Accounting and Enterprise Finance for the Practicing Hand Surgeon

Abstract

The business of medicine has become more complex and difficult over the last decade, and the success of a medical practice is dependent not just on the quality of patient care but also effective financial management. Medical school and residency curricula often do not include finance and accounting instruction, leaving physicians ill-prepared to open and run a small business. Physicians must learn how to navigate the challenges of accounting and enterprise finance to ensure the viability and growth of their practice. This article discusses the essential aspects of financial management tailored specifically for the physician/hand surgeon.

Keywords: Accrual based accounting; Business pro forma; Cloud-based software platforms; Medical practice accounting principles; Revenue cycle.