Did you know that… These numbers are from the US Small Business Administration Office of Advocacy. But before we address why this matters, let’s define what constitutes a Small Business. According to the Small Business Administration (SBA), a small business is one with fewer than 500 employees, though industry-specific standards apply. What’s important for our Read More
Even though you are a Nurse Practitioner in your own practice, you didn’t go into healthcare because you love spreadsheets, financial statements, or business jargon. You got into healthcare to help people, to make a difference. But once you operate your own practice, you quickly learn that business jargon and finances are no longer optional. Read More
You’ve probably heard the phrase “Cash is King.” What does that mean for your Nurse Practitioner (NP) practice? If you’re bringing in plenty of revenue, that should mean your practice is financially healthy, right? Well, not necessarily. Many business owners falsely assume their business is doing well if they bring in lots of money. And Read More
Every business comes with its own set of headaches; that’s just the way it is. Health care is no different; and running a practice has its own, unique set of challenges, including: Getting paid by insurance and patients Getting and staying credentialed Creating consistent cash flow Then there’s the ever-changing landscape of healthcare… but that’s a Read More
Regardless if you’re an employee or a business owner you want to keep improving your financial IQ. Of all the books I’ve read over the years, few have done more to boost my financial IQ than Robert Kiyosaki’s “Rich Dad, Poor Dad” and “Cash Flow Quadrant.” “Rich Dad, Poor Dad” is a powerful introduction to Read More
We talked about revenue and expenses last week. Did you get a chance to look at the numbers for your practice? Was there room for adjusting one or the other, or perhaps both? What would you have to do to increase your revenue, decrease your expenses, or perhaps a combination of the two? If you Read More
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