• Assemble a team of experts, your banker, attorney, and accountant |
• Analyze cash flow in terms of inflow and accounts payable |
• Project financial obligations throughout the calendar year (ie, rent, malpractice, and maintenance) |
• Look at ways to cut costs and have a leaner practice |
• Each employee has a role in the recovery plan |
• Continually communicate with patients and let them know that your practice is still here for them with regularly posted messages of patient concern |
• Develop a recovery business plan that will allow forgiveness of Payroll Protection Program loan |
• Keep employees on the job; there’s plenty of administrative work and planning to be done that there’s never time to accomplish during normal times |
• Highlight your practice’s efforts to help others during the COVID-19 pandemic |