Balance Sheets Income Statements And Statements Of Cash Flow
The State of Statements:
Balance Sheets, Income Statements and Statements of Cash Flow
Robert M. Traynor, Ed.D., MBA
CEO/Audiologist
Audiology Associates, Inc.
Johnstown, Colorado
Introduction
For most audiologists the patient is foremost in mind as we provide hearing care services. Successful practitioners know that when their practice is centered on their patient’s welfare, success will usually follow. Probably the greatest responsibility of the
Robert G. Glaser, Ph.D.
CEO/Audiologist
Audiology Associates of Dayton, Inc
Dayton, Ohio
patient-centric practitioner is to be in business next year when the patient needs things that are warranty items, or other services that may be of benefit to them. There are many stories of highly sucContinued On Next Page
FEEDBACK • VOLUME 19, NUMBER 3 • FALL 2008
7
Feature The State of Statements cessful practices that did not survive for one reason or another. These failures are most commonly related to poor management practices and less likely due to the quality of the clinical care provided.
Historically, academic programs preparing audiologists for clinical work have either not addressed issues of managing a practice as a business entity or have offered limited information as a part of a course rather than offering an entire course in practice management. Contemporary programs are offering comprehensive courses in practice management, increasing the likelihood for not only surviving the first few years of practice but optimizing the chances for success in the hard fought world of today’s health care market place. When entering independent, private practice, audiologists must be well prepared to address the multi-faceted challenge that is practice management. They must have the essential tools needed to monitor, manage and maintain their business to profitability.
Thus,to be a good manager,clinicians must have the capability to digest information about the financial performance of the practice and develop the background to
Balance Sheets, Income Statements and Statements of Cash Flow
Robert M. Traynor, Ed.D., MBA
CEO/Audiologist
Audiology Associates, Inc.
Johnstown, Colorado
Introduction
For most audiologists the patient is foremost in mind as we provide hearing care services. Successful practitioners know that when their practice is centered on their patient’s welfare, success will usually follow. Probably the greatest responsibility of the
Robert G. Glaser, Ph.D.
CEO/Audiologist
Audiology Associates of Dayton, Inc
Dayton, Ohio
patient-centric practitioner is to be in business next year when the patient needs things that are warranty items, or other services that may be of benefit to them. There are many stories of highly sucContinued On Next Page
FEEDBACK • VOLUME 19, NUMBER 3 • FALL 2008
7
Feature The State of Statements cessful practices that did not survive for one reason or another. These failures are most commonly related to poor management practices and less likely due to the quality of the clinical care provided.
Historically, academic programs preparing audiologists for clinical work have either not addressed issues of managing a practice as a business entity or have offered limited information as a part of a course rather than offering an entire course in practice management. Contemporary programs are offering comprehensive courses in practice management, increasing the likelihood for not only surviving the first few years of practice but optimizing the chances for success in the hard fought world of today’s health care market place. When entering independent, private practice, audiologists must be well prepared to address the multi-faceted challenge that is practice management. They must have the essential tools needed to monitor, manage and maintain their business to profitability.
Thus,to be a good manager,clinicians must have the capability to digest information about the financial performance of the practice and develop the background to