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Determining the Financial Health of Your Business

David Norris, MD, MBA claims that if you can’t use financial reports, you’ll fail in business. He’ll take you through examples to teach how.

Details:

Making it through medical school is tough. What’s more challenging is getting out of school and entering the workforce without solid business intelligence. You don’t judge the health of your patients by only one metric, such as body weight. Instead, you use multiple data points to assemble a picture of your patient’s health. However, when it comes to managing our practices, physicians tend to only look at one report or one item on one report. Understanding how to read and use the information on financial statements benefits you and your employees and patients by providing insight into your business’s financial health. Financial intelligence allows you to make better business decisions and keep the hard-earned capital you’ve earned, which you can then invest into providing better care to your patients.

Target Audience: any physician who has any kind of ownership in any practice or facility. Attendees will learn about the three critical financial reports, a few key financial metrics you want to use regularly, and tips on detecting and preventing fraud.

Learning Objectives:

  • Understand the basics of the three financial reports.
  • Be able to use a few key financial metrics to determine the financial health of your practice.
  • Describe some steps to be taken to detect and prevent fraud.

 

(This lecture is part of our Private Practice 101: Starting Your Own)

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David Norris, MD, MBA

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David Norris, MD, MBA

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