Doctors CFO Blog
What Responsibilities Does the Doctor’s Spouse Have Towards the Practice?
Our last blog post listed the roles of an external Chief Financial Officer (CFO). Chief Financial Officers can give you insights on if your practice is profitable, how it can become profitable, whether or not you are overstaffed, whether or not you need to be open...
How to Help Your Medical or Dental Practice Survive the COVID-19 Pandemic
Small business owners everywhere are rightly concerned about how they will withstand partial and full quarantines due to the recent Coronavirus pandemic. Medical and Dental practice owners are facing unprecedented times as they try to figure out how to survive the...
The Importance of Synergy for Continual Improvement in Your Medical or Dental Practice so 1+1=5.
Often times, practice owners have elaborate five-year or ten-year plans that they have methodically designed at the birth of their practice. Subjects like practice growth, specialization in the field, and investments. Consider this question. Is it possible for one...
What Do Financial Statements Tell You About Your Medical or Dental Practice?
Though the profit and loss, statement of cash flow, and balance sheet are necessary for any business, financial statements for a Medical or Dental Practice will in many ways vary from small business statements. Financial statements should tie back to or relate to the...
Why Is It Important to Understand Your Practice’s Financial Condition?
Whether they specialize in dental, chiropractic, podiatry, dermatology, integrative medicine or any other medical or dental specialty; it is important that the practice owner understand the financial condition of their practice. By not considering important financial...
What is a Chief Financial Officer (CFO)?
The rigorous training to become a doctor is not easy and requires many hours in and out of the classroom. Depending on your specialty, there are more licenses and education required. Like a doctor, the steps to becoming a CFO include experience in and out of the...
How to Make Smarter Purchases for Your Practice.
Have you ever walked around your house and wondered "Why did I buy this?" when you have only used the item once or maybe never? The same thing may happen with medical and dental equipment if you are not really evaluating the Return On Investment (ROI) and...
Reputation Protection: When You Throw a Doctor Under the Bus, You Throw the Profession Under the Bus
A doctor's reputation will influence the individual success of the doctor, but also has an impact on the public's view of the specific field of medicine or dentistry. Sometimes, patients will visit your office for a second opinion and it may seem all too easy to...
How to Plan for Employee Salary and Raises
From our experience in medical consulting and dental consulting we know that employee salary, bonuses, and raises are a strategic way to motivate your best employees to stay and your poor performing employees to leave. If done smartly, your poor performing employees...
What Does Your CFO Expect Your Spouse or Long Term Partner to Know About Your Practice?
Our last blog article listed the six responsibilities of the practice owner's spouse or trusted long term partner. Having the owner's spouse physically present working in the office is a controversial subject. Many spouses feel they should be completely involved with...