What do you use to manage your practice budget?

(Robin Dickinson) #1

I know that different people use different methods. So I thought it might be interesting to assemble ideas.

I personally use YNAB for routine budgeting because it works best for variable income imo and as you’re growing your practice or if you have a hybrid, income will be variable! It is designed to help you “roll with the punches” as things happen or priorities change. I also like using the reports to see the details of my overhead and to work on keeping in down. I can visually see where the expenses are rising and then click in and see why.

For taxes, I download my bank statement in CVS format and create a report for my quarterly meetings with the bookkeeper at my accountant’s office. I have a pretty simple practice and this is adequate for me.

How do you manage receipts?
(Dochost) #2

I just review my Quickbooks each month. And stare at my Excel spreadsheet just about every day…about once a quarter I pick something and call around to see if I can get it cheaper or better quality. I usually can. I think the biggest problem is just letting it all go and assuming it is fine. I have switched billing services twice already; changed my phone system (and will likely again soon), switched biohazard waste removers, etc.
I also keep a wish list that goes along with my member numbers. Such as buying a new EKG machine which is doing ok, but is probably on its last legs (its over 20 years old!! haha) when I get to 350 patients. I like Dr. Forrest’s advice to think about if what you are going to buy or spend will help patient care or not.
My accountant figures out my quarterly taxes in April (and I redo them each quarter as the business grows.)
I have been in independent practice for 20 years, so a lot of this is second nature. (DPC since Jan 2016)

(Robin Dickinson) #3

That is a great description of what I do, too…maybe if I look at it long enough, some magic answer will pop out!