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(p. 180) Basic Bookkeeping and Accounting for the Private Practitioner 

(p. 180) Basic Bookkeeping and Accounting for the Private Practitioner
Chapter:
(p. 180) Basic Bookkeeping and Accounting for the Private Practitioner
Author(s):

Jeffrey Zimmerman

and Diane V. Libby

DOI:
10.1093/med:psych/9780190272166.003.0015
Page of

date: 23 November 2017

Running a practice with sound financial management practices is not as complex as many believe. The concepts require basic math skills and the establishment of an infrastructure that provides an awareness of what is happening financially in the business. Ways of approaching common business decisions about purchases, leases, managed care contracts, and accounts receivables are discussed. Basic bookkeeping and accounting systems are described. Common accounting terms and financial reports, such as profit and loss statements, are defined and described. Budgets, practice “dashboards” for consolidating practice data, and safeguards for loss prevention are described.

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