Optimize Your Healthcare Practice: Cash Flow, Exit Strategies, and Profit Maximization | ELEVATE Insights
As I type this, I’ve got one hand on the keyboard while the other is cradling a steaming latte, its rich aroma filling my home office. It’s been a busy week of consultations and strategic planning, and I’m already looking forward to my weekend bike ride under the sunny skies!
Balancing strategic planning with personal well-being is essential for healthcare practice owners. This week’s insights focus on mastering cash flow, planning for your exit, and transforming your practice into a profitable business. Discover actionable tips to enhance your financial strategy and secure your future.
In today’s edition:
- 👑 Tips for embracing a ‘Cash is King’ mindset
- 🙅🏻 It’s never too early to start planning your exit
- ❌ Stop treating your practice like a hobby with Paul Wright
- 💲Reworking the profit equation: revenue minus profit = expenses
- 🍷 Grapes and Grub: Martin’s Lane Pinot Noir paired with a Miso Sesame Salmon
Enjoy the ride,
~Gary Thorne, Founder
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Cash Is King
- A fundamental principle for sustained growth and competitiveness.
- Maintain a cashflow forecast and monitor receivables closely.
Do You Have an Exit Strategy?
- If you don’t, all you own is your job… and a very expensive job at that.
- Don’t understand the rules of the Endgame?
Stop Treating Your Practice Like a Hobby
- As an owner, learn the secrets to running an actual healthcare business that makes money.
- Running personal expenses through your practice might offer immediate tax savings, the long-term risks and potential legal implications make it a hazardous strategy.
Revenue – Profit = Expenses (the financial success mantra)
- A Buyer evaluates a practice on the maintainable earnings of a practice over the last three years.
- What to consider while cutting expenses?
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Weekend Fun
- Grapes and Grub – honouring my Ironman Canada playground and the wineries of the Okanagan.
- Martin’s Lane 2021 Pinot Noir (Simes, DeHart, Naramata, Fritzi’s)
- Spicy, Seductive, Elegant andPowerful
- Burning tobacco, funk, black cherry and smoke
- Misosesame salmon with cucumber salad
- Martin’s Lane 2021 Pinot Noir (Simes, DeHart, Naramata, Fritzi’s)
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About ELEVATE Practice Intelligence:
ELEVATE empowers healthcare practice owners to maximize profitability and build personal wealth. We provide insights and strategies to improve cash flow management and practice valuation. Who is GT? – Gary Thorne, with 17 years of corporate healthcare experience,responsible for 60+ clinics, across multiple provinces, with a portfolio size >$125M. Ethos: good enough never is!
Connect with ELEVATE:
Learn more about ELEVATE Practice Intelligence and how we can help you achieve financial success.
Book a consultation to discuss your practice’s profit and cash flow management. Book Now.
