In June, the MGMA-ACMPE released the results of a questionnaire that ranked members' most-pressing practice management challenges. In this edition of "Practice Makes Perfect," we'll tackle No. 9 on that list: managing finances.
For years, physicians and administrators have tried to control expenses and increase practice revenue. It can be a daunting task just to review your finances. I've worked with many practices that review their finances, make a couple of changes and don't think about them again for another year or two. In reality, managing your finances is an ongoing process and will boost the health of your organization. Consider the impact of evaluating the following areas.