Money Solution Every Medical Practice Must Have

Money is on the tip of every Doctor’s tongue, the center of every Doctor’s thoughts, intruding on every part of a Doctor’s life. The question now is:

v Why do so few doctors handle money well?

v Why are so many doctors willing to entrust their financial affairs to a total stranger?

v Why is money scares for most Doctors?

v Why is there less money than expected?

v Why is money so elusive, so complicated, so compelling and yet so difficult to control?

v Why is it that every Doctor hates to deal with the subject of money?

v Why are Doctors always tardy in facing money problem?

v Why are they constantly obsessed with the need for more of it?

          Some of the answers are obvious. While some are not, but the basis of the answer to these myriads of questions truly lies in the way most doctors were brought up. Doctors spend most of their lives studying medicine, and then many roll into practicing it without a chance to study the economics of medicine.

Money oh! Money – you cannot live with it and you cannot live without it. But it is very important that you understand it and get your people to understand it as well. Until you do, money problems will eat your practice for breakfast, lunch and dinner.

Note of caution here: I am not referring to an accountant. So you don’t need an accountant or financial planner to do this for you.

Help your people to relate to money very personally, they should all understand the financial impact of what they do every day in relationship to the profit and loss of your practice. Teach your people to think like owners, not like nurses, file clerks or receptionist, teach them to operate like personal profit centers, with a sense of how their work fits in with the practice as a whole. Involve everyone in the practice with the topic of money- how it works, where it goes, how much is left, and how much everybody gets at the end of the day.