Are you finding it increasingly difficult for your growing Medical Practice to stay on budget? Finance leaders should be aware of these Critical Budgeting Best Practices:

Forecasting is one of the most difficult activities financial leaders in Healthcare have to tackle. Key assumptions required for good forecasting are often not defined, and KPI's not identified. Forecasting must be based in reality, and in the real world, many considerations outside of a medical practice's internal operations can effect its financial future. Taking a proactive approach to forecasting is the key to success. But to achieve the fundamental shift from reactive to proactive decision making requires the right mix of trust in your data, financial visibility, and strategies for regular, consistent forecasting processes. So how can you avoid the pitfalls of poor forecasting, and hit your revenue forecasts quarter after quarter? First you must identify the reasons why medical practices miss revenue forecasts. Then you can find a solution that fits your needs.

Medical Device Manufacturers know... All processes associated with designing, manufacturing, packaging, labeling, storing, installing, or servicing a finished device intended for human use must be validated.

Aging populations around the world have underpinned the growth in the medical device industry in recent years. KPMG forecasts that this trend will continue with global annual sales rising from nearly $500 billion in 2020 to approximately $800 billion in 2030. This growth is occurring despite potential headwinds from strict regulatory requirements, governments trying to control health care costs and a rapidly changing competitive environment. Companies that don’t want to get stuck in the middle of the value chain or with a commoditized product, need to adopt technology, such as cloud-based enterprise resource planning (ERP) systems, that could give them an edge. Already there’s been a notable shift from building IT to consuming IT.