March 17th, 2020

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Caring For Your Financial Health

In times of uncertainty the importance of strengthening your financial footing becomes a priority so you can be prepared for a significant downturn should it happen. The idea is to focus on those things you can control versus focusing on things that are not as controllable.

For example, an increase in fees you’ve been dragging your feet on or shopping your merchant services for better rates become even more important actions if margins become tighter.

On the costs reduction side of things, COGs management is always a good place to tighten your financial position. Make sure your purchasing manager is utilizing a purchasing budget and looking ahead on the schedule to ensure you are attempting to buy based on the revenue being generated and that the schedule ahead suggest will come in; you should be running as lean as possible.

For payroll, make sure you are staffing based on the DVM levels, what’s ahead on your appointment books, and running as efficiently as you can.

On the revenue side, it’s vital to see that the practice is focused on client communication to stem fear and attempt to keep revenue flowing through the practice, while ensuring that your staff and clients are as safe as possible. Most importantly, make sure diagnostics are being maintained and that your primary focus remains on the high quality of care.