Oral Health Group

Three Steps to Improved Financial Health

August 9, 2016
by Oral Health

Today’s unpredictable, uncertain and rapidly changing world demands that more attention than ever be paid to you mental health, physical health and ”fiscal” health.

Here are three steps you can follow to improve your fiscal health:

1.    Responsibility – You have a certain amount of responsibility for your own financial wellness.  No one can do it all for you, but that doesn’t mean you need to be an expert.  Learn your limits, but take responsibility for your role in staying fiscally fit.  Read as much as you can and simplify your financial life so that it doesn’t become an overwhelming burden.

2.    Hire an Expert – As in all areas of personal well-being, it is very important to have a trusted confidant who is an expert in the field he or she has chosen.  An expert in your financial health matters should have the following attributes:
•    An in-depth understanding of your business and expertise in your industry.
•   Readily available access to a wide array of specialists in the financial community (i.e. insurance, banking, investments, etc.)
•    Accessible when you need help and proactive in predicting and identifying your future need.
•    Wellness-centered and not merely a bookkeeper of historical results.
•    Objective and not fee-driven. You should negotiate a fixed fee arrangement with your financial confidant, if possible.
•    An outlook on life and a personality that is compatible with yours.

3.    Plan It is valuable and important to develop a wellness plan for your financial health. This starts with a fiscal fitness assessment done in conjunction with your financial confidant.  The process is as follows:
   Take stock:
i.    Look at your current state, both personally and in you practice
ii.    Review the future as it applies to you, then assess it’s impact on your finances
iii.    Diagnose needs
•    Set a plan:
i.    You should immediately adjust your practice management to better suit tomorrow’s demands on the business of medicine.
ii.    The diagnosis will create short-term prescriptions that will assist you in re-establishing a basic level of fiscal health, if not already the case.
iii.    Goals for the future should be clearly stated.
iv.    Longer term plans must be developed that will meet these goals.
•    In setting a plan, definite outcomes should be specified.  These outcomes will be the best measure of the success of your planning process.  Examples of outcomes for illustrative purposes are:
i.    Save $25,000 after tax each and every year for the next number of years
ii.    Develop a budget and a system to follow it
iii.    Reduce income tax expense by 5%

TGNA provides a team of experienced professional coaches, each an expert in their specialist area of practice management to work with your team towards increasing production, reducing stress, building team morale and creating positive patient experiences.  To learn more about how we can help you, we welcome you to contact us at info@transitionsonline.com or call toll free 1-800-345-5157.

AUTHOR: Lisa Philp
TGNA Chief Visionary Officer

Lisa Philp is the Chief Visionary Officer of TGNA – Transitions Group North America.  Lisa is committed to being an eternal student in the areas of personal growth, leadership, change management, human capital potential, adult learning, advanced training techniques and communication skills.

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