Although financial fees are not necessarily hidden, they can appear in unexpected places, such as small business accounts that have no monthly maintenance fees but do have transaction limits. Medical practices tend to have numerous monthly transactions that can be billed at small rates and could quickly add up to a big expense.
When overdraft, monthly maintenance and transaction fees stack up, it’s a good idea to tackle the nickel-and-diming effect of these fees. Begin by doing some research. Assess your practice’s banking activities and determine which banking institution offers services that are well suited for your practice and its needs.
The American Medical Association suggests that if your practice is located in a building with other practitioners, sharing common service expenses, such as a drop box, can help cut costs for all involved. Also, by consolidating your practice’s accounts into one bank, you can reduce fees — and interest from the accounts can be used to pay these fees. Negotiating with your bank may also help reduce some fees if you can’t find a fair fixed rate.
There are multiple benefits of banking online for practitioners looking for lower costs and more convenience. Online banking eliminates running to the bank to order new checks or transfer funds between accounts. You can also monitor the balance of accounts easily with automatic alerts that can protect your practice from overdraft fees. Many financial institutions also offer Remote Capture services for check depositing. Typically, your bank will supply you with a check scanner which connects to your computer and a secure Internet connection. Your staff runs patient checks through the scanner, which digitally deposits the funds to your practice bank account.
Online banking can also make paying bills easier. Instead of sending checks in the mail and remembering multiple due dates, you can pay expenses automatically on a set schedule. In some cases, bills from certain vendors can be sent to your practice electronically. Another benefit of online banking is easy access to your practice’s account history.
Minimizing your costs keeps your practice financially lean and viable; however, sometimes the unexpected can happen. Natural disasters, such as hurricanes or floods that can damage your office and even your own health, can interrupt your business and can be very expensive if you are not prepared.
Here are some useful ways to support your practice during these difficult economic times:
Source: MD News
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