5 Costs Medical Practice for Administrators to Know
Renal and Urology News article, Mario Iezzoni, a certified business analyst at the Small Business Development Center at University of South Florida in Tampa, discusses ways in which medical practices can increase revenue.
Mr. Iezzoni lays out five costs that administrators should be aware of when thinking about strategies to increase revenue. These are:
1. The cost of malpractice insurance and what your colleagues pay.
2. The cost per square foot for office space and occupancy charges and comparable going rates.
3. The cost per minute of the patient care you provide.
4. Net collections — and your competitors'.
5. How the wages you pay compare with those of colleagues.
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