How To Make A Profit In Your Healthcare Business
Healthcare providers learn their skills at medical school, but don’t learn how to make their business profitable. One of the best ways you can serve your customers better is by having a more profitable business.
However, healthcare practitioners face unique pitfalls and business challenges. Many health professions naturally lend themselves to self-employment but often don’t receive training on entrepreneurship and how to start a healthcare business and especially the financial side having a profitable business. This can very quickly lead to feelings of stress and overwhelm which can cause otherwise skilled healthcare providers to leave their profession.
Many healthcare providers find that their job is physically demanding and, if their health requires them to work less for a period of time, they worry that they don’t have the financial resiliency to fund a reduced work schedule.
Independent healthcare practices often have small numbers of clinic staff who are expected to fulfill many roles. Clinic managers are often tasked with bookkeeping even when they haven’t received training to help them with that.
Consequently, many healthcare providers and business owners don’t have simple systems to manage the finances of their business and are making business decisions on wishes.
My Takeaways
Tammy Hyska’s personal experiences as the financial manager of her husbands’ chiropractic business and as an accountant to healthcare businesses in Alberta helps her to break things down for non-accounting people to understand without feeling overwhelmed.
On the most recent episode of Practice Management Nuggets podcast, I interviewed Tammy Hyska. Tammy shares practical tips for all practice owners, healthcare providers, and clinic managers who have an active role in managing the billing and the finances in the healthcare practice.
Tammy understands the common problems that healthcare providers experience when they manage their own business. She knows that people don’t train to be healthcare providers to have an excuse to do bookkeeping.
Instead, Tammy provides 5 practical tips to have a healthy business without becoming an accountant.
- Have a separate business bank account and a separate personal bank account
- Have a spending plan
- Read Profit First by Mike Michalowicz
- Use an accounting software
- Avoid debt
Listen To The Podcast
5 Critical Things Healthcare Practitioners Need To Have A Profitable Business | Episode #102. Expert tips with Tammy Hyska on Practice Management Nuggets Podcast For Your Healthcare Practice.
Listen here: Practice Management Nuggets Podcast
Featured Guest: Tammy Hyska
Tammy Hyska, CPA, CA, has been a Chartered Accountant for over 20 years. As the Financial Freedom Coach in her independent consultancy, Tammy helps entrepreneurs have more profitable businesses. Tammy has in-depth understanding of health care businesses as her husband is a health care provider and Tammy helps her husband run the financial side of his practice. Tammy is passionate about helping small business owners have a more profitable business.
Tammy Hyska Can Help You Enjoy A Profit In Your Healthcare Business From Day #1!
Tammy Hyska will help you avoid money stress with these tips to set up the financial side of your business the right way with a simple strategy that will teach you just enough to have financial success without the overwhelm.
Get started right away with the free 5 Critical Things Healthcare Practitioners Need To Have A Profitable Business.
Download this free guide from Tammy here:
Financial Confidence Formula
Then, check out the Financial Confidence Formula For Healthcare Practitioners training from Tammy Hyska. This is a complete system for operating a profitable business.
This course is ideal for new business owners and existing business owners and clinic managers who haven’t yet implemented the blueprint to a highly profitable business.
When you receive support to simplify and streamline the accounting side of things in your practice, you will reduce money stress.
Tammy will cover everything you need to get it right and avoid all the unnecessary pitfalls to make a profit in business.
The course starts September 29 but register now to receive a $300 discount.
Use the Coupon code HC300 for a $300 discount you pay only $197 when you register before September 19!
Bonus Tip
Use the checklist from Tammy to take action quickly to improve the financial health of your business.
Remember to also check out Profit First by Mike Michalowicz.