Financial fluency: demystifying accounting and business planning for the reproductive medicine specialist

Financial fluency is key for reproductive medicine.
Financial fluency: demystifying accounting and business planning for the reproductive medicine specialist

VOLUME 115, ISSUE 1, P7-16

Authors:

Mindy S. Christianson, M.D., Linnea R. Goodman, M.D., Rachel Booth, D.O., Steven R. Lindheim, M.D., M.M.M., Ricardo Azziz, M.D., M.P.H., M.B.A.

Abstract:

In today’s ever-changing business climate, reproductive health specialists are realizing that financial fluency is key to growing and maintaining a successful practice. Although financial fundamentals such as accounting may seem complex, both academic and private practice reproductive specialists who understand these topics can benefit in making business decisions for their practices. We describe the key financial fundamentals that reproductive health specialists should know, including basic concepts of finance and accounting, payments and receivables, capital budgeting, and business planning, and interpreting balance sheets, income statements, and cash-flow statements.