Are You Making These 5 Financial Mistakes In Your Medical Practice?

We know doctors don’t get finance or accounting training during the time they spend in medical school. As a result, they tend to rely heavily on practice managers, accountants and other financial experts with managing their money.   But as medical practice owners (aka small business owners), the buck stops with the doctor. Thus, it is wise not to rely blindly on the “experts” and from time to time take a look at areas of the business for yourself. Below are five areas I’m going to suggest for you to explore. Get acquainted with these suggestions. You never know. Overlooking them may be affecting your practice’s bottom line. 1 – PAYING HIGH-INTEREST RATE LOANS Loans can be great financial tools to help practices remain liquid (aka have cash in hand) when cash flow is low or if an unexpected expense arise. But practices that mismanage these loans can end up paying fees and interest that eat up what are already thin margins. It is important to be aware that not all bank loans are created equal. Equally important is understanding terms – interest rates vary depending on the type of loan – and knowing concepts like the difference between a secured loan vs. a non-secured loan. Overusing loans, not reevaluating them periodically and failing to adjust to current circumstances or failing to stay informed on interest rates are all things that can erode business’ income. 2 – OVERLOOKING HOW YOUR CREDIT CARD MAY BE CHARGING...
Source: Pediatric Inc - Category: Pediatrics Authors: Tags: Leadership The Business of Medicine credit cards Healthcare high interest loans mistakes partnership partnership agreement Pediatrics Practice Management savings Source Type: blogs