Taking in a Show.

Many medical practices have cut back on education and staff development expenses, especially those costs associated with conventions and conferences. But there are hard-to-value returns on your investment in these live events--beyond the obvious benefits of acquired knowledge and skills. Major vendors still exhibit their services and wares at many events, and the exhibit hall is a treasure-house of information and resources for the savvy physician or administrator. Make and stick to a purposeful plan to exploit the trade show. You can compare products, gain new insights and ideas, and even negotiate better deals with representatives anxious to realize returns on their exhibition investments.

Checking Your Vendors' References: Don't Cut Corners.

Physicians and practice managers sometimes demonstrate a little too much trust when making major purchases. The vendor assures you that its product is high-quality, reliable, and easy to implement. Due diligence on your part demands that you ask for appropriate references--satisfied customers who will tell you the truth about their experiences. But you need to go further: Don't simply rely on the vendor's list of satisfied buyers. Do your best to compare "apples to apples." Find practices that are similar to your own in size, setting, and specialty.

Your shopping list--or don't buy groceries when you're hungry.

When exploring major investments at your medical practice, you will improve your chances for getting your money's worth by taking the time to create a request for proposal (RFP). Large, complex organizations go through a meticulous process to create RFPs. Yours doesn't need to be terribly complex, but you should include seven components to ensure clear understanding between you and your vendor. Make sure you get input from stakeholders in your organization most affected by the proposed purchase. Make RFPs part of the routine in your practice when purchasing equipment or services from any major vendor.