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Success Stories
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“To accomplish great things, we must not only act, but also dream; not only plan, but also believe.”
—Anatole France
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Success Story: Management
Medical Money Management
The two-year Small Business Management program is structured to teach individuals from all walks of life and at all stages of education. In the fall of 1999 three medical doctors entered the program to learn how to better communicate. The forces of modern medical cost cutting are buffeting their independent practices. Receiving reimbursement from insurance companies and Medicare payments is a complicated and arduous process. Because of the nature of the present accounts receivable system in the medical profession and the preponderance of write-offs, it is challenging for any independent practice to reconcile their daily cash flow. It is also difficult to separate each business with the proper distribution of profits, for the repayment of loans, the purchase of new equipment, and the proper allocation of profits based on production levels of the three participating doctors.
One doctor stated: "By participating in the Small Business Management Program I've learned that our challenges are not unique. Before entering this program all the information that we received was based on our present cash position and statements from our accountant once a year. I had a hard time "seeing" how our backlog of receivables related to the other aspects of our business. I now know that although our profit allocation percentage changes from month to month, there is a standard form for this type of information. I can count on getting the information I need monthly from the three simple financial statements we generate in our office; cash flow, balance sheet, and income statements. I now feel that I can talk to my partners about our situation and plan for both my future and the future of the company. I wish we had received a little bit of this kind of training in medical school." |
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