Improve your practice’s profitability: know the cost of doing business and determine your break-even point
It might surprise you (or not) to know that a lot of businesses operate for years without knowing their break-even point (BEP) i.e. How many patients do I need to see a month to cover all my costs and take home an acceptable salary. Business owners don’t always consider calculating their BEP because if their business generates enough income to cover expenses and then some, the doors can stay open. But very often the problem comes in when you want to grow or make changes to your business e.g. you are considering a new supplier or type of service, resigning your lease or considering moving premises.
Not knowing your BEP while expanding your services or taking on additional overheads can have a devastating effect on your medical practice. Even if you’re not planning to expand your business right now, without knowing your BEP it is impossible to know if your practice is profitable.
This eGuide outlines the various costs in your practice and shows you how to calculate your break-even point so you can ensure maximum profitability for your practice.
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