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Show Me The Money
 

Show Me The Money

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    Show Me The Money Show Me The Money Presentation Transcript

    • Show Me the Money The Importance of Cash to Medical & Dental Practices Michael L. DeVries, CFP ® , CHBC, EA
    • Is the Business Healthy
      • Profit?
      • Gross Charges?
      • Number of Patients?
      • Number of New Patients?
      • Physician Work RVU compared to peers?
      • Compensation to Personal Productivity?
      • Non-Owner Productivity?
      • Cash is Critical!
    • Cash - 5 Golden Rules
      • Know how to measure it
      • Know the Causes of Cash-Flow Problems
      • Build Strategies that can Maximize Cash Flow
      • Prepare for the Worst
      • Grow Smart
    • Measurements
      • Balance Sheet – Point of Reference
      • Cash Flow Statements
        • Reflects movement of money over a period of time
      • How long does it take for cash to be collected
        • Collection Percentage
        • Number of days in A/R
        • Percentage of A/R over 90 Days
    • Strategies for Maximizing Cash
      • Minimize Fixed Expenses
      • Right Size Staffing – be creative
        • Job Descriptions
        • Outsourcing
      • Finance Equipment / Improvements
      • Set Payment Expectations – Financial Policy
      • Good Collection Procedures
    • Causes of Cash-Flow Problems
      • Investment in Equipment
      • Investment in Leasehold Improvements
      • Slow Collections – Patients or Third-Party Payors
      • Reduction of Charges
      • Doctor Bonus Compensation
    • Prepare for the Worse
      • Get a jump on financing
      • Match sources and uses appropriately
        • Short-Term – line of credit; short-term loans; credit cards
        • Long-Term or Secured Loans – only for purchase of long-term investments (Equipment / Leasehold Improvements)
      • Conservative Bonus Computation
      • Working Capital Reserve
    • Grow Smart
      • Consistent Growth
        • Marketing Plan
      • Strategic Planning
        • Look Back and Forward – where are you going?
      • Goal Setting
        • Establishing Targets
        • Establishing Benchmarks
      • Investment Rate of Return
        • Cash Flow Forecasting
      • Hire a Certified Healthcare Business Consultant