These Warning Signs Could Mean Your Practice Is Overdue For A Financial Check-Up

As a trained medical practitioner, you have been conditioned to evaluate the symptoms and come up with a diagnosis. The symptoms are not the real problem, but only the indicators of a deeper issue. However, when was the last time you paid attention to the persistent symptoms of your own practice?

Discovering these symptoms within your practice could indicate it’s time to rethink your accounting strategy and shift more responsibility into the hands of an outsourced accountant.

You Are Working All The Time

It is not uncommon for many business owners to be working while others are sleeping, but when your mornings, evenings, and weekends are being overrun by the medical practice, something has to change. 

Granted, the root problem for your overwhelming pace could be any number of causes, but outsourcing your bookkeeping could be the first logical step to clear away the clutter of tasks. Creating some margin in your life will be necessary to reclaim your free time. Instead of filling your nights and weekends by organizing expenses and tracking down payments, an outsourced approach will win back your downtime and prioritize your efforts.

You Are Falling Behind

Staying on top of staffing costs, insurance reimbursements, and asset depreciation is not for the faint of heart. It is not surprising that many family practices and local medical offices are always playing financial catch-up. 

However, falling behind in basic accounting practices can become the most detrimental bad habit your practice picks up. Aside from the nagging guilt of always feeling behind, you also lack a clear picture of how your practice is doing and what opportunities for higher profits are in front of you.

A pile of invoices and unread emails from vendors is the blinking light warning that it’s time to rethink your accounting strategy.

You Are Taking Time Away From Your Patients

Do you ever think back to why you started your practice in the first place? Do you remember the first day you flipped over the open sign and welcomed your first patient? Chances are, the nostalgic idealism has been tempered over time by the reality of back-office administration, but patient care is still the ongoing priority.

Of all the responsibilities that pull you away from actual patients, your bookkeeping should not be one. This is one responsibility that doesn’t have to be on your plate and shouldn’t be keeping you from helping others. 

If you find yourself being pulled further and further from your patients to catch up on basic bookkeeping tasks, it is time to rethink your approach. By outsourcing your accounting, you can carve out more time for patients and less time with the financial admin.

Writing A Financial Prescription

Just like personal health, financial health is a holistic and multi-faceted discipline. A single change will rarely bring an immediate improvement in health. However, by focusing on good habits and listening to the warning signs, financial health and business longevity can be a reality. 

If you want to see your practice thrive, follow your own advice, and listen to the warning signs. Your financial health may need the care of a trusted accounting professional.