As healthcare professionals, your passion lies in making a positive impact on your patients' lives. However, if you transition from being technicians to business owner, it becomes crucial to pay attention to the financial aspects of your healthcare practice.

In this article, we will explore the significance of knowing the numbers within your healthcare business and why it is essential for your confidence, success, and ability to contribute to your community and team.

Understanding the Bottom Line:

Many practitioners tend to focus on the number of patients they see and the turnover they generate but overlook the importance of understanding the bottom line profit. It is vital to know the financial health of your business after deducting expenses and payments to associates. Without this understanding, you may find yourself unsure of your business's profitability and lacking the confidence to make informed decisions.

Overcoming Fear and Simplifying the Numbers:

Fear and complexity may prevent you from delving into the financial aspects of their businesses. However, it is far better to face the numbers head-on than to worry in the early hours of the morning, unsure of where you stand. Simplifying the numbers and making them accessible can alleviate anxiety and empower you to create a plan to improve your financial situation, even if the numbers turn out worse than anticipated at least you know where you stand and can move forwards.

Valuing Your Expertise:

As a clinicians, you probably undervalue the impact you have on your patients' lives. It is important to recognise the value you bring to their well-being and not feel guilty about charging appropriately for your services. Patients choose private healthcare for reasons such as quicker access to services and personalised attention. By offering a different level of service, you provide an option that patients willingly invest in.

Instead of means testing patients or reducing the quality of care based on assumptions about their financial situations, focus on being the expert in the room and providing the best clinical recommendations.

Overcoming Pricing Concerns:

Raising prices can be a daunting prospect for many healthcare practitioners. However, charging the right price allows you to maintain the quality of care you provide and continue supporting the people who rely on your services. Patients will manage their finances accordingly, and it is not our role to act as financial managers but as healthcare professionals delivering expert care.

Preparing for the Future:

To organise your businesses and prepare for the future, it is recommended you create a list of all expenses and thoroughly analyse pricing and revenue. This exercise provides valuable insights into the financial health of your business, allowing you to identify areas that require attention or adjustment. Whether you review your finances weekly, monthly, or quarterly, choose the frequency that suits your needs.

This exercise serves as a foundation for the upcoming five-day challenge, which aims to further assist clinic owners in optimising their businesses for the year ahead.

Conclusion:

Knowing the numbers within your healthcare business is crucial for maintaining confidence, making informed decisions, and ensuring the long-term success of your practice. By understanding your financial situation, valuing your expertise, and appropriately pricing your services, you can continue to provide high-quality care while building a sustainable and profitable business.

Embrace the numbers, simplify them, and use them as a tool to drive your success as both a healthcare professional and a business owner.