#What is medical practice management how to

Unlike your income statement that reflects performance over time, the balance sheet provides you with your current cash position, what fixed assets you own, current debt balances, and your equity investment at a specific point in time. Take time monthly to also review your balance sheet. YouРІР‚в„ўre probably familiar with your income statement, concentrating on patient revenue and practice expenses. If properly prepared, your financial statements offerР’В a real-time overview of your practiceРІР‚в„ўs financial health. Keeping the records clean will generate trust in your partner relationships and confidence in your financial reporting over the long-term. Agree that all personal expenses will be considered partner bonuses or eliminate paying personal expenses through the practice altogether. A partner soliciting your management staff to pay personal expenses puts everyone in an awkward position and can create alliances that do not support the practiceРІР‚в„ўs overall goals. You risk not only running afoul of the IRS, but you also risk stressing the partner relationship your practice will rely on for the long haul. If your medical practice has more than one partner, then you know the contention that running personal expenses through the practice can cause. Here are my Top 10 habits you can implement to make sure your practice stays financially healthy for the long-term.Р”РЋ. Keeping your medical practice in good shape so that it runs smoothly and so that youРІР‚в„ўre prepared to handle unexpected issues means forming some good habits as well.

#What is medical practice management how to

Everyday you give patients advice on how to stay in shape, how to avoid chronic diseases and how to recover from an unexpected health crisis.