Financial Requirements
The Physician Practice Business Plan is a continuous document to focus on a practice business strategy, developed and written by each student in Weeks 2, 4 and 6. A portion of the Physician Business Plan is written during these weeks based on the instructions for that week.
The document below contains the information and directions for Parts I, II & III of the Research Paper. Please review and complete Part II.
Financial Requirements
Due: Week 4, Day 7
Points: 200
For Part II, you are to provide a Table of Contents using the headings below. Discuss each area this week as part of your Physician Practice Business Plan:
USE THESE HEADINGS IN YOUR PAPER:
Fixed versus Flexible Budgets (Explain the difference between fixed and flexible budget in a paragraph – what are your concerns here? How can it affect your practice?)
Develop and display an Operating Budget (categories and totals only): Operating Monthly Budget – This is an example of categories: the list is not all inclusive – you can add more categories
INCOME: This is your revenue source from 3rd party: Medicaid, Medicare or the insurance companies you are contracted with refund from insurance companies (what are you expecting? Based on your office fee and schedule
TOTAL INCOME
EXPENSES
Equipment
Insurance:
Supplies:
Telephone
TOTAL EXPENSES
Income – Expenses:
GRAND TOTAL
A full discussion of each one below: Use each question as a HEADING:
Capital Needs/Long-term needs
Benefits Provided by the Practice (example – vacation – how many vacation/sick, physician & employees? life insurance, 401K? Company match? etc.)
Physician salaries
Staff salaries/raises/bonuses/job performance
Accounts Receivable Management
Submit paper by Day 7 – to the Week 4 Research Paper link under the Written Assignments area of the course.
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