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Private Practice Owners Club

Practice Owner’s Manual Series, Part 3 - Financial Mastery With Adam Robin

Jul 9, 2024
Financial expert Adam Robin joins Nathan Shields to discuss financial mastery for private practice owners. They cover the importance of knowing KPIs, measuring average reimbursement, and setting achievable financial goals. They emphasize good financial habits, payroll management, and achieving profitability. Learn how to take control of your practice's finances and set yourself up for success.
51:25

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Monitoring key performance indicators like reimbursement rates and costs is vital for financial management.
  • Developing good financial habits and systems leads to greater clarity and control over finances.

Deep dives

Percentage of Income Spent on Payroll as a Key Metric for Financial Health

Maintaining a low percentage of income spent on payroll is crucial for financial stability. High payroll expenses can lead to financial difficulties. Keeping the payroll within a certain range like 60-80% ensures financial health and viability.

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