When it comes to the numbers side of the business, most of my physician clients have a very low pain threshold. I get it, you have plenty on your plate, and although I may think accounting and tax are super exciting, I am well aware that I am in the minority! So, when I am talking about financial performance with a doctor, the conversation normally centers on “How did I do?” … [Read more...] about Setting Financial Goals to Forecast and Achieve Financial Results
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Fixed Vs Variable Expenses
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
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
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