Weinblatt & Associates, P.A. has been featured in several publications, with articles filled with tips and suggestions from Paul Weinblatt, CPA, MHA, CVA.
The following appeared in the May, 2010 issue of Orthopaedic Practice Management on the subject of year-end cash management.
Revisit the budget monthly – Make sure your projections are on track and account for unexpected activities, says Paul Weinblatt, CPA, MHA, CVA, president of Weinblatt & Associates, PA, in Towson, MD. Compare the budget to actual results at least quarterly, examining line items year over year and budget to actual. Gulko runs a report examining budget versus actual revenues and expenses. If he sees a major variation in one or more categories, he drills down to the details. The practice may have received an unexpected payment, paid an extra bill, or added or dropped an anticipated project. “There are a variety of reasons that your actual budget can vary from your estimate, but you have to look for those,” he says.
The following appeared in the June, 2010 issue of Neurology Practice Management on the subject of cash management. Click here to see the article in its entirety.
Develop a budget based on prior year results – Use last year’s collections and expenses as a starting point for current year projections, factoring in changes that may have a noticeable effect on your revenues, advises Paul Weinblatt, CPA, MHA, CVA, president of Weinblatt & Associates, PA, in Towson, MD. If a senior neurologist plans to slow down or retire in the coming year, the impact on your group will be significantly different than if a younger physician is ramping up his or her productivity. Also consider your leverage to negotiate higher commercial reimbursement and the changes you expect to incur on the expense side of the ledger – increases in your fixed costs or acquisition of a major piece of equipment, for instance. Your budget also provides you with ammunition if your physicians suggest superfluous purchases that the practice doesn’t need or can’t afford.
