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
Practice Manager
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
Why is a Business Continuity Plan Important?
A Business Continuity Plan (BCP) defines the who, what, when, and where for how your medical practice personnel are to respond to a disruption of their normal operations. More specifically, the BCP includes a predetermined set of procedures and documentation that defines the resources, actions, tasks, data, and processing priorities required to manage business … [Read more...] about Why is a Business Continuity Plan Important?
Prior Authorizations Need Priority Solutions
The prior authorizations game is no game at all. Our patient’s well-being is at stake, and so is our own. The stress and frustration associated with prior authorizations contributes to burnout for physicians, nurses, and other staff members. It is easy to be overwhelmed by the magnitude of effort required to obtain approval for certain tests. This should in no way deter us from … [Read more...] about Prior Authorizations Need Priority Solutions
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