Creating consistency in revenue and expense categorizations is vital for tracking and understanding the financial position of the practice. Knowing the key targets to pay attention to is critical for benchmarking your practice against other well-managed practices and understanding where to focus your efforts for improvement. Mary Beth with explain how to categorize the profit and loss statement so that variable, fixed, facility, staff, and owner expenses are organized, as well as discuss the benchmarks for each category. She will also explain key performance indicators to pay attention to in order to assess the financial health of the practice and share data from the Well-Managed Practice Benchmarks Study results.
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