January 09, 2025

7 Vital Tips to Keep Your Practice Financially Solvent with Hosts, Eric Miller & Eric Gersch

28 minutes

Discover the 7 essential solvency secrets that can transform your practice's financial health and secure your future. As a practice owner, understanding and implementing these proven solvency strategies isn't just important - it's critical for your long-term success and financial freedom.

In this powerful episode, we break down the exact steps you need to take to ensure your practice maintains strong financial health. You'll learn why most practices are technically insolvent (even if they're paying their bills), and more importantly, how to fix it. From establishing weekly financial review habits to understanding your true make-break numbers, these practical solutions will help you build a more profitable and sustainable practice.

Learn game-changing strategies including:

- How to properly review your finances for maximum impact

- Setting correct income targets that actually work

- Smart delegation of financial responsibilities

- The crucial difference between expenses and investments

- Creating effective collection systems

- Responding to revenue dips the right way

- Understanding your true make-break point

Whether you're struggling with cash flow or looking to strengthen your practice's financial foundation, these proven solvency solutions will help you take control of your financial future. Stop just surviving and start thriving with these essential financial management strategies every practice owner must know.

Perfect for veterinarians, healthcare practitioners, and professional service business owners who want to build lasting wealth through their practice. Take the first step toward true financial independence by mastering these fundamental solvency principles.

Visit https://www.wealthforpracticeowners.com/ for your free download of the 27 Point Financial Checklist.

#frugalliving #practicemanagement #financialeducation #patientpayment #patientpayments

CHAPTERS:

00:00 - Intro

01:45 - What's New with Eric

06:47 - Solvency Solution 1: Weekly Finance Review

08:19 - Solvency Solution 2: Setting Income Targets

13:09 - Delegation Strategies

17:24 - Expense vs. Investment: Key Differences

20:44 - Effective Receivables Collection System

22:30 - Addressing Revenue Dips Promptly

24:00 - Review Your Finances

25:05 - Understanding and Tracking Your Make-Break Number

27:30 - 7 Essential Steps to Stay Solvent

_________________________________________________________________________________

If you would like a free consultation, please visit econologics.com or call us at 727-588-1540

Get Social With Us!

LinkedIn: https://www.linkedin.com/company/econologics

Facebook: https://www.facebook.com/econologicsfinancial

YouTube: https://www.youtube.com/@FinancialBeast

Twitter: https://twitter.com/FinancialBeasts

Instagram: https://www.instagram.com/financialbeastmode/

Website: https://econologicsfinancialadvisors.com/

Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors.

...more