Like it or not, a modern ophthalmic medical practice must be viewed as a business. If we don't protect the flow of cash into and out of the practice, the practice won't continue to exist, let alone thrive. Our employees, patients, and ultimately our own families will suffer if we don't keep the business aspects of the practice strong. No margin, no mission.
Physicians are well trained in the science and skills required to be competent providers of medical and surgical eye care. However, most of us don't get much formal training in the business of medicine. We can hire consultants and administrators to do much of the day-to-day business aspects, but we still need to understand the basics of our business. We need to be able to read the "vital signs" of the practice such as the balance sheet, income statements, and statements of cash flow. We also need to understand basic business trends, economic principles, marketing strategies, and how to prepare business plans and evaluate proformas for new opportunities in the practice.
This section has been designed with the goal of helping you better understand the business aspects that are important to the financial aspect of your practice. We hope to give your more insight and provide tools to aid your comfort and competency in the business of medicine.