QMC 11- A Question about Finance
How do I make money without looting my patients?
Dr. V S asked a finance question. “I’m a specialist doctor. I know many doctors charge a bomb as consultant fees. I want to know how do I make money from my practice without looting my patients?”
A question about finance in clinical practice
Finance question! Wow! Who doesn’t want money?
Well to be honest I think a number of doctors don’t really practice with the “intention to loot.” Everyone starts with “the intention to treat.” But a financially viable practice doesn’t result from simply charging more or less. It’s a lot about understanding and handling finance. Unfortunately many colleges don’t train medical graduates about accounting and money. They just churn out people with paper degrees. The skills are up to us so is the success and the finance. The glory belongs to them though!
So here are a few things that will help you set better prices:
-Understand basic accounting
What are the purchases and expenditures? Salaries, rents, instruments, utilities, supplies and medicines. Do a crash course on accounts or finance and tally, if you’re going to be a one man show. But irrespective of the members in your team you need to understand the baby steps of finance. Try reading “Bookkeeping for Dummies” no joke! 
