Budgeting helps medical practices eliminate financial unknowns
Each year, we hear of practices continuing to stress over falling reimbursements and rising costs. Yet, all too often, the year-end financial results of a medical practice still come as a surprise to its owners and management.
The effective use of a financial budget can help alleviate many of the financial unknowns as practices progress throughout the year.
Budgets can come in many variations, depending on the size, needs, and complexity of the practice. What they all have in common, however, is the ability to monitor and watch financial results as they occur during the year. This allows a practice to make real-time adjustments earlier on, leading to improved financial results.
This article will provide some insight into why a practice should create a budget, how it may be broken down into different categories, and the process of review and revision.
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