" Money is a terrible master but an excellent servant . " - P.T. Barnum Your medical practice , like all businesses, needs to make a profit to survive. All the idealism and medical skills in the world are of no use if you cannot make both ends meet. You cannot afford to be ignorant or careless with figures , since you are self-employed.
No one can run a business without financial control and private practice is no different from any other business. Many doctors are uncomfortable with financial figures, but you need to attain basic financial literacy if you need to run your own practice and grow it successfully. A profit and loss account This account sets out the income earned ( patient fees) and the expenditure of the practice, the difference being your profit. Budgeting Budgeting is the process of estimating your income as it is earned and expenditure as it is incurred. It helps you to…
