Have you ever wondered what a true challenge is?
For me, it is this. Thinking that I am still twenty. I think I have the body of a twenty-year-old. I think that I look like a twenty-year-old too. And I think I can drink bottles of whisky just like a twenty-year-old. I know none of this is true when I try to act like a twenty-year-old. Twenty-year-olds can party for a month. Me? I might make it to 10 pm before I need some cocoa milk. All twenty-year-olds are chiselled as if Michaelangelo worked on them personally. As for Moi? I am left wondering if Michelangelo ever sculptured a pear.
Medical Businesses have always had challenges. But it seems every year there are more. Ask around, and you get the impression that it’s worse.
But that may be perception.
Even I feel I solve one problem only for another to pop up. Sometimes, I find I solve a massive problem, and another one pops up, leaving me saying ‘WTF!”
Anyway, there is no denying there are challenges. After talking to many medical practice owners, we are finding this is on their minds.
1. Funding!
Getting finance is not as easy as it once was. And with interest rates much higher, I suspect they are not always affordable.
Banks are more cautious about lending, driven mostly by existing lending and risk profile, even with medical professionals.
Many medical practices or doctors also owe money to the ATO. And the banks don’t like it even if you are on a payment plan.
2. Cash flow!
We all know cash is king. We tend to hear that during poor economic times, but it should be all the time.
Profits give you an indication that you can grow. Cash indicates survival. No cash means you go out of business.
I am not a great fan of complex budgets, but I do like a forecast. It allows you to plan the next 6 months and start making decisions on what you expect will happen in a few months.
3. Team Capacity
To be honest, this has been around for several years and does not appear to be going away anytime soon.
If you want more information, email Hitesh at hitesh@medisuccess.com.au or call 1800 281 038.
