A 10 point financial health check for the ‘wellness’ of your Medical Practice – part 2

This is the second part of our article on what we advise our medical practitioners to look out for when conducting their annual financial wellness check-up! No doubt that you advise your patients to have their annual once over, because prevention is better than cure and we couldn’t agree more.

As Financial accounting professionals specialising in Medical practices, we tell our clients that prevention is better than cure in accounting practices too and that it’s not a bad idea to take stock of your financial well-being once a year, just as you do your health.

Here then is the second part of your 10 point financial health check for the ‘wellness’ of your Medical Practice – the first can be found on the MFI website….

What is your break-even point?

Do you know what that point is and has it increased, decreased or remained constant in recent years? It is in fact the point at which your income is equal to expenses.

What is the cash flow and management status of your practice?

In essence always maintain good cash flow, don’t run out of or have too much stock, get assistance from expert Financial Managers to ensure you keep a tight rein on debtors and always pay your suppliers on time – your reputation is built on it!

Are your taxes accurate and up to date?

The administrative penalties if you under declare taxes or fail to submit tax returns on time can be enormous and tax evasion is a criminal offence. You also don’t need to overpay taxes

Is your practice a game changer and business disrupter?

Are you constantly seeking ways to improve and bring in new ideas, insights and ways of serving existing and new markets?

How do you manage and direct your business?

– On a purely business level, have you managed your team to perform well on the strategies determined by the Directors – and have you as a shareholder held your Directors accountable and measured their performance as Directors in your business?

Leave it to the professionals

You could actually have saved yourself all the trouble of this ‘wealth check’ by simply placing your financial well-being in the hands of MFI, Financial Accounting professionals specialising in Medical Practice Financial Management. Remember that as you focus on the wellbeing of your patients we take care of your financial wellbeing!

Why not contact us to ensure that in 2019 your practice is run by the Medical Practice Financial Management specialists and become one of the 100 medical practitioners who already enjoy the state of the art technology that enables us to process medical aid claims in excess of R200 million a year!