Physicians: Focus on net time, rather than net income

We all understand the concept of net income or net pay. If you’re an employee, it’s what you see deposited into your bank account after federal and state taxes, Social Security taxes, Medicare taxes, etc. are all withheld. If you’re self-employed, it’s what you’re left with after you set aside the funds for many of those same taxes plus paid off your business expenses. In real estate, the term is referred to as net operating income. It’s the bottom line after taking your gross rents and subtracting out all operating expenses including management fees, repairs, property taxes, utilities, etc. Gross income and gross rents are important, but at the end of the day, we all know that it’s the net income that matters because it’s that number that determines how you live your life. Continue reading ... Your patients are rating you online: How to respond. Manage your online reputation: A social media guide. Find out how.
Source: Kevin, M.D. - Medical Weblog - Category: General Medicine Authors: Tags: Finance Practice Management Source Type: blogs