What's a Virtual Healthcare CFO?
In the digital age, new types of jobs seem to pop up everywhere. You can get a full virtual office to manage your administrative tasks!
Adam Kae & Associates is a Virtual Healthcare CFO.
In short, we translate your finances to English so you can focus on running your practice while we take care of the rest!
This article will talk about:
What a CFO Does
What a Healthcare CFO Does
What it Means to be a Virtual CFO
CFO - Chief Financial Officer
CFOs are the head of the finance department. Even if you think your practice isn't big enough to have a finance department, a CFO can simplify your finances!
Here's a Brief List of (Some) CFO Tasks:
You should be producing regular reports of your finances. These include Cash Flow Statements, Profit/Loss Statements, and Balance Sheets.
It's one thing to have QuickBooks run a report. It's another story to actually understand what the numbers mean! A CFO can take those numbers and provide solutions to issues and forecast better financial scenarios.
CFOs look at your various risks and make conclusions. Are you investing in an area of your practice that could be getting better ROI? Are you spending too much time marketing for one service that isn't bringing the results you need?
Every choice you make has a risk. Take the pressure off, and let a CFO calculate the best option for you!
We use our Adam Kae Way to assess and control risks! Industrial organizational psychologists developed this system, and it allows us to analyze financial obstacles from a variety of angles!
Financial Strategy Development & Implementation
There's an issue with the traditional consulting world. They will provide solutions all day long (and amazing solutions, at that!), but they don't stick around to see what happens next. A CFO can bring those solutions to the table and help your team implement them.
The big benefit? A CFO knows the full picture, so they can help you and adjust your strategy as you work through it!
We don't' have a crystal ball, but we are pretty nifty with a calculator.
We build custom financial models to find the best strategies for your current situation. Better yet, we can create many strategy paths for you depending on your goals!
After a long day of doing what you love, are you missing out on time with family because you're poring over receipts?
We get it!
Many of our clients were in the same boat.
Budget management is one of most tedious, complex tasks you must do for your business. Oh, boy! We love it! Let us handle it, instead!
You have a lot on your plate, and managing a big team doesn't have to be one of them! A CFO will be your team's go-to for all things finance.
This means more time focusing on making your goals come to life!
Wait wait wait...now a Healthcare CFO?
Healthcare CFOs do all of the above and then some! You'll see the term often in job descriptions for hospitals, but they can (and should) also be more present in medical practices.
Here are a Few Extra Things Healthcare CFOs Do:
You went to school to be a doctor, not a sales negotiator!
We understand the intricacies of negotiations. In fact, we admit it's kinda fun for us!
We negotiate with insurance companies and vendors. We want you to give your patients the best prices. We want you to pay less for medical supplies. And ZAP - you're already saving money!
Billing & Coding Processes
Billing and coding is a huge part of running a smooth office.
We can help your staff create office-wide practices to ensure your processes are smooth sailing.
For billing, this means working to reduce the time your money is spent sitting in accounts receivables.
For coding, this means standardizing for a quick and efficient process.
Healthcare-Specific Growth Models
Every business is different, and your dentistry practice in New York City looks very different than a chiropractic practice in Kentucky.
You have specific needs as a healthcare provider, and you have different dreams of defining success.
A healthcare CFO understands the difference compared to other industries, and we can make those dreams come to life through strategy!
Invest vs Rent
How much of your medical equipment is rented? How much did you purchase?
Did you weigh all the pros and cons of rent vs buy? Healthcare CFOs know how to do that within a larger financial strategy.
Remember when we talked about forecasting earlier? This is where this comes in handy!
You may need something special.
Maybe you're dumping your insurance company in favor of a cash-based practice?
Maybe you need some help figuring out your pricing?
Maybe you need to hire more staff, but you're not sure what you can afford?
But wait...what about the Virtual Part?
We're more than a CFO.
We're more than a healthcare CFO.
We're a VIRTUAL Healthcare CFO.
You likely don't need a full-time CFO. You do need a little guidance, and that's exactly where we fall in.
Or, maybe you do need a full-time CFO, but you haven't found the right fit. Our Interim CFO services will keep you going until you do!
We don't have office rentals as part of our fee, because we don't have a physical office!
Even though we're virtual, we still have our weekly Zoom and Touchpoint Calls. PLUS, we still have our strategy sessions in-person.
We will never be the "virtual stranger" running your finance department.
We want to be a part of your team. We want to be a part of your success story.
Curious? Let's chat - sign up here.
Not ready to chat? Take our questionnaire and we'll reach out to you when you're ready!
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Disclaimer: This article contains information and opinions from Adam Kae & Associates, and the information and opinions should not necessarily be seen as the best possible solutions for your business. Please contact us at firstname.lastname@example.org to help you find the best solutions for your business.