2023-2024 Tax Planning Guide
Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
A Refresher on the Trust Fund Recovery Penalty for Business Owner...
Valuations Can Help Business Owners Plan for the Future
SBA Lenders: Beware of BSA
The health care industry is a vital component of modern society, dedicated to preserving and improving human life. However, despite the significant advancements in medical science and technology, the health care industry faces a multitude of challenges that can hinder operational and financial stability, from rising costs, to attracting and retaining the right talent.
As a health care provider, below are three accounting and operational challenges you should be aware of and how to overcome them to help strengthen your organization’s overall health.
Controlling costs is a significant concern for health care practice leaders. Consider these key areas within your practice to help manage costs:
Managing cash flow is a critical aspect of running a successful health care practice. Effective cash-flow management ensures your practice remains financially stable, enabling you to provide quality patient care, pay your staff and cover overhead costs. Here are some steps you can take to help manage your cash flow and establish a clear financial strategy:
By implementing these strategies and maintaining a proactive approach to financial management, you can ensure steady and stable cash flow, allowing you to focus on providing excellent patient care and growing your practice.
The health care industry is competitive when it comes to attracting and retaining top talent. More importantly, it is vital to ensure the delivery of quality care and the overall success of your practice. Offering competitive compensation packages with attractive salaries and benefits that align with industry standards is a fundamental strategy. Benefits do not have to only encompass your standard offerings. Get creative to stand apart. Examples of this could be funding continuing education, paying for industry association dues or offering additional paid time off. Find out what your employees value and work to provide them opportunities to attain their goals.
One of the most important aspects of any health care practice’s success is its team of employees. Creating a positive work environment is essential for fostering staff well-being, enhancing patient care and reducing turnover. Your health care professionals face demanding and often emotionally taxing situations daily, making it crucial to establish a supportive and uplifting workplace. Some key strategies to accomplish a positive culture in your practice include:
Creating a positive work environment in the health care industry requires a holistic approach that encompasses communication, teamwork, recognition and support for professional growth. By implementing these strategies, you can cultivate a workplace where staff feel valued, motivated and empowered. All of which ultimately lead to improved patient care and reduced turnover.
The challenges faced by health care practices are complex and multifaceted. Rising operating costs don’t help either. However, with an innovative approach and commitment to improvement, these challenges can be overcome. To create a plan to improve your cash-flow management and cut down on costs, contact Doeren Mayhew’s dedicated group of health care CPAs and business advisors who can help identify methods fit for your unique business needs.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).