Financial Management – The Energy of the Practice

Financial Management – The Energy of the Practice

The Financial Management of a Practice is perhaps one of the most challenging and stressful aspects of Practice Management.

As challenging and stressful as it can be there are tactics and actions that can be taken to help make the managing the finances of a Practice much easier to deal with.

Developing clear cut Financial Management policies and sound Financial Planning is an essential part of managing a successful Practice.

Of equal importance is having an effective overall Financial Strategy.

One of the key elements to successful Financial Management is control.

This control is manifested in the following ways:

  1. The creation of and staff adherence to sound financial policies.
  2. Realistic Financial Planning done on a routine basis.
  3. Having an overall strategic plan in place that encompasses all financial and accounting aspects of the Practice.

This planning must include short, medium and long term views of the financial condition and goals of the Practice.

Correctly and effectively done Financial Planning will ensure the viability and success of the Practice.

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