BC Advantage - 2025 Issue 3

Turning Around a Failing (or Non-Optimized) Medical Practice Using G.R.O.W. Steps

It is no secret that 2024 was a rough year for many small businesses throughout America, and medical practices were not excluded from the macro-economic challenges of inflation and economic uncertainty. When inflation rises quickly like it occurred in 2023 and 2024, it is hard to keep up and adjust quickly enough to offset the impact. According to AHA.org, inflation grew at 12.4% from 2021-2023, but Medicare reimbursement only adjusted by 5.2% during this same period.   Having growing expenses without adjusting revenue leads to decreased financial stability. Since medical practices are highly dependent on third-party...

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