Business Life Cycle Management
Do you need to have a business background?
Most healthcare professionals are visionaries and experts in providing healthcare services. They are not trained to understand the financial part of their business, and they do not like to spend the time analyzing their financials; so, they are not good at it. They delegate the finances to their bookkeeper, accountant, office manager, and/or financial advisor and then, if they take the time to do it at all, the owner/doctors review reports that they may not understand
Where do you want to go with your business?
You need to be able to gain a better understanding of how you can accurately predict and react to the opportunities and consequences of changes, anticipated or not, so that you can make intelligent business decisions and increase profits. If you adhere to the firm financial rules that govern any good business, this will help you reach your goals.
Think about what you need to do to arrive at a more successful outcome. Doctors have become complacent about accepting responsibility for their practices. In today’s business climate, simply being a healthcare practitioner does not guarantee success.
Remember that all expenses are paid and all profits come out of revenue (and most revenue comes out of production). If you do not know how much revenue you need in order to accomplish your goals, how can you possibly know whether your business will be able to reach those goals or worse, whether you will be able to stay in business? Is your practice generating the revenue needed? If not, you need to make adjustments. Build the roadmap, follow it, and then learn to adjust if the path becomes blocked or if you see better ways to get to your destination. Without a clear direction or roadmap, how can you possibly know how to proceed?
- Where you are
- Where you’ve been
- Where you’re going
The ability to sort through the numbers, recalculate every upcoming months’ projections, and analyze the results can be cumbersome, time-consuming, and dangerous if the right person is not doing the forecasting, spreadsheets, reports, analyses, and charts.
Tracker Enterprises, Inc.™ will help coach you on sound business principles for your practice.
For more information about understanding the Business Principles you will need to know to succeed, contact us and/or read Chapter 13 of Dr. Pavlik’s book, Business Essentials for Healthcare Professionals available at Amazon by clicking here.