I really want to drive this point home to you; it’s more important than ever! I need you to focus on how profitable your practice is. Not how many new patients you see. Not how many staff you employ. Not how many ads you’re running.
I want you have a laser-like to focus on your profits.
If you are getting a report from your CPA or other business advisor once a month on your “profits,” you immediately need to change that to once-per-week. Because, if you only measure it monthly, it’s too late for you to make adjustments by the time you get your report.
You should be using a reputable accounting software, like Quickbooks. You should have someone doing the data entry for you and you should be the only one signing checks and you should also be verifying the info entered into QB matches the data your staff (best to have multiple checks and balances) has entered from your daily deposits (do deposits match up?).
There are two types of deposits in your office: Cash/Checks & Credit/Debit/Merchant settlements. That’s it. They should always match. If they don’t you’ve got a problem somewhere. And, on your Day Sheet, you should be able to tell which receivables (money you get from pts) are Cash/Checks and which are Merchant settlements. Easy, right?
If you notice that you’re not profitable at the end of each week, you need to have a little reality check. You should always be bringing in more than you are spending. Right?
And, if there’s one thing I want you to avoid this year, it’s CREDIT. Unless you’re going to die, don’t be making large purchases you can’t pay off, on credit. DO NOT DO THIS. It ties you down and makes you a servant. And, if you’re a servant, you can’t be a master – even of yourself.
Lastly, if you’re struggling getting patients in the door to keep your practice profitable, we can help, just give your Member Ambassador or the office a call!