Smart Money Docs

Today is a BUYERs market, and yet given the economy, most doctors are sitting on the sidelines hoping for better times. So many doctors are putting off major purchase decisions even though suppliers are eager to make a deal. If you have the cash and/or cash flow to negotiate larger purchases - now is the time to find a bargain.

Smart Money Doctors consider the following four ideas to improve the profitability of your practice:

1) Renegotiate your lease. Often your lease can be one of your largest expenses. Some landlords will be willing to reduce your lease in exchange for an early renewal and/or a longer lease term.

2) Buy in Bulk. I’m hearing of more and more doctors creating purchasing co-ops. If you’ve got friends or friendly competitors and you’re buying from the same supplier — now is the time to dangle a large purchase or purchase guarantee in front of manufacturers in hopes of bigger discounts.

3) Shop your merchant services/credit card processing. Banks are aggressive and now is a great time to get a competitive quote on your credit card processing fees. Start by downloading a comparison form from www.acceptx.com/itransact.

4) Refinance your equipment loan. If you have a relatively new practice and still have a sizeable balance owing on your equipment financing loan now is a great time to shop your rate. Many banks have restrictions on their mortgage lending and are being a bit more aggressive on commercial lending.

Let me know how these ideas work for you, and feel free to write and tell me what smart things you’ve done to improve the profits of your practice.

Be Smart!
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