Private Healthcare Practice Financial Assessment

Private Healthcare Practices Face Many Challenges to Profitability & Sustainability

As I’ve written about in my book Better Outcomes: A Guide to Humanizing Healthcare decreasing reimbursement rates and the drive to increase efficiency & productivity squeeze all healthcare organizations, especially private healthcare practices.

Couple that with the more recent challenges in the competitive employment market and rising costs associated with doing business (space, equipment, etc.), and you’ve got a recipe for struggling to obtain and maintain profitability in your practice.

Combatting Financial Struggles in Private Healthcare Practice

Now, it doesn’t take a business genius to determine that there are 2 ways to combat the challenges of decreasing reimbursement and increasing cost of doing business:

1. Increase your top-line revenue
2. Decrease your operating costs

As I have written and spoken about recently, the drive for profitability brought by many healthcare consultants focuses on “improving efficiency“. Read another way, that equates to cutting costs. Now, that can work for a time, but the only real way to pull your practice out of the struggle and into sustainable growth comes through innovation & finding ways to grow your top-line revenue.

Would you rather beg for scraps and try to make ends meet, or would you rather proactively try to increase the revenue into your clinic?

Assessing Financials

To start doing that, you need to first get a good idea of where your healthcare practice stands from a financial perspective by using a Private Healthcare Practice Financial Assessment. This lets you see any low-hanging fruit to cut unnecessary costs, but also plan for areas to grow revenue & profit so you can reinvest that revenue into generating more income for your business.

This workbook aims to provide you with just that: a tool to help you gauge the financial health of your practice and then help you develop a plan for improving the overall profitability and sustainability of your healthcare practice.

And this is not just theory or ideas put forth by someone who is incentivized to sell you a plan. I own and operate my own outpatient multidisciplinary rehab clinic and I use these exact tools to help manage and plan for my clinic and the practices & business of my clients.

Hopefully, you find it helpful in planning for the growth and long-term financial health of your private healthcare practice.