We’ve just passed the midway point of this year. While 2020 has been upside down for most of the country, we can’t put our heads in the sand and ignore the realities of the situation. Each year I review the entirety of the first half of the year during the month of July. This practice is more important than ever this year. The primary analysis is on financial performance, so you know exactly what has happened and how to plan for the remainder of the year.
I’m surprised at how few doctors have any idea of what is going on in the monthly financial performance of their businesses. We, as doctors, are trained and conditioned to use data to help make decisions on treatment for our patients. We examine blood test, pathology, and MRI reports and more to determine the next course of action for our patients. Yet many physicians don’t review finances and operational performance of their businesses monthly, quarterly, or in some cases even yearly. It makes no sense to me.
This week’s video talks about what we do at the mid-year mark and the importance of doing so.
I know many of you in the country are starting to experience the effects of COVID like we did in Illinois back in March and April. I created several videos on how to deal with it. Depending on what was happening in your area at the time they may not have resonated with you then. I’m including the links to these videos below, as you might find them pertinent and helpful now.
Make sure you all review your numbers in July to plan for a better second half of 2020.
Have a great week.
Lowell