Managing the financial aspects of private practice can be extremely challenging for any healthcare professional. Graduate level clinical training programs historically do not train students in business models, even basic budgeting and financial management.  This seminar will introduce the private practice owner to the basics of budgeting and financial management, investing for the future, and protecting one’s wealth throughout ownership and beyond. 

Emphasis of this seminar will focus first on basic budgeting, including across board expenses that are often found in private practice. While this is beginner’s work for the practitioner thinking of starting a practice, it’s a needed review for those participants who are already in practice ownership. Both types of participants will benefit greatly from a thorough review of expense/income layouts along with specialized cost reducing behaviors that are guaranteed to save money on the expense side of your financial ledger. Following this basic review of creating a realistic budget along with covering cost saving expense reduction strategies, participants will learn a fiscal banking and management strategy that ensures 100% coverage and timely tax payments, disbursements of personal income, and a savings plan to cover future investing. Specific investment strategies are discussed to help familiarize the practice owner with methods for creating wealth beyond simply one’s annual practice earnings. 

Positioning a practice to create more wealth involves engaging in unique proven business strategies that increase one’s success. Participants will develop organizational skills and time saving strategies that help manufacture more revenue, which can be re-invested into your business, and/or used to invest outside your business for further diversification.

Setting and updating fees, along with contract negotiation will be explored as integral aspects to creating and maintaining financial success in practice. Advanced strategies that include timelines and steps for managed care contract negotiations are included.  

Additional models of clinical program diversification are explored as relevant to increasing and sustaining a strong financial footing in your practice. Finally, the clinical picture as pertaining to each business strategy is brought into the discussion. Ethical considerations are honored and emphasized at key points during this training.

Private practice owners often struggle with the challenges of financially managing their business, lacking formal knowledge about developing and carrying out plans for creating and sustaining profit. Practitioners generally undervalue their expertise, undercharging and even giving away valuable services. In the same manner, staying busy with clients often translates to a lack of financial management systems, poor follow through, and significant revenue loss. Additionally, owners often do not possess the necessary information and strategies to help build wealth when profits flourish. Some have difficulty remaining profitable. This seminar will reduce uncertainty and fear revolving around financially managing your private practice business. It’s purpose to help practitioners build confidence around working with budgets and managing assets, while saving and investing for future returns.