The Doctor's Guide to Owning a Financially Healthy Practice

What They Don't Teach You in Medical School

By: Wayne A. Label

Narrated by: Chaz Allen

Health care professionals who want to be successful don't turn over their accounting to a bookkeeper and forget about it. It is essential that you understand your finances and keep them in order to operate a profitable practice.

Join Dr. Sarah with the Desert Medical Care Co., a fictitious firm, as she navigates the world of accounting in order to establish a successful practice. Enrich your professional and personal life with explorations of the following:

• Generally Accepted Accounting Principles (GAAP) and how to abide by them
• The components of the balance sheet
• The transactions that affect the income statement
• The importance of cash flow in your business
• The benefits of working with a certified public accountant
• The advantages of budgeting

Listen as the transactions become more complex and varied for Dr. Sarah as she expands her business. The foundation of it all, however, remains a basic understanding of accounting. Get the solid foundation you need and avoid the mistakes that could wreck everything you've worked so hard for in The Doctor's Guide to Owning a Financially Healthy Practice.

Download the accompanying reference guide.©2010 Dr. Wayne A. Label and Dr. Weldon Havins (P)2013 Dr. Wayne A. Label and Dr. Weldon Havins

For Accountants

This book is not for doctors it’s for accountants. It describes the intricacies of managing the finances of your medical practice, or really any type of business, without the real world information about how to RUN a medical practice (marketing, insurance credentialing, hiring staff, setting up practice management software etc). If you want the ins and outs of how to balance your income statement then this book is for you. If you want to know how to set up and successfully run a practice then there are better alternatives out there to read.

I wish I read this sooner!

Unfortunately we are going through the process of auditing our financials. We are a small surgical group who had a practice manager in place for many years. There were no checks and balances. Pretty much made every mistake that the author described. Us physicians had no idea where we stood. We never had any financial reports or information. Now that the manager has left under bad circumstances it will take months to sort out the financial disaster left behind. Read this book so that you understand How to interpret the information you should be getting from your manager, bookkeeper, billers and coders. We ignored all the red flags that were mentioned in this book. And now we are paying a huge price. I enjoyed listening to the narrator but I feel it would also be helpful to have the paper version of this book to make it easier to look at the statements and be able to reference it.