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How to Make Time For Your Business’ Financial Health as a Medical Professional

A woman sitting on a couch wearing a green jacket, while handling uncollectible revenue.

Dear Dangerously in Love with Your Finances,

I am a psychiatrist and psychotherapist with a private practice in Colorado. My practice is fully staffed with five licensed professional counselors, three clinical social workers, and two full time psychiatrists. Our finances are in great shape (I believe due to the overwhelming need for mental health providers), but I feel like I am missing the financial ball because I have not been able to master the art of consistently viewing the finances, thus losing my relationship with the business’ finances. How do I make the time, as a practicing psychiatrist, psychotherapist, CEO, husband, father, and friend?

Yours truly,
Time is Not My Friend

Hey Time is Not My Friend,

Thank you for reaching out. At some point in each person’s life, time is not their friend and they tend to struggle with building a relationship with time. You are not alone. Let’s rethink your situations and your beliefs about time…

Change Your Mindset

First, it’s great to hear that your finances are currently in a good place; take a moment to pause and think about how well you’ve done to get to this point in your practice.

Then, rather than getting weighed down by the feeling of being behind, focus on how you are actively taking steps to make changes for the future, which will offer exponential returns.

Manage Your Tasks, Not Your Time

You can either try to manage your time or you can manage your tasks. Personally, I manage my tasks, not my time.

I set a timer for each task I need to complete, and once that timer starts I am all in with the task at hand – no distractions. When the timer goes off, the task is closed and done.

The key is to be consistent. You may not get it right the first time, but work at it and you will see results.

Be Prepared

“Set yourself up for success” is a classic adage for a reason. If you have scheduled blocks of time for financial matters but have no idea how to effectively review your reports – or do not even know where to find them – you will still feel like you are running around in circles.

  • I recommend that you sit with your financial team, whether this involves a CFO, medical bookkeeper, financial controller, or healthcare accountant, to determine what financial reports and financial details
    you would like to receive every month.
  • Take the opportunity to become more comfortable with your financial system as a whole. For example, if you do not often work with the company’s bookkeeping software, you may be unfamiliar with the most efficient ways to access and utilize certain features which may help you stay up-to-date with the finances.
  • Schedule the task of “reviewing your financial reports” on a day and time that works for you. Put thought into what makes the most sense for you and your business.
  • Before each scheduled block of time begins, make sure you have your notebook or computer ready to take notes, do calculations, or anything else that you need. Don’t waste time and generate frustration by having to stop the task at hand to find a tool you need to move forward.

If you are clear about what you have to do for this task, schedule the time block well, and efficiently utilize the necessary tools, you’ll have everything you need to do your financial report review task on a consistent basis.

You will not need to waste time searching for reports, or reviewing the wrong financial data. You also won’t have to feel anxious about potentially missing something due to not keeping a closer eye on your finances.  Please do not hesitate to reach out if you need assistance.

– Lozelle Mathai

Your Medical Bookkeeping Services Specialist