by Nathan Hayes | Jul 27, 2024 | 7 Key Expense Areas, Practice Marketing
I once saw a financial report for a practice that used colors to show if their spending was above or below average in different expense areas—green for below average (good) and red for above average. There were two green areas: occupancy costs and...
by Nathan Hayes | Jul 20, 2024 | Financial Operations, Risk Management & Financial Security
Bills happen. It would be nice to have fewer bills, but they’re an ongoing reality, and they need to be. Historically, paying bills meant mailing a check back with the statement you received in the mail. For many owners, writing checks to pay bills gives them a...
by Nathan Hayes | Jul 13, 2024 | 7 Key Expense Areas, Occupancy Costs/Real Estate
One of the scariest and most important risks practice owners face is taking on fixed expenses ahead of growth. The best way to think about fixed expenses is that they are the bills you pay regardless of how many patients you see or how much revenue comes into your...
by Nathan Hayes | Jun 15, 2024 | Cash Flow & Cash Management, Financial Operations
I have seen a few cases lately where Books & Benchmarks clients tried to handle tight cash flow by using multiple checking accounts to budget for expenses. But does this strategy actually work? This week, let’s discuss some causes of tight cash flow, the...
by Nathan Hayes | Jun 8, 2024 | 7 Key Expense Areas, OD Compensation
After focusing on bonuses for non-OD staff for two weeks (read Part 1 and Part 2 to learn more), let’s switch gears and talk about bonuses for ODs. We noted previously that we’re skeptical of the impact bonuses have on non-OD staff performance. When it comes to...
