Once you have seen your patients and managed your money, you’re then faced with the monthly meeting. For most practices, this includes a review of the financials. Unless you have an accounting degree, the spreadsheets often provide little truly actionable information. We must change this! Sadly, most of us spend a great deal of time reviewing productivity reports. When the … [Read more...] about Bugs in the Spreadsheet?
Accounting for Physicians
Medical Practice Cash Management
How to Manage the Cash in Your Practice Managing cash in your medical practice is a bit like driving on the interstate. Yes, there are certain rules designed to keep you safe—don’t drive 100 mph, don’t weave in and out of traffic— but assuming you aren’t being reckless, there is a broad range of acceptable practices that really are just dependent on what you are comfortable … [Read more...] about Medical Practice Cash Management
Case Study: Personal Use of Office Supplies
ZA and MN work in a large healthcare practice. They do different jobs but have become close friends. They take lunch breaks together and have started doing things outside of work together. They talk about everything, including what the make, performance evaluations, and when they do or don’t get raises. They are solid employees. They enjoy their jobs for the most part, but both … [Read more...] about Case Study: Personal Use of Office Supplies
Do Physicians Know How to Analyze Financial Statements?
Effective Analysis of Your Practice Financials—Think Big, Then Small A typical profit and loss statement may contain 30 or more different expenses categories, making it easy to get lost in the little details when searching for the things that matter most to your financial success. In the post Why Revenue Matters Most, I explained why revenue is the more important number … [Read more...] about Do Physicians Know How to Analyze Financial Statements?
The Basics of Balance Sheet Analysis
The most well-understood financial statement is the profit and loss statement. Over a stated period of time—typically, a month, a quarter or a year— the P & L tells you how the money came in and how it went out. What the P & L does not tell you is what you did with your profits and how financially strong your practice is as a result of those decisions. Your … [Read more...] about The Basics of Balance Sheet Analysis