Our weekly series of “Getting Back to Basics with Your Business Systems” is designed to help ensure you are running a profitable business. This week we will review how to look at your finances to ensure you are managing them correctly. Read below and follow over the next few weeks as we reveal new pointers that will allow you to take an “outside” look at your business systems and encourage you to make changes if needed.
Improve Your Bottom Line
Accounting and financial controls are the backbone of any practice and are essential to its success. At all levels of a medical practice, risk must be managed. Proper controls and checks and balances must be in place to help protect your practice from loss or threats (yes, embezzlement still happens at an alarming rate!). Good financial reporting will enable you to make good strategic decisions and set appropriate goals. For larger, multiple providers practices, a simple Profit and Loss (P&L) report tells you nothing. You need better, more accurate, drilled-down data that enables you to make the best decisions possible for your practice.
As practice transformation continues, think well into the future to plan for significant expenses, such as new hardware or system upgrades. Being aware of large expenses down the road will help you better manage your finances now to comfortably spend on those purchases or make it through a rough patch.
You can get started TODAY with RT Welter’s FREE revenue assessment. Offered with no obligation, you will receive a free revenue assessment and free follow up consultation to see where and how much you might be losing. CLICK HERE to learn more about the assessment and contact us to schedule your review!
Click the links below, from our “Getting Back to Basics” series, to ensure you are getting the most out of your practice!