We are experts at helping medical practices

Being a dentist is hard. Running a business is hard. Doing both well, is really hard. well.financial has experts that have worked in the dental industry for years. We are obsessed with finding ways to help you streamline on key vendors and save on the services you need for your practice to operate smoothly. This helps impact your bottom line and it helps save time so that you can focus on your patient care. It is easy to apply, just click here.

well.financial Medical Practice Stats

After utilizing the buying power, tech platform and expert guidance, medical practices see some pretty good results. Below are some key data points we track to make sure we’re delivering value to our clients.

$43,024

Average Savings

51

Avg # Hours Saved

96.4

% of Practices that Save

21%

Avg Savings / Service

Current Savings Opportunities

Data as of: 3/23/20 @ 6.30 pm EST

FEATURE 1
Business Loans

+ Rates as low as 3% for Real Estate
+ Rates as low as 1.99% for all else
+ Loan amounts $5K up to $10MM

FEATURE 2
Business Insurance

+ Premiums reduced for medical risks by 40%
+ Competitive Marketplace with new players
+ Cyber coverage still 75% cheaper than risk

FEATURE 3
Employee Benefits

+ Opportunities to reduce rates by 30%
+ Access to major networks readily available
+ Lower deductibles reduce OOP costs by 40%

Medical Industry Benchmarks

Collection to charge ratio is between 50-80%
Private practices saw a net increase in operating margin by $16K per physician
Average profit margin of private practices is 9-12%
There are around 179K private practices in the US

The lower the collections doesn’t mean lower in overall expenses. Keeping track of what you spend is crucial as you manage collections, most of which are 30-60 AR

Better performing practices are able to control operating expenses, improve physician productivity and implement better practice operations

In order to better handle rising costs and lack of ability to pass on many costs to consumers, private practices are having to manage expenses to stay competitive

Along with new disruptive service models, and large hospital systems buying up smaller practices. Competition is getting fierce and technology is key

Medical Industry Blog Posts

Helpful information and best practices from medical industry experts on how to save or find efficiencies in your practice.

Many ways to save money at your medical practice

Negotiate new contracts. The laboratory/pathology departments at the University of Arkansas Medical Sciences in Little Rock always used one blood bank. That is, until it decided to send out a request for proposals for blood bank services, on which it was spending $9 million a year. A new company, that offered enhanced services including education for…

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How to drive revenue growth in your medical practice

The challenges to sustaining a successful medical practice are numerous—declining reimbursements, government regulations, and third-party interference, among others, all play a role. But even in the face of these obstacles, many practices continue to hold their own financially. When asked about the financial state of their practice as part of the Medical Economics 2019 Physician Report, 22…

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Ways to save in your medical practice.

Every business, big or small, new or developed, can benefit from cutting every day costs. For medical practices, trimming some of these daily expenses means more can go into the care and support of patients.  Below are 15 easy and practical ways for medical practices to save money, so you can invest more in what…

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