Specialists in the Business of Hospital Based Medicine
FINANCIAL REPORTING & BUDGETING
Services
Did You Know?
Budgeting analysis and financial statement review are essential in providing valuable data points on which managers can make informed decisions and plans. Business Case Studies, LLP – Financial Information & Decision Making (2014).
Budgeting is an often overlooked process but very important to the financial health of the medical practice. In these rapidly changing times, effective budgeting cannot be overstated. HBC, working closing with the physician leadership and the practice billing provider, will develop revenue projections that can be affected by many variables. Additionally, the budget process considers factors affecting the expense side of the practice. Managing to budget expectations provides timely information for making important business decisions throughout the fiscal year.
HBC’s services in this area include:
- Budgeting & Variation Analysis – HBC works with Radiology groups to create an annual budget. HBC performs a monthly variation analysis that compares actual results to budgeted amounts. HBC determines the cause of all significant variations and works with the practice group to determine if any corrective action is needed.
- Income & Cash Flow Projections – HBC’s monthly Cash Flow & Revenue Projections provide
forward-
looking reports to monitor cash and revenues.
- Monthly Profit & Loss Statements – HBC prepares monthly Profit & Loss (P&L) Statements showing the group’s monthly financial activity. The P&L activity is reviewed and analyzed for significant variations from expected levels.
| Anesthesiology |
| Emergency Medicine |
| Pathology |
| Radiology |