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Variables affecting the financial viability of your practice.

¹jeb41@cornell.edu

The Journal of Medical Practice Management : MPM

|August 28, 2001

Summary

Understanding physician practice financial viability requires analyzing capacity, managed care contracts, patient demographics, and visit rates. This article introduces key financial factors impacting practice profitability.

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Area of Science:

Healthcare Management
Medical Practice Economics

Background:

Physician practice financial viability is influenced by numerous factors.
Key variables include practice capacity, managed care contracts, cost of care, patient population characteristics, visit frequency, and use of alternative patient interaction methods.

Purpose of the Study:

To introduce fundamental financial concepts for physician practices.
To lay the groundwork for a subsequent article detailing a case scenario.

Main Methods:

The article presents basic financial information in a practical manner.
It utilizes a series of worksheets to illustrate the impact of various financial factors.

Main Results:

The analysis focuses on how different components affect a practice's financial performance.
Worksheets are employed to demonstrate the relationship between operational variables and the bottom line.

Conclusions:

A comprehensive understanding of financial variables is crucial for physician practice sustainability.
This introductory article provides a framework for assessing practice financial health.

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