Conquering Chaos: Practical Solutions for Running Health Care Businesses

This blog post, titled “Conquering Chaos: Practical Solutions for Running a Health Care Business,” was my way to vent after reading my mail. My hope is that the information provided will be helpful for anyone running a similar business, especially throughout the sections where I detail my solutions.

Many health care businesses face a constant barrage of difficulties. From rising costs to complex regulations, keeping your business afloat can feel overwhelming. But fear not! In this blog post, I’ll share some practical solutions I’ve implemented to tackle these common challenges.

Challenge #1: Rising Operational Costs

This morning, I was presented with a bill that doubled our condo fees. While there wasn’t much I could do about the immediate increase, I decided to take action. Conquering Chaos Tip #1: If you can’t fix the problem entirely, explore what you can control. I’m considering running for the condo board next year to gain insight and potentially influence future decisions that benefit all the tenants.

Challenge #2: Dealing with the IRS

The IRS hit two of my businesses with erroneous payroll claims. Keep in mind that each business has a different company running our payroll. Fighting it took time and resources, but ultimately, we prevailed. At the same time, this was a pyrrhic victory as the IRS claims was less than what I expended with my accountant, bookkeeper, and mailing costs. This experience, however, highlighted the importance of a strong financial team. Conquering Chaos Tip #2: Invest in a qualified accountant and bookkeeper. Their expertise can save you time, money, and headaches in the long run.

Challenge #3: Staying Up-to-Date with Regulations

The healthcare industry is constantly evolving, with new regulations popping up all the time. Conquering Chaos Tip #3: Embrace continuous learning. At Taino Consultants Inc., I stay informed by researching new regulations and sharing my findings on our website. Additionally, I create and update policies, forms, and training materials to ensure my team stays compliant. These resources are also available through our EPI Compliance banner, benefiting our clients as well.

Challenge #4: Managing Accounts Receivable

Dealing with insurance companies for reimbursements can be a frustrating game. We made the bold decision to stop accepting all insurances and focus on cash-paying and Medicare clients. We also reduced our fees slightly for these patients. This may seem counterintuitive, but Conquering Chaos Tip #4: Don’t be afraid to experiment. While we did lose some patients initially, our overall net income improved. Interestingly, some of those patients who left are now returning.

The Road Ahead

Running any business comes with its fair share of challenges. But by following these principles, you can navigate the chaos and achieve success:

  • Identify problems clearly.
  • Focus on solutions within your control.
  • Prioritize based on return on investment (ROI).
  • Stay calm and avoid emotional responses to challenges.
  • Embrace mistakes as learning opportunities.
  • Reframe challenges as opportunities for growth.

Remember, with the right approach, you can conquer the chaos and make your behavioral health practice thrive.