At CironeFriedberg, we have extensive experience advising and working with physicians. We understand the changing landscape of the practice of medicine. Physicians want to provide optimal service to their patients within the context of challenging and declining reimbursements and increased paperwork.
Our goal is to provide physicians with timely financial statements, advisory services, and tax information to help them manage their practices efficiently and profitably.
Here is a Case Study that illustrates how we work with a medical practice.
SITUATION
A busy medical practice needed a cash flow analysis to determine how PPP funding would be used and establish a cash position in 12 months. With significant declines in revenue and a corresponding increase in expenses to be compliant with new safety regulations, the practice needed to ensure they had a handle on future cash flows. They needed to be able to understand how various growth models would impact their decisions.
SOLUTION
CironeFriedberg provided an Outsourced Financial Director who created a cash projection template spanning 12 months. She developed the template to be driven by assumptions that can be changed allowing for impact of those changes to flow through the projections. The result was a template that the client can maintain and update with a few assumptions to see the overall impact on the projections of various possible decisions or events.
BENEFIT
The ongoing critical data regarding cash flow position allow the owner to make sound, necessary decisions regarding the operation and growth of the medical practice. The flexibility of the projection model enables him to maintain optimum oversight of his business and anticipate how various scenarios might affect the business situation (e.g., COVID-19 disruptions).
Learn more about our Outsourced CFO/Controller services.
If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.
