Practice Management Q&A

Questions on adding ancillary services and retaining receipts are answered. Skill, personal interest, and economics are the main factors in evaluating adding any service. The more invasive the service (i.e., certain cosmetic procedures versus Holter monitoring), the more important each of those three factors become. You should also check with your malpractice insurance carrier to verify insurance coverage and your state board regarding licensing requirements. Separately, some professionals believe that you should keep all of your receipts, credit card statements, accounting software records, etc. indefinitely. On the other hand, some professionals have advised to keep such things for at least 10 years. It is recommend keeping these items in a storage area indefinitely.