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Innovating Your Practice: Cash Flow Management

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1.  Based on this podcast, why is cash flow important for audiology practices? Core part of running your business – it’s the gasoline that keeps your business operating Makes banking easier – easier to analyze your bank statements Earns more credit card rewards – rewards you for spending more It is not important to focus on cash flow

2.  According to Dr. Keith Darrow, what is one way to calculate your cash flow? Subtracting your liabilities from assets Asking your bank if you are overdrawn Establishing a strong partnership with a CPA or other accounting professional that can analyze cash flow on a monthly, quarterly, and annual basis Having insurance companies send proof of insurance

3.  Based on this podcast, what is one investment that Dr. Keith Darrow recommends to help provide a 360 view of your practice? A set of glass walls A patient management system (PMS) An assistant An external server

4.  According to Dr. Keith Darrow, what is one pitfall of in-house financing? Creating an accounts receivable that may be paid over several months No branding support Developing monthly statements Choosing between personal check or money order

5.  Based on this webinar, why does Dr. Darrow say treatment is a team sport? Audiologists wear the same lab coats It takes internal and external partners to help your practice deliver the treatment needed for each patient Everyone celebrates after each win Hearing devices are kept in a separate equipment room managed by the team