I have heard a lot of people around me say they are “preparing” or getting ready for the season. Whether it is the weather or a religious season preparation seems to be in the air. Thanksgiving is finished and the turkeys and fixings were all prepared and devoured, time to prepare for the last calendar month of the business year.
Your business may have a calendar year end or another month as its fiscal year close, December always seems to have that slight push to it to be “prepared” and end well. In healthcare open enrollments are ending for the next year and people may be scheduling appointments before their deductibles restart or their co-pays go up or they might have flex money to use. You want to be prepared – have a plan.
Budgets are the skeleton of the plan – they are, however, not a static document, nor should they be. Compared to the budget you set a year ago you might be having an AMAZING year, that does not mean you should turn off the lights and head for your holiday. What have been your results the last few months, or your “run-rate” for the last quarter or two? Doing financial analysis you need to have more than one lens. To be “prepared” you need to compare yourself to your original budget, your run rate (how many patients you have seen, number of surgeries, other stats), and if available how well your competition is doing.
I help my clients prepare each month. CFOs look at big picture trends and make strategic and growth decisions based on these trends. FinanSynergy works with our clients to develop data trends relevant to their specialties. We work with you to use this information to assist with strategic decisions in the healthcare market. Contact Katie for more information firstname.lastname@example.org or 515-635-5531.