“Why should I choose you?” is a question I hear often from physicians who are contemplating a change. My typical response is that I am not saying you should—at least not without doing your homework first. Choosing an accountant is a very personal decision, and although I might be a perfect fit for one practice, I might by a lousy fit for another. When contemplating a change, … [Read more...] about Choosing an Accountant
Growing the Practice
Case Study: RJ’s Special Holiday Bonus
RJ has been a secretary with a large practice of eight physicians for the past seven years and has had only one raise in that time. Each physician and the practice administrator have a practice credit card issued in their name. Typically, when RJ places orders for the physicians, she uses that physician’s credit card information. RJ has learned which providers use the company … [Read more...] about Case Study: RJ’s Special Holiday Bonus
Why Revenue Matters Most
As a CPA and business advisor to medical practices, I am often called to diagnose the cause of financial underperformance. Common themes emerge as these conversations unfold: “I am working harder every year.” “Everybody in my office gets a raise every year except me.” “Our health insurance goes up 10% or more every year.” “Just when I think I am getting ahead, … [Read more...] about Why Revenue Matters Most
Setting Financial Goals to Forecast and Achieve Financial Results
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
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