Recently I have had conversations with clients about how hard it is to make the most of the revenue generated and keep the loyal but burned-out staff engaged so the practice can survive to work another day. Recovery from COVID for small businesses has been tough, but especially in healthcare where the demand for service remained high during the pandemic. Now, medical practices are looking to make the most of the revenue they can generate without overwhelming current employees. With that in mind, it’s time to work smarter, not harder.
Real estate is the second highest expense behind payroll for most healthcare practices. The benefits of capitalizing during lease negotiations can include a healthy raise through increased profitability, reduced debt, a nicer office and more. On the contrary, if negotiations are not handled properly, the results can be decreased profitability, resulting in the need to produce tens to hundreds of thousands of additional dollars just to pay the same bills that should have cost less.
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