If you want to improve your financial performance, the first step is understanding what your practice financial statements are telling you. Your profit and loss (P&L) statement is a report card that tells you how you did over a certain period of time. The P&L will have little influence over future decisions, however, if you are unable to determine what can change an ‘F’ … [Read more...] about Fixed Vs Variable Expenses
Growing the Practice
Medical Practice Retirement Plan Fiduciary Responsibilities
What is a Fiduciary? A fiduciary is a person who owes a duty of care and trust to another and must act primarily for the benefit of the other in a particular activity. For retirement plans, the law defines the actions that result in fiduciary duties and the extent of those duties. Many actions needed to operate a qualified retirement plan involve fiduciary decisions — … [Read more...] about Medical Practice Retirement Plan Fiduciary Responsibilities
Case Study: Dr. SR Has a Poor Visit to a Practice Recruiting Him
Dr. SR is interviewing with a midsize practice. He does not know the practice well on a personal level, he has family in the area and is optimistic about the practice. Dr. SR has checked out the practice website and been in phone and email communication with the office manager. Leading up to the visit there have been limited interactions with the physicians in the practice, and … [Read more...] about Case Study: Dr. SR Has a Poor Visit to a Practice Recruiting Him
Year-End Tax Tips for Medical Practices
As the year comes to a close, we share a few tips to help you bring the year in for a smooth landing. Personal Tax Projections Take the time to prepare your personal tax projection and compare your estimated tax liability to the tax you have paid to date. This does not need to be an in-depth process. Take your average tax rate from last year (total tax divided by … [Read more...] about Year-End Tax Tips for Medical Practices
The Physician Recruitment Visit
Determining what you need in a new physician for the practice is just the first challenge. After that comes making initial contacts, which can be a great deal of work. Then there is the time and expense associated with the initial discussion. Finally, when you think you’ve found a good candidate, comes the site visit. We’ve discussed why Physician Recruitment is one … [Read more...] about The Physician Recruitment Visit