SOLVED! 7 ways to keep your practice healthy!
Updated: Jun 13, 2019
Are you trained as a Chiropractor? Of course you are! You have many, many hours of training and experience in being a Chiropractor. When you started your own practice, you were thinking about how you could help lots of people with many of their problems, promote their wellness, and help their bodies heal themselves. You were NOT thinking about how fun it would be to keep your books. You aren't trained to do that.
So maybe you spend your valuable time working on it yourself, and never really know how your business is doing financially. You spend time tracking down payments. You lay awake at night wondering if your cash is flowing and what happens if it stops.
Or maybe you hired an Office Manager, thinking that they would be trained in bookkeeping and could take that time sucking stress off your plate. Unfortunately most Office Managers only have an idea of how to keep books and have never really been trained to do it properly. So you lie awake with the exact same worries as before.
Here are some things that you can do to stop the sleepless nights and make sure your practice continues to thrive as long as you are wanting it to.
Action Item #1: Get a good written budget and stick to it!
I know! The word "budget" carries with it a lot of negative feelings. So let's call it a "Financial Success Roadmap" instead. Change how you look at it. A great bookkeeper will help you put together the perfect roadmap for you. Keep your cash flowing and be prepared for anything! A little secret, the number one differentiator between excellent and average performing Chiropractic offices is the use of a budget!
Action Item #2: Tighten up your controls on your bookkeeping, financial and banking processes.
This is easier said than done, I know. You should Google Chiropractor employee embezzlement and look at the bountiful posts. If that doesn't scare you, I don't know what will. If you are scared, talk with a helpful bookkeeper. I can help you keep your sanity and your money!
Action Item #3: Stop pretending that keeping up with your books isn't important.
You don't really know what you are doing, it takes a ton of time you don't have, and you aren't even sure what you gain from spending all that time on it. Sound familiar? Your monthly bookkeeping is very important! Having someone watching your money can keep internal theft at bay, make sure all bills are paid on time, keep your receivables coming in quickly, and avoid tax delinquencies and unfortunate run-ins with the IRS. So find a qualified and trustworthy bookkeeper to help with this.
Action Item #4: Find more tax deductions.
Your business is very different than, say, a retailer. You have unique tax breaks not common among other businesses. Do you know what they are? Guess who can help you make the most of tax season? You got it! A great bookkeeper. I know what to track so you will get the most deductions.
Action Item #5: Find someone qualified to do your bookkeeping!
One big mistake that I have seen many business owners make is thinking that all office managers are trained in bookkeeping! They are experts in running an office. The two are not the same.
Action Item #6: Have access to clean, up to date, and accurate books at all times.
If you have never had this, you don't realize just how important it is. Think of it this way, would you be able to treat a patient if you didn't have access to up to date and accurate medical records and patient history? Not very well. Keeping your practice healthy is very much the same. Being able to take a look at how your office is performing will make it much easier to make adjustments and keep it performing well.
Final Action Item: Use a Bookkeeper who is an expert in your Chiropractic Practice.
You have a very specialized skill set, right? Your patients don't come to you for their head cold or broken arm. You may be able to help them a little, but they would really need an expert. You don't want to choose just any bookkeeper! You need someone who specializes in the ins and outs of a Chiropractic office. This way you know for sure that you are getting the best advice and guidance.
Would you like to know more about how Blue Skies Bookkeeping can help you keep your practice financially healthy? I would love to answer any questions you have! Book your FREE consultation now...