How Should Your Office Manager Be Controlling Expenses?
Updated: Oct 25, 2019
Last week, we discussed the importance of having an office manager who will lead the staff. When your staff is held to a high expectation, they need a leader who will set the pace. One recommendation we talked about was holding effective employee reviews. In our poll, we asked 'how frequently is your office manager holding employee reviews?'. Sixteen percent said 'Monthly', 16% said 'Quarterly', 33% said 'Annually' and the remaining 35% said 'Never'. This week we are going to talk about how the office manager must 'Manage Spend'.
The cost of material, staff, marketing, and utilities are fundamental categories to monitor in order to track practice finances. A comparison should be made of your practice's budget and actual finances on a regular basis. Below is a list that an efficient office manager should use to manage your practice's spend.
Manage spend to a quarterly or monthly budget.
Budgets should be set for clinical supplies, administrative, marketing, staff labor, associate labor and facility accounts.
Maintain receipts and other backup documentation.
Encourage external CFO reviews that improve transparency and increase trust between manager and owner.
By taking a look at practice expenses often, the office manager may be able to detect issues immediately, such as staff overtime costs or an increase in cost of the brand of material you are currently using. These would be things that would be better to detect sooner rather than later. By following these recommendations, your office manager should be able to manage the practice's spend effectively.
Your assignment for this week, is to pass this blog post along to your office manager and have a discussion about the practice budget and how they manage the spend.
Until next week, we would appreciate your signing up for our blog and forwarding this post or other relevant posts to your fellow practice owners and office managers. If you have a question that you would like answers in a blog post, please email it to firstname.lastname@example.org.
Doctors CFO is now launching a FREE tool to help you track your MACRO KPIs. The basic model is free for one user. We also offer a New Patient Tracking Solution and a Salary Planning Solution, please email us at email@example.com for pricing.
Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as firstname.lastname@example.org.Doctors CFO provides financial analysis and valuations for doctors and dentists in the United States. We also offer programs for new patient marketing, revenue and collection management, medical practice consultant, dental consultant, and practice analysis.
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