Healthcare organizations face rising costs, regulatory demands, and financial risks that can put pressure on operations. Conducting regular financial reviews is essential for protecting your bottom line and ensuring your practice remains resilient. By identifying areas for cost savings, securing contracts, and tightening controls, your organization can create the stability it needs to grow with confidence. 

Review Vendor Contracts Annually 

Vendors make up a significant portion of practice expenses, from medical supplies to IT services. Reviewing these contracts annually allows you to compare pricing, negotiate more favorable terms, and evaluate service quality. 

Questions to ask during review: 

• Are current prices competitive compared to industry standards? 

• Do service levels match the needs of the practice? 

• Are there opportunities to renegotiate or switch vendors? 

Evaluate and Restructure Debt 

Managing debt effectively can make a significant difference in your financial flexibility. By evaluating repayment terms and considering options such as refinancing, consolidation, or early payoff, practices can improve cash flow and reduce interest expenses. 

Potential benefits include: 

• Lower monthly obligations 

• Reduced long-term interest costs 

• Improved liquidity for investments or emergencies 

Guard Against Fraud and Embezzlement 

Fraud remains a risk for healthcare businesses. Internal safeguards can help prevent and detect issues before they impact the practice. 

Best practices include: 

• Segregation of duties for financial tasks 

• Regular internal and external audits 

• Strict software permissions and access controls 

At YHB, we understand the unique financial challenges healthcare practices face. Our advisors work alongside you to strengthen internal systems, protect against vulnerabilities, and build a more secure future. Reach out to YHB today to learn how we can help safeguard your practice.