If your physician practice is like many others, then every month you have balances due from patients who haven't paid you. You might not be able to eliminate outstanding balances, but accepting credit cards can help you decrease them and increase your monthly revenue. Many practices don't accept credit cards, which have a reputation of being burdensome and expensive. But holding out for cash can cost you big money. Monthly revenues at one New Jersey practice increased by about $2,000 after it started accepting credit cards. Facilities across the country are enjoying similar results.

Being fired without warning from a position that you care about is one of the most painful experiences a person can have. You come to work every day prepared to deal with whatever comes your way. Things appear to be going great with your practice-the physicians seem satisfied, patient census is high, and money is flowing. And then suddenly the boss is telling you to pack up your desk. It may be amusing on television when Donald Trump tells one of his apprentices, "you're fired," but there is nothing remotely amusing about having your livelihood and a position you care about taken away without any warning. Yet it happens to good people every day.

Finding time to write an article or two may seem like an improbability, but you may want to reevaluate your schedule. Getting published-which is easier than you may think-can not only beef up your résumé, but can help recruit patients to your practice and earn you additional revenue as well. It also positions you as an expert in your field and adds to your professional cachet. "The main idea is to share your knowledge and expertise," says Thomas A. Girton, FACMPE, business manager for the Pediatric Center in Glen Allen, VA

Whether you are a solo practicing physician or a member in a larger group practice, it's wise to begin thinking about your business succession plan. With advanced planning, you can come to a financially beneficial conclusion and ease the transition of ownership. Solo physician practices Individual physicians must pursue the future of their practice with intensity and thoughtfulness. The good news is that the extra effort can have a direct effect on the financial rewards of succession planning. Predictably, the aggregate compensation for services and sales price increases with the amount of time and effort devoted to this task.