NP Business and Trade Tip: Ideas to Diversify Your Practice Income

Many practices are being squeezed in the middle these days. Reimbursement is being reduced (or rules are being made to reduce it) and overhead is rising. It is simple economics when it comes to having a profitable practice…more money has to come in than go out.There are many ways a practice can increase their income — seeing more patients and reducing overhead are just two of the ways you can achieve this. Another is income diversification — increasing the products and services you offer to your patients and clients.When exploring your options you will want to me familiar with the Stark Laws (basically, you cannot refer only to your services), and you need to make sure the product/service is congruent with your practice model. For example offering Botox makes no sense if your practice is pediatrics or mental health. With that said, here are just a few ideas to help you brainstorm what you can add on to your practice to generate more in revenue.If you are not getting enough visits, consider changing your services to offer walk-in/ a-la-cart type services in an after-hours format. Your own patients will then come to your office rather than the urgent care down the road and you’ll attract more clients who may become your primary patients.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 you own a building or lease a large office, consider leasing/subleasing out space to compatible services. Think mental health, nutrition or massage therapy.
Specialty Procedures. Consider various procedures such as filling lap bands, cosmetic procedures and tattoo removals. All of have the benefit of being generating cash revenue, eliminating additional cost of billing insurance.
Laboratory Services. If you are sending all of your patients to an outside laboratory for needed lab work, consider bringing it in house. You can negotiate a contract with your lab service, draw the labs in house and bill the patient for the services. You’ll often be able to increase your own revenue while offering patients a significant savings.
Weight loss Programs. There are a variety of weight loss programs you can take advantage of, that offer tremendous benefit to your patients while increasing your bottom line.These are just a few of the ways you can think outside the box and offer valuable services to your patients while you increase your revenues. When evaluating any of these services, be sure to weigh your patients needs and of course, add value to their lives and experiences.Your Actions Steps: Assessment: Sit down and look at your practice income. Where does your income come from? Which payers are paying what percentage of your gross income? Additionally, if you have not already looked at your overhead do so now. How efficient is your office running? Where is the waste (which is in almost every office)?
Brainstorm with your partners and staff different ways you can add services and/or products that make sense. Put all ideas on the table even if they feel like they don’t fit.
List the pros and cons of each idea to get a sense of what really might work. You’ll want everyone involved in this process. If you don’t feel like you have enough ideas, start asking your clients what they would like to see in your practice. Consider adding a suggestion box — you’ll be amazed at the feedback you get — especially when it’s anonymous.
Read your state practice act to be clear on any rules/regulations that may interfere with your plan.
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The Best Books on Cryptocurrency

The Sovereign Individual ~ by James Dale Davidson and William Rees Morg

The Sovereign Individual is one of those books that forever changes how you see the world. It was published in 1997 but the degree to which it anticipates the impact of blockchain technology will give you chills. We’re entering the fourth stage of human society, shifting from the industrial to an information age. You need to read this book to understand the scope and scale of how things are going to change.

As it becomes easier to live comfortably and earn an income anywhere, we already know that those who truly thrive in the new information age will be workers who are not tethered to a single job or career and are location independent. The pull to choose where to live based on price savings is already more appealing, but this goes beyond digital nomadism and freelance gigs; the foundations of democracy, government and money are shifting.

The authors predicted Black Tuesday and the collapse of the Soviet Union, and here they foresee that the rising power of individuals will coincide with decentralized technology nibbling away at the power of governments. The death toll for the nation states, they predicted with extraordinary prescience, will be private, digital cash. When that happens, the dynamic of governments as stationary bandits robbing hard-working citizens with taxation will change. If you’ve become someone who can solve problems for people anywhere in the world, then you’re about to enter the new cognitive elite. Don’t miss this one.

Choice Quotation: “When technology is mobile, and transactions occur in cyberspace, as they increasingly will do, governments will no longer be able to charge more for their services than they are worth to the people who pay for them.”

Sapiens: A Brief History of Humankind ~ by Yuval Noah Harari

Whenever I want to impress on someone how good this book is, I ask: “Do you want to know the fundamental difference between humans and monkeys? A monkey can jump up and down on a rock and wave a stick around and screech to his friends that he’s seen a threat coming their way. ‘Danger! Danger! Lion!’ A monkey can also lie. It can jump up and down on the rock and wave a stick around and screech about a lion when there is, in fact, no lion. He’s just fooling around. But what a monkey cannot do is jump up and down and wave a stick around and screech, ‘Danger! Danger! Dragon!’”

Why is this? Because dragons aren’t real. As Harari explains, it is human imagination, our ability to believe in and talk about things we have never seen or touched that has elevated the species to cooperate in large numbers with strangers. There are no gods in the universe, no nations, no money, no human rights, no laws, no religions and no justice outside the common imagination of human beings. It is us that makes them so.

All of which is a rather magnificent preamble to where we are today. After the Cognitive Revolution and the Agricultural Revolution, Harari guides you into The Scientific Revolution, which got underway only 500 years ago and which may start something completely different for humankind. Money, however, will remain. Read this book to understand that money is the greatest story ever told and that trust is the raw material from which all types of money are minted.

Choice Quotation: “Sapiens, in contrast, live in triple-layered reality. In addition to trees, rivers, fears and desires, the Sapiens world also contains stories about money, gods, nations and corporations.”

The Internet of Money ~ by Andreas M. Antonopoulos

If the two books mentioned above help us to understand the historical context in which Bitcoin first appeared, then this book expands on the ‘why’ with infectious enthusiasm. Andreas Antonopolous is perhaps the most respected voice in the crypto space. He’s been traveling the world as a Bitcoin evangelist since 2010 and this book is a summary of talks he gave on the circuit between 2013 and 2016, all tightened up for publication.

His first book, Mastering Bitcoin, is a technical deep-dive into the technology, aimed more specifically at developers, engineers, and software and systems architects. But this book uses some choice metaphors to explain why you can’t ban Bitcoin or turn it off, how the scaling debate doesn’t really matter and why Bitcoin needs the help of designers to lock in mass adoption.

“When you first ride your brand new automobile in a city,” he writes, “you are riding on roads used by horses with infrastructures designed and used for horses. There are no light signals. There are no road rules. There are no paved roads. And what happened? The cars got stuck because they didn’t have balance and four feet.” But fast forward one hundred years and the cars that were once ridiculed are absolutely the norm. If you want to swim around in the philosophical, social and historical implications of Bitcoin, this is your starting point.

A Guide to Help You Pick the Best Air Purifier for Your Loved Ones

Holidays are around the corner. This is the time of year when people start purchasing gifts for their loved ones. If you are going to purchase an air purifier for someone you love, we have some helpful tips for you. If you want to purchase the best unit, you may be able to use this guide to your advantage. Read on to find out more.

1: Set Your Budget

Just like anything you purchase, make sure you have set your budget first. The price of the unit will vary based on a lot of factors, such as the capacity, filter type, features, and brand of the unit. If you don’t have a flexible budget, we suggest that you go for a product that is available to purchase for less than $300.

2: Consider the Needs of the Recipient

Your next move is to consider the needs of your recipient. If you are going to purchase this unit for everyday use, we suggest that you go for a unit that comes with a HEPA filter. On the other hand, if your loved one has a specific need, we suggest that you consider a specialized unit.

For example, if they are more prone to respiratory issues, such as allergies and infections, we suggest that you get a UV purifier for them. The devices are designed to neutralize viruses and bacteria.

3: Think About the Available Space

Another primary factor is to consider the available space in the office or house of the recipient. For example, if they need a general-purpose unit for a small apartment, you may want to consider a filterless unit.

On the other hand, if they have plenty of free space, you may consider a bigger unit that features a higher airflow rating. These units are powerful enough to cover a large face.

4: Consider Extra Features

Lastly, we suggest that you consider additional features that they will just love. For example, some units come with an indicator that turns on when the filter needs to be replaced. This will allow the user to change the filter so that the device continues to work properly.

So, you may want to consider these features before you place your order. These features may not be important to you, but your friend may just be over the moon.

Long story short, we suggest that you consider these four tips if you are going to purchase a gift for your loved one on these holidays. Since the air is full of pollution during winter days, nothing can make a better gift than an air purifier. Therefore, you should consider these tips before looking for an online or physical store to make your purchase decision.