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SBGM

Knowledge to Transform Your Medical Practice

Finance

Setting Financial Goals to Forecast and Achieve Financial Results

By Trey Whitt CPA

When it comes to the numbers side of the business, most of my physician clients have a very low pain threshold. I get it, you have plenty on your plate, and although I may think accounting and tax are super exciting, I am well aware that I am in the minority! So, when I am talking about financial performance with a doctor, the conversation normally centers on “How did I do?” … [Read more...] about Setting Financial Goals to Forecast and Achieve Financial Results

Fixed Vs Variable Expenses

By Trey Whitt CPA

If you want to improve your financial performance, the first step is understanding what your practice financial statements are telling you. Your profit and loss (P&L) statement is a report card that tells you how you did over a certain period of time. The P&L will have little influence over future decisions, however, if you are unable to determine what can change an ‘F’ … [Read more...] about Fixed Vs Variable Expenses

Medical Practice Retirement Plan Fiduciary Responsibilities

By Steven Phillips AAMS

What is a Fiduciary? A fiduciary is a person who owes a duty of care and trust to another and must act primarily for the benefit of the other in a particular activity. For retirement plans, the law defines the actions that result in fiduciary duties and the extent of those duties. Many actions needed to operate a qualified retirement plan involve fiduciary decisions — … [Read more...] about Medical Practice Retirement Plan Fiduciary Responsibilities

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