no question...getting away is the best way to recharge. While many of us may not be able to get away for 2-3 weeks, consider several mini-vacations or even a staycation. Read a book that has nothing to do with medicine, nursing, health or business. Totally get away from your everyday work and immerse yourself in something completely unrelated. Consider taking an afternoon to go to the movies, visit a gallery, or meet your friends for coffee and conversation. Take up a new hobby this summer. Perhaps you've wanted to learn to paint, play ...
Tags: np business | np business tip | business owner | business tip | work hard | avoid burnout |

... to call 48 hours (or whatever your policy is) ahead of time to change their appointment if necessary so we can schedule someone else who is waiting. And as always, make sure your patient contact data is up to date. Check with them at every contact. © 2010, Barbara C. Phillips, NP. All Rights Reserved.
Tags: increase practice revenues | np business | business tip | np business tip | practice revenues | clinicians |

... incident in your community. NPBO Action Steps: List 10 things that may be newsworthy in your business. These can be current or future events. List 10 things that you can make a newsworthy comment on If your goal is your local radio, newspaper - read what they are writing/talking about and how. Make a list of the media folks in your area that you may want to contact. If and when something happens either nationally or locally, and you can respond in a newsworthy manner, do so ASAP. In reporting, time is of essence. © 2010, Barbara C. Phillips, NP. All Rights Reserved. ... glance through your local and national newspapers and magazines, listen to the radio, watch TV, and take a look at the social media and blog posts to get an idea of how much concern there is. This is a perfect time for you as health care providers to market your business and practice using the media. Learning to write press releases (PR) is a good first step to getting the word out about you. Well written and newsworthy press releases can be picked up by the print media as well as radio/TV outlets. To increase your chances of having this ...
Tags: np business | press releases | growing your practice | Clinicians | | sending press releases |

... comfortably run your business, make a reasonable profit, and (depending on your desires) be socially responsible? What would it look like if you did a mixture of payment sources? Perhaps limit it to a few insurances and do mostly cash? What about cash for some services and insurance for others. Write down all the "what ifs" and play with it. Does it feel realistic? What feels do-able? Health care is changing. I'm sure this is not the end of the discussion as it's a question that is asked all the time. © 2010, Barbara C. Phillips, NP. All Rights Reserved ... consider billing insurance companies a courtesy they extend to their patients. There was a time when patients paid for services up front, followed by a time when they routinely submitted claims to their insurance company. This is a business decision (albeit peppered with plenty of ethical and societal implications). When you have a practice, you must understand it's a business. To be in business, you must have cash flow - regardless of where it comes from. The decision to go "cash" or not is yours alone to make. However, you need to carefully do an analysis of your community to know if your ...
Tags: cash practice | np business | insurance companies | physician assistant | nurse practitioner | Business Tip |

... a bad reference). Again, ask around about this company or person and try and find references that are not listed. So what are some of the questions you should ask? What are their qualifications? How long have they been in business? How many people are handling the claims? How are follow ups handled? What happens when there is a denial? Who is managing the accounts receivable (AR)? How often is it evaluated and worked? Who is responsible? Communication Issues: What forms of ... with your state regulations? What other services do they provide? This is not by any means an all inclusive list, but it will get you started when thinking about outsourcing your billing. © 2010, Barbara C. Phillips, NP ...
Tags: np business | billing company | making good choices | nurse practitioner | physician assistant | clinician |

... . Pharmaceutical Dispensing. This will depend on your own state laws, so be sure to check your practice act first. You can order and dispense medications and supplies at a profit to your clinic. consider other oral and injectable medications. You'll need adequate storage and be familiar with dispensing guidelines. Business Services. Offer services to local businesses. Perhaps they need pre-employment physicals, drug screens, wellness program or available for quick appointments for on the job injuries. You'll be able to set up contracts with many of these companies and become their go-to office for services. Leasing/Subleasing. If ...
Tags: practice income | np business | offer valuable services | valuable services | Clinician | increase profits |

... still love it? Discover the need for your services in this area of passion. If there is enough need, how can you turn this passion into a business? What would it take? Is there reimbursement available for this area, or will this need to be a cash business? If necessary, how can you obtain training/additional training in this area? How might you increase your income as the specialists in this area? How might you serve for clients? The answers to these questions will help you decide if niching your practice is right for you. © 2010, Barbara C. Phillips, NP. All Rights Reserved.
Tags: primary | care | tip | niching | business | NursePractitioner |

... worked it. Someone who knows you will often be the easiest person to bring on board. 2. Look to other NPs in your community. Who are their collaborators? Are they willing to work with another NP? 3. Consider approaching a newer group in town. 4. If you are near a teaching facility, consider discussing your needs with residents. They may be more open to working with an NP, and often, they can quite frankly, use the extra cash. 5. Some NPs have advertised for a collaborator on Craig's list. 6. With all the physicians taking part in social media, you may ...
Tags: collaborating physician | Nurse Practitioner | State Rules for NPs |

... eyed monster. Instead today, green is about being eco-friendly by recycling as much as you can, purchasing recycled products, and in general reducing your consumption of goods that may adversely impact the environment. A greener practice may not only reduce your business carbon footprint, but it may green up your wallet as well. Do you really need to print that to paper? Not only will you save paper, but ink as well. Consider if that document can be printed to PDF and saved ... 't keep your green efforts to yourself. Ask your staff to think about ways to reduce waste and energy consumption in the office and be sure to offer to share your philosophy with patients. © 2010, Barbara C. Phillips, NP ...
Tags: np business | business tip | green practice | nurse practitioner | clinician | building your practice |

... the policy and you should obtain their signature confirming that they have read, understand, and agree to abide by it. Of course we don't want to offend our employees with our practice policies, but these policies are in place to protect and maintain the health and wellbeing of our business. It is also important to review your liability policy for any wording that may prevent you from treating your employee's or their family members. Establishing a clear policy will help establish clear boundaries and prevent any misunderstandings. © 2010, Barbara C. Phillips, NP. All Rights Reserved.
Tags: np business | business tip | nurse practitioner | clinician | best practices | office policy |

... is around 95% of what we are afraid of does not even materialize! While it may have happened in our mind, nothing has happened in our life. I guess that's why they say that FEAR stands for False Evidence Appearing Real. Initially, many NP's go through the experience of wanting to start their own business yet are afraid of letting go of the safety the job seems to provide. Aside from the fact that jobs (in all reality) aren't as secure as they appear, the truth remains that going out on your own IS scary! The question is: "How ... situation, start out with identifying your fears. Things tend to have more power over us if we have not identified what make us so uncomfortable. Write down what you think and feel you're afraid of. 2. Ask. Next, dig deep and ask yourself why you want to start this business (why you really want to do it). Are your reasons "big" enough to overcome your fears? If our reasons are solid we can overcome anything (well, almost anything). 3. Compile. Create a list of the worst possible outcomes. What are the worst things that could happen and how could you ...
Tags: overcome anything | opening a practice | np s | clinicians | steps | moving forward |

... a check book or cash, but they have plenty of plastic. Make sure you can accept credit and debit cards. If you need a merchant account, search for a clinician friendly merchant account vendor on the internet. Another option if your volume is low is to get a Pay Pal Business Account. Does your staff ASK for the copay or other outstanding balances? Do they know how to ask? If not some training is in order. For those patients that want to pay in cash, it helps to have enough change on hand to handle a $50 or $100 bill. Make ...
Tags: nurse practitioner business | fees for service | patient financial | front desk staff | collecting payment |

... venture". Optimize your systems. What systems are in place to utilize your time and your staffs time more efficiently? And what can you do with this new found time to market your business, create a new arm to your business, or simply take some time off to take care of yourself. Take a look at your overhead. Are there things you are ... In addition, at least in my state, Medicaid has reduced reimbursement by 11.2% across the board. So how are NP's weathering this storm? And what else can be done? Here are nine ideas to get you started thinking about your own strategies. One NP I spoke with reduced her hours to 4 days per week. Because they are seeing fewer patients, they have consolidated ...
Tags: Nurse Practitioner | marketing plan | making money | reduced reimbursement | | economic challenges |

... of creating their own future. Yes, there are risks involved, but you'll know well before your employed colleagues that things are not going as you had planned. You will not be surprised with a pink slip on Monday morning. NP Entrepreneurs have more control of their salaries and benefits than their employed colleagues. They know that their direct effort to build their business will results in a change in salary and ultimately in benefits. (Note that "control" is relative as third-party insurers have more control, but that's another topic for another day). I'm not out to convince employed ... have more control of their salaries and benefits than their employed colleagues. They know that their direct effort to build their business will results in a change in salary and ultimately in benefits. (Note that "control" is relative as third-party insurers have more control, but that's another topic for another day). I'm not out to convince employed NP's to become entrepreneurs. Far from it. But I do think it's quite important that we take a good look at how our world, even in health care, is changing and realize there is no such thing as job security ...
Tags: nurse practitioners | job security | PA s | NP s | Clinicians | Practice revenue |

... doing quarterly (informal) and annual (formal) reviews If they are not making your life easier...perhaps you have hired the wrong person. Document the good, bad and ugly. If he/she is not enhancing your business and/or potentially hurting your business, you will need to take immediate action. An assistant can benefit or harm your practice. If this person is the right person for you and your business, don't keep it a secret. Let them know. Consider rewarding them accordingly (bonuses, increase wages etc. It's far easier to keep a good person than find another one! These are just a ... who can multi-task and work the front office as well as the back office. The main job of any assistant your hire for your business is for them to make your job easier and contribute to the success of your business. This is what YOU are paying them for, nothing less. What kinds of things can you use an assistant for? Here are just a few ways to utilize an assistant. Of course it depends on your business: Answering phones Scheduling patients Greets clients when they arrive Collects co-pays Checks vital signs and perhaps the chief complaint Faxes, scans documents Keeps ...
Tags: good assistant | nurse practitioners | hiring an assistant | clicians use assistants | back office |

... back is in the printing department. Companies that had relied on laser printers to provide high-quality copies are finding that these supposedly cost-saving machines are actually too expensive to operate in this volatile economy. There is an alternative from Canon that makes it easy for business owners to save money. Canon's NP printer brand is a great printer option for anyone looking to save money. These inkjet printers are not your average printer. These printers have many options that allow you to do it all; print high-quality copies quickly and cost much less than you are used to ... on printing if you opt for a NP printer and use the canon printer ink cartridges that go with it. Of all the NP Printer models, the NP 7130 desktop copier is one of the most popular because it can spit out 13 copies per minute. It has reliable performance that is critical to your small business. The copiers speed is attributed to Canon's patented RAPID Fusing System technology. This printer does not have to warm up, which means that you can start copying right away. This helps your business stay productive. Another cool feature of the NP 7130 is the fact that it comes ...
Tags: canon printer ink cartridges | printer ink cartridges | printer ink | ink cartridges |

... can see you after they get off of work at 7:30am. Your practice hours are 9am to 4pm daily. These three examples demonstrate how services might be offered, yet, how difficult it is for patients to actually utilize those services. If you take a close look at your own business, you may see ways in which this is happening today in your own practice. Sometimes in order to find out what is really going on, you might wish to enlist a family member or a friend to become a "secret shopper/secret patient" for your practice. Ask them to call ... the owner, you may not be aware of it, however, it's vital that you find out if you do and then turn it around ASAP. What is a sales prevention department you ask? It's your business process, your employees, and perhaps even yourself, operating to make it difficult for someone to do business with you. We've all seen it in action. For example consider these examples. Your practice is open and accepting new patients. You offer your patients a cash discount if they pay at the time of service. Yet, you don't accept credit/debit cards. It's ...
Tags: sales prevention department | practice sales | clinicians | nurse practitioners | PA s |

... of an LPN ranges from US$31,000.00 up to US$41,000.00 annually while an RN gets to check in US$55,000.00 up to US$90,000.00 yearly. It isn't fixed though because depending on your state and duty time, plus overtime. An NP (Nurse Practitioner - a nurse with advance degree and specialization which functions like a clinic doctor, can also prescribe medicine) averages US$70,000.00 - US$105,000.00. You earn this amount of money by doing what a nurse does - care. Third, nurses are the first-hand carers of patients ...
Tags: nursing care | choosing nursing | providing bedside care | why nursing | advantages of the nurse profession |