Sponsored by ASCOA | This email address is being protected from spambots. You need JavaScript enabled to view it. | (866) 982-7262

Money Management for Physician Owners: 6 Tips

Share on Facebook
An article published on Merchant Warehouse discusses six tips for small business owners to master money management.

1. Save on business expenses wherever possible, including cash rebate programs, purchasing office equipment online from eBay or Amazon and audit your office on energy to see potential cost savings.

2. Maintain a strict budget that includes funds for every major department and extra money for contingency plans.

3. Hire a professional such as an accountant or accounts payable clerk for money management.

4. Track petty cash and limit who has access to these funds.

5. Don't expand until you are absolutely ready to move forward without stretching yourself too thin.

6. Monitor cash flow and take steps to improve, such as hold off on paying bills for a few weeks if it won't incur a late fee.

More Articles on Practice Management:
Top 10 Challenges, Opportunities for Physicians This Year

10 Tips for First-Time Managers

5 Trends in Transparent Patient Medical Records


© Copyright ASC COMMUNICATIONS 2012. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

New from Becker's ASC Review

Surgeons, anesthesiologists have best-paying jobs of 2014

Read Now