Posted by Brett Blake on November 1, 2008
We are conducting our fall survey to determine how the economy is impacting Orthodontics. We have a fairly good response to the survey thus far to date. If you have not responded to our e-mail or are not on our e-mail list, send me a quick e-mail and I’ll make sure you are get a chance to responsed to the survey.
E-mail me at zacc@acceptx.com.
Be Smart!
B2
Posted in Wealth | Tagged: economy, Orthodontics, Economic Survey | No Comments »
Posted by Brett Blake on October 8, 2008
I came across this interesting chart today while reading the October 13th edition of Business Week.
The “PLUNGE” shows net borrowing by households and non-financial business down from $2.25 TRILLION per quarter to less than $1 Trillion per quarter — with the bulk of the drop coming this year.
If your a doctor practicing elective medicine you had better be paying attention and adjusting your practice NOW. When you take more than a trillion in lending out of the market and add that to the $2 trillion lost this month in the stock market — and the unknown (but likely trillions) of losses in the real estate markets — there is just plain not as much discretionary money in the economy.
Doctors can help by learning how to become lenders — smart lenders will use ZACC (or something like it to check their patient’s credit). Becoming a lender effectively puts money back into the economy for your patients — it allows them to consider a procedure they are likely not able to finance through other sources.
SHAMELESS PLUG: Acceptx is offering consulting services to help doctors adapt their practice — if you are interested feel free to e-mail zacc@acceptx.com.
Hang on — and take action now!
Be Smart!
B2
Posted in CASH, Dentists, Doctors, Finances, Money, Orthodontists, Plastic Surgeons, Wealth | Tagged: Dental Lending, Economic Crisis, Medical Lending, Patient credit grades, patient financing, Recession, zuelke | 1 Comment »
Posted by Brett Blake on October 7, 2008
Once again we’ve hit a new miles stone and passed the 2,000 visitor reader mark.
Thanks to all who are following us and for the e-mails… I hope many of you will feel bold enough to participate in the discussion in the future.
Be Smart!
B2
Posted in Wealth | No Comments »
Posted by Brett Blake on October 6, 2008
If you are in Utah or are looking for a reason to spend a weekend in Utah, you’re invited to Acceptx’s free financial seminar for Orthodontists. We’ve brought together four experienced financial experts and will provide valuable information that will help your bottom line this year.
For more information read our press release here: http://www.prlog.org/10125528-acceptx-to-host-business-seminar-for-orthodontists.html
Be Smart!
B2
Posted in Doctors, Finances, Money, Wealth | Tagged: bank failures, Brett Blake, Orthodontists, RepublicBankAZ, seminar, Tom Steele, Utah | No Comments »
Posted by Brett Blake on September 16, 2008
Yesterday, (Monday, September 15) I spoke with a doctor from Westchester County, NY and he was one of several persons who mentioned the Lehman Brothers investment bank collapse. He told me his practice is in the heart of Lehman country and he is preparing his practice to weather the storm.
I wanted to tell this doctor that EVERYONE is in Lehman country, but I knew that he was on the front lines of this particular crisis and that he deserved special consideration.
With the failure or near failure of 3 storied financial institutions (Bear Stearns, Merrill Lynch and Lehman Brothers) the US economy is now struggling through the most significant financial crisis since the Great Depression.
The truth, everyone I talk with is feeling the effects of the tightening of credit and the loss of consumer confidence. One large Orthodontics supplier reported starts using their appliance are down 20% this year, another multi-practice executive reports that doctors who once had August and July sales that netted them $50K per month were in a cash crisis this year without enough money to pay their overhead.
How is it impacting your practice? E-mail and let me know…
Be Smart!
B2
Posted in Wealth | Tagged: economy, Lehman, Orthodontics | No Comments »
Posted by Brett Blake on August 7, 2008
There has never been a better time to start getting credit information for your practice. With the national credit crunch, defaults are at an all time high and even those practices that have seen few defaults during our economic boom years will not be so lucky during the coming months and years. ZACC (the Zuelke Automated Credit Coach) takes seconds to use. It pulls a ’soft inquiry’ so no credit inquiry shows on the patient’s credit report, and it is very inexpensive. For those pulling credit we will match your current rates, for others you will pay $5 or less per credit grade. Think of it this way — if you pulled 700 credit reports and found only 1 bad apple — ZACC paid for itself and saved your staff time and headaches.
Thanks to Paul Zuelke for having the vision to do the research and to create something more reliable than FICO scores for medical lending!
Be Smart!
B2
Posted in Dentists, Doctors, Finances, Money, Opthalmologists, Orthodontists, Plastic Surgeons | Tagged: patient financing, Credit Check, zuelke, FICO, Credit Report, Trans Union, Equifax, Experian | 1 Comment »
Posted by Brett Blake on August 6, 2008
Bountiful, UT, August 6, 2008: Industry financial expert Paul Zuelke, of Zuelke & Associates, West Linn, OR, has signed a partnership agreement with Utah based Acceptx Financial Solutions, Inc. to automate Zuelke’s proven technique of assessing patient financing risk. The web-based online service will be called the Zuelke Automated Credit Coach (ZACC) and is expected to be available soon.
“Paul Zuelke is the expert at teaching doctors how to use patient financing to increase case acceptance and improve their practice profitability,” said Brett Blake, CEO of Acceptx. “Now his proven formula for making better risk assessment, and the coaching instructions he has given his exclusive client base have been automated and can be accessed in seconds using web-based ZACC.”
“For more than 30 years, I have studied patient financing and worked with some of the finest doctors in the world to perfect the balance between financial risk and the financial rewards available to those practices who can use the credit granting process to increase case acceptance and productivity.” said Paul Zuelke, founder and principal of Zuelke & Associates, Inc. “This new online tool, combines years of learning with modern technology and the most up-to-date consumer data (without using inaccurate and misleading credit scores) to help doctors and their staff make patient financing decisions in seconds. It also eliminates the need for human interaction with a credit report and eliminates the risks of having consumer credit information available in a practice.”
The Zuelke Automated Credit Coach will be available to practicing medical and dental professionals soon. While pricing has not been finalized, there will be no monthly fees and no monthly minimums. Practices will pay a small fee for each grade requested. Each grade will be available immediately and will be offered with financial coaching and suggestions prepared by Zuelke & Associates.
For more information about the Zuelke Automated Credit Coach or to pre-register to be among the first practices to receive the product, e-mail ZACC@acceptx.com or call toll free 888-222-3789.
Paul Zuelke is president and founder of Zuelke & Associates, Inc. Mr. Zuelke’s extensive ten year professional background in lending and corporate finance, combined with 28+ years of consulting experience with over 1000 client practices located throughout the United States, Canada, and Australia, position him as the leading authority in using effective credit granting and credit management to build a quality health care practice.
Mr. Zuelke is the author of Penwell Publishing’s “Best Selling” book “Cash or Credit?, A Nuts and Bolts Guide to Effective Credit Management”. He has also authored many articles, and lectures extensively at local, state and national meetings throughout the country. To contact Paul Zuelke, e-mail zuelke@zuelke.com or call 800.845.4766.
Acceptx Financial Solutions, Inc. provides automated online financial solutions to medical and dental practices across the US. Acceptx has simplified finances by providing doctors the ability to make decisions about the fees, financial terms, collection practices and banking once and then automating those processes to increase their cash flow and profitability. Acceptx enable doctors to offer the most patient friendly financial options as it manages patient point-of-purchase providing a professional method of displaying fee and payment options two-click collections and recurring payment services, and automated banking. For more information about Acceptx Financials Solutions, Inc. visit www.acceptx.com, e-mail info@acceptx.com or call 888-222-3789.
# # #
Posted in Wealth | Tagged: Acceptx, credit reporting, patient credit report, patient financing, Paul Zuelke, zuelke | No Comments »
Posted by Brett Blake on July 16, 2008
I came across a sales piece today that i think make some good arguments for patient financing. Mentor Solutions sales financing to cosmetic surgeons, but there argument is worth a read:
Rather than spending more to attract new patients, look to the patients already in your reception area or your patient coordinator’s database. Identify those patients who would schedule surgery if your practice took a more pro-active approach and helped them with their financing needs Patient financing is one of the most under-utilized strategies to stimulate cosmetic surgery growth. So many practices ignore patients who want to finance that patient financing offers a great market niche with fewer competitors. Proactively meeting the special needs of financing patients can give your practice a competitive edge.
Read the whole article here..
Be Smart!
B2
Posted in Dentists, Doctors, Finances, Orthodontists, Plastic Surgeons | Tagged: patient financing, Growing a Practice | No Comments »
Posted by Brett Blake on July 8, 2008
With the floods in the mid-west, the oil crisis, the softening of the financial markets, the decline in the housing market, the US Savings rate approaching zero and the dollar loosing ground around the world, I think it’s safe to say that we RECESSION or not, the economy is fragile.
For Orthodontists who finance more than 50% (more like 70%) of their patients, the impact of the economy may be frightening. I’ve heard that starts are down as much as 25% in many practices and I think that many practices might feel a second wave of pain as their patients start feeling the pinch and slow or stop their repayment plan.
What would I do?
We’ve talked about the fact that I would stop financing patients blindly. Get a credit report, or better yet, get help from Paul Zuelke.
Collect and keep cash! Industry consultants warn against taking too much cash up front, but that is because doctors tend to spend not save. In these tough times, I would collect cash from anyone willing to pay - in fact, I would offer small incentives for early payment from patients currently on no-interest programs.
Once you get the cash KEEP IT! Now is not the time to buy a new house, car or any other toy. It’s time to lay away cash to see you through tough times yet to come.
Most doctors will need help — I recommend Steele Larson Anderson Miller and the new business cash concierge developed in cooperation with RepublicBankAz. Use the comment button below to contact me if you want more information.
Don’t be fooled, tough times are upon us, now more than ever you must…..
Be Smart!
B2
Posted in Dentists, Doctors, Financial Planning, Money, Orthodontists, Plastic Surgeons, Wealth | Tagged: economy, financial markets, floods, Housing Crisis, housing market, oil crisis, patient financing, Recession, RepublicBankAZ, Steele Larson Anderson Miller, US Savings | No Comments »
Brett Blake