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.