You must have financial office policies in place to maximize your profits: Part II.

Cost management is a vital and critical process in every practice's survival and must be incorporated into your daily operations with full participation and compliance by each and every one of your staff. Your physicians must have a complete understanding of the components of the cost management process and their contributions to it. Without a detailed planning process in place, you may not be able to meet the financial obligations of your practice and cover your costs. Financial planning and the polices integrated with your strategic vision will allow you to meet your business goals and guarantee survival regardless of the outside pressures and changes coming to the healthcare industry.