How do you feel about preparing a budget for your medical practice? Do you find them to be soothing, comforting and assuring or are you more like me and find them complicated, frustrating and overwhelming?
Difficult To Manage
In my experience, most managers and physician owners don’t find the budgeting process to be a comfortable task. Even practice managers and managing physicians that prepare budgets for their practices, are not always 100% confident that their budgets are correct.
I freely admit that for years, I didn’t create a budget for our practice. At least not properly. Like many colleagues, I didn’t know where to begin. But beyond that, it was difficult to categorize my efforts.
Better Over Time
As I began to understand the business of pediatrics more and worked with the help of fantastic industry experts, I was able to overcome many of the hang-ups I had about budgeting.
Small Practice Budgeting 101
Recently, at a practice management seminar, I was reminded of how stressful and overwhelming the budgeting process is for many managers. Especially for small independent practice that don’t have the infrastructure and resources that some of the larger practices have.
So I decided to document the budgeting process that I use – and with the help of my friend Paul Vanchiere from the Pediatric Management Institute – I created an ebook that follows a simple, practical step-by-step guide to create a budget for you medical practice.
Check out what is included in this ebook. Don’t delay.
- What Can A Small Grocery Store Teach Us About Budgeting?
- Two Parts to Every Budget
- How Cost Is Allocated
- Benefits Of The Cost Accounting Method
- Estimating Revenue
- Determine Incentive Bonus Cost For Employed Providers
- Keep Cash Flowing