Project, don’t wish

If you build stretch goals into your budget, base them on something realistic. When you budget new revenue, make sure there’s an achievable source, such as:

  • adding new services
  • opening a satellite office
  • hiring a new provider

Don’t budget a 20% revenue increase for next year if you’re basically planning to do the same saving tactics you’re doing this year. That’s not planning for growth, it’s wishing for it.

The same idea applies to expenses. There’s no sense in budgeting a 5% reduction in expenses without a clear, viable plan for achieving the objective.

Have questions? I’m here to help.

Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement Uncategorized
About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA for Physicians