We rightly think of our practices as healthcare first and small business second, but be careful not to sell your healthcare mission short by short changing your practice finances.
We rightly think of our practices as healthcare first and small business second, but be careful not to sell your healthcare mission short by short changing your practice finances.
By developing robust but elegant financial systems within your office and the process to monitor and update you can accomplish many things. You free yourself and your team to focus on clinical excellence and the patient experience. Great financial systems also allow you to invest in your practice – your staff, technology, equipment and continuing education – and in turn elevate your healthcare practice and patient experience.
Integrating your practice planning with your personal/family financial planning provides tremendous leverage in achieving your long-term goals – practice and personal. Understanding your bottom-line cash flow is incredibly helpful in building your long-term plan.
If at first blush, your personal financial goals do not seem achievable, we are able to ask the question: “how much additional production per day would be required to achieve the goals”. Armed with a number like $300 per day – you can narrow your focus to achieve this relatively modest task. A small thing leading to very large and positive results.
Proactive tax planning is also greatly enhanced through integrated planning. Taxes avoided become cash flow for investment – regardless if the source is your practice earnings or your retirement portfolio, whether practicing or retired.
A verbal or non-verbal plan is not particularly valuable. On the other hand, a written plan, implemented, monitored and adjusted on a regular basis can be invaluable to the success of your practice and long-term personal financial life. This is true no matter where you are in life or your career – there is no time like the present to implement this process.