Money Management Treatment Ensures Healthcare Practitioner Success
Published: 2009-04-11 19:07:04
Author: The Open Press, February 13, 2009
(OPENPRESS) February 13, 2009 -- There is one area that most schools are not able to adequately prepare most future Doctors and Healthcare practitioners for — that is the realities of opening and running their own practice. Setting up accounts, purchasing supplies, running a staff, money management and financial planning are just a few of the very real pitfalls that can sabotage a practice.
If a practitioner could just concentrate on helping their patients all day and not worry about the business end, many doctors would be more than happy. But in a healthcare office there are bills to pay and payrolls to meet, and with the current state of the economy, many practitioners are having a tough time of it financially.
"Over 20 years ago, I became a health care practitioner primarily to help people with their health. I went to classes, took the tests, and graduated from one of the largest chiropractic colleges in the United States as a Doctor of Chiropractic," says Dr. Brian Dawson DC, author of the book "Breaking the Profit Barrier –The Healthcare Practitioner’s Guide." "Real pain and sorrow showed up early in my practice when I noticed there was not enough money to run the practice the way I wanted to and still help the most number of patients."
Like many other healthcare practitioners having financial difficulty with their practices, Dr. Dawson attempted to seek the necessary help in order to salvage his practice and make it financially successful.
"I tried a few practice management consultants along the way which helped with other aspects of my practice, but this problem with the handling of money persisted. It really started to worry me," he explains. "I didn't seem to be going anywhere. I felt that I couldn't reach the financial goals I had set for my practice or for my life. I had all these debts, but nothing to show for it."
As with many health practitioners faced with seemingly never ending financial issues, the business end of running a healthcare practice began to be more than an annoyance or distraction. The bleak financial outlook began to seriously impinge on Dr. Dawson's life.
"I have to admit that I was not happy during that time," he says. "Because I was working just to pay bills, it took the fun out of practicing. I really liked treating my patients but I was usually worried or frustrated because I could not buy the things that I wanted for myself to enjoy life."
The stressful financial situation also kept the practice from growing. Determined to succeed, however, Dr. Dawson continued to look for solutions that would help not only himself, but also other healthcare practitioners who were having similar business and financial difficulties.
After many years of investigation of various systems, Dr. Dawson realized the real root of the financial problems that many healthcare practitioners faced was one of proper money management. It was not so much an issue of how much money was coming into the practice; rather it was one of handling the cash flow of the practice in such a way that money was properly managed in order to make more money in the future.
"When people hear the words 'money management' they sometimes get the wrong idea," notes Dr. Dawson. "Money management isn't just accounting or keeping track of the money with billing and accounting software," he says. "Money management has to do with what is basically a whole new way of thinking about money, cash flow, and finances. Done correctly, money management will put virtually any practice in control of their cash flow and on the road to growing profits stably."
"The majority of us, even those who have gone to business school, are taught to manage money from a purely accounting point of view," says financial and money management expert Sandra Simmons. "Accounting software is merely a look into the past and shows you where the money has been spent. True money management forces you to look into the future and invest in those things which are making you money. The correct money management point of view will get you to plan and predict how much income you expect for the week, and then set your budgets accordingly. It really is a forward looking point of view that puts the healthcare practitioner much more in charge of his or her financial future."
Full story
Published: 2009-04-11 19:07:04
Author: The Open Press, February 13, 2009
(OPENPRESS) February 13, 2009 -- There is one area that most schools are not able to adequately prepare most future Doctors and Healthcare practitioners for — that is the realities of opening and running their own practice. Setting up accounts, purchasing supplies, running a staff, money management and financial planning are just a few of the very real pitfalls that can sabotage a practice.
If a practitioner could just concentrate on helping their patients all day and not worry about the business end, many doctors would be more than happy. But in a healthcare office there are bills to pay and payrolls to meet, and with the current state of the economy, many practitioners are having a tough time of it financially.
"Over 20 years ago, I became a health care practitioner primarily to help people with their health. I went to classes, took the tests, and graduated from one of the largest chiropractic colleges in the United States as a Doctor of Chiropractic," says Dr. Brian Dawson DC, author of the book "Breaking the Profit Barrier –The Healthcare Practitioner’s Guide." "Real pain and sorrow showed up early in my practice when I noticed there was not enough money to run the practice the way I wanted to and still help the most number of patients."
Like many other healthcare practitioners having financial difficulty with their practices, Dr. Dawson attempted to seek the necessary help in order to salvage his practice and make it financially successful.
"I tried a few practice management consultants along the way which helped with other aspects of my practice, but this problem with the handling of money persisted. It really started to worry me," he explains. "I didn't seem to be going anywhere. I felt that I couldn't reach the financial goals I had set for my practice or for my life. I had all these debts, but nothing to show for it."
As with many health practitioners faced with seemingly never ending financial issues, the business end of running a healthcare practice began to be more than an annoyance or distraction. The bleak financial outlook began to seriously impinge on Dr. Dawson's life.
"I have to admit that I was not happy during that time," he says. "Because I was working just to pay bills, it took the fun out of practicing. I really liked treating my patients but I was usually worried or frustrated because I could not buy the things that I wanted for myself to enjoy life."
The stressful financial situation also kept the practice from growing. Determined to succeed, however, Dr. Dawson continued to look for solutions that would help not only himself, but also other healthcare practitioners who were having similar business and financial difficulties.
After many years of investigation of various systems, Dr. Dawson realized the real root of the financial problems that many healthcare practitioners faced was one of proper money management. It was not so much an issue of how much money was coming into the practice; rather it was one of handling the cash flow of the practice in such a way that money was properly managed in order to make more money in the future.
"When people hear the words 'money management' they sometimes get the wrong idea," notes Dr. Dawson. "Money management isn't just accounting or keeping track of the money with billing and accounting software," he says. "Money management has to do with what is basically a whole new way of thinking about money, cash flow, and finances. Done correctly, money management will put virtually any practice in control of their cash flow and on the road to growing profits stably."
"The majority of us, even those who have gone to business school, are taught to manage money from a purely accounting point of view," says financial and money management expert Sandra Simmons. "Accounting software is merely a look into the past and shows you where the money has been spent. True money management forces you to look into the future and invest in those things which are making you money. The correct money management point of view will get you to plan and predict how much income you expect for the week, and then set your budgets accordingly. It really is a forward looking point of view that puts the healthcare practitioner much more in charge of his or her financial future."
Full story