Debra Phairas of Practice & Liability Consultants: 5 Things You Need To Know To Create a Highly Successful Private Practice
I educate my physician clients that the first rule of being in business is to stay in business. Therefore, they have to be profitable to stay in business. Even though it is medicine, it is still running a small business and they must learn financial, operations, human resources and marketing principles. For example, learning the four accounts receivable ratios is simple math and I joke that if you put a dollar sign in front of math, physicians freak out. I say, you did much harder math to get into medical school so just take on the dollar signs and calculate the math.