CORE Healthcare Consulting
CORE News      -      July, 2009
   

Navigating Through a Challenging Economy
Part Two of Three: Improve the Financial Health of the Practice

How is your practice performing financially? Paying attention to the fiscal performance of your practice is an area to which you may want to dedicate a little more time. On a cautionary note, try to avoid the pitfall of analysis paralysis. Remember the goal is to gather the pertinent information and ultimately use it to take action and make improvements.

Tactic: Create a Budget
The single biggest area of opportunity I have observed regarding fiscal responsibility in the medical practice lies in the area of budgeting. The days of falling backwards into the flowery fields of success have come to an end for most medical practices. Having a plan and a budget with operational and expenditure parameters is essential to successful daily operations.

6 step process for creating a budget.

1. Gather all historical income and expense financial data.
2. Separate into fixed and variable expenses.
3. Perform assessment of future trends and changes based upon past performance.
4. Establish expenditure limits.
5. Monitor and compare the actual results on a monthly basis (at a minimum) and compare it to the plan.
6. Make necessary changes and modifications.    Read more

Tip of the Month

The Three Rules to surviving a challenging economy:
    Rule #1: Don't Panic.
    Rule #2: Get Engaged.
    Rule #3: Be the Leader.


Did you know?

A GPO can help you save from 5% to 20% on medical, surgical, and business supply purchases: GPO Cost Savings.


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