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Do you have 3 months of overhead in cash? Do you have an additional 3 months on a credit line? This is where I would like to see you. If you’re not there, what is your plan to get there?
Having enough cash available to operate will make you bolder, more secure and make better decisions. You won’t take wild risks. You won’t keep paying high interest debt. You will improve the prices you get from your vendors. I’ve seen it happen so many times.
Do you doubt that you can get to this point? If you do, then get another pair of eyes looking at your practice. Almost always, I can look at a practice and increase the net cash flow. It could be by decreasing expenses or it could be by raising revenue, or more likely, both. But don’t be confused – the purpose of any practice is to acquire patients (marketing), retain patients (operations) and to generate spendable cash.
If your practice is not accomplishing these objectives reliably, you’re just not thinking about your practice the right way. Get help from an expert – and consider us, we’re a guaranteed proven entity.
David Zahaluk, MD is a practice optimization expert and the author of The Ultimate Practice Building Book. His firm, Ultimate Practice Builder, takes physicians to the top 10% of their specialty – in income, time off and quality indicators - within 3 years… guaranteed. Learn more at www.UltimatePracticeBuilder.com.
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- Why Is Money Management Important? (thinkup.waldenu.edu)
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