When you make the move to set up your own practice, you will face a seemingly infinite number of subsequent decisions, none of which you feel you can afford to get wrong. Hiring a healthcare CPA firm with a proven track record of providing solid advice and guidance can give you more confidence as you get started, and better prepare your practice for growth.
Caudell & Associates offers a six-step process — the Practice Made Profitable Process — to help new practices launch on a solid footing. When you engage Caudell & Associates, we’ll work through the following:
1Creation of your Mission, Vision and Values statements
2Managing your business: Financial management, financial statements, forecast/proforma, goal-setting
3Managing your team: Job descriptions, the hiring process, employee handbook, reviews, payroll and benefits
4Managing your revenue: billing, collections, accounts receivable, posting and monitoring
5Managing your expenses: vendors, bill payment, recording and issuing payments
6Managing your results: KPIs and results review, proforma comparisons, compare to comparable, setting new goals
Once you’ve completed the initial process, Caudell & Associates continues to advise and offer counsel as your business grows and develops in complexity. The recurring goal-setting, review of results and course adjustments not only help keep you focused, but help you reach your ultimate objective of a practice made profitable.