When needed, seek the help of a chiropractic financing and financial professional who’s familiar with how small business and health care practice finances work
Keeping your practice’s finances strong is at least as important, if not more so, than managing your own personal finances properly. Often, they are intertwined. Having a solid financial foundation as a practice helps DCs whenever experiencing risk, fluctuations in patient load, or any other unpredictable occurrences in regard to chiropractic financing (see: COVID-19).
It’s your job to ensure that your practice will be there for your patients even through economic challenges, health policy changes and other issues beyond your control.
Chiropractic financing and operating your practice
Knowing how to manage your chiropractic financing and finances is a key part of running a practice.
For some practices it makes sense to outsource billing and other functions to save money. But for many offices it may actually be more cost-effective to hire in-house staff than to outsource important tasks. You’ll have to carefully weigh the pros and cons of hiring against your needs to find the right solution for you.
Maintaining compliance with the law (state and national) and also managing the important tasks of keeping practice finances organized may be too much to expect of your chiropractic assistant, for instance. And activities such as bookkeeping and account management are probably better done with help from an accountant in many cases.
When needed, seek the help of a chiropractic financing and financial professional who’s familiar with how small business and health care practice finances should be managed. You’ll want to plan for current expenses, anticipated major purchases, ongoing maintenance to your building, staffing costs, software subscription costs, etc.
Knowing where your finances stand right now can help you with future planning and figuring out your marketing plans if you want to expand your practice to see more patients. Many businesses break up their year into quarters for financial planning purposes.
As you start thinking in terms of your business or clinic this way, you can plan ahead for what you want from future quarters, and also compare certain times of the year with previous years.