4 Yearly Expenses Every Clinic Should Budget For

4 Yearly Expenses Every Clinic Should Budget For
June 21, 2019 Meghan Belnap
In Business, Leadership

Certain expenses happen like clockwork. They’re not frequent, though, and they’re easy to forget about. If you want to keep your budget balanced, you need to keep these four yearly expenses in mind when preparing your planned expenses.

Staff Bonuses

Your staff works hard and every staff member who actually performs his or her duties absolutely deserves a yearly bonus. Though payroll costs can be a major issue for new clinics, putting the money in your budget for bonuses is always a good idea. This helps you to keep your best staff members year after year and reminds you of the importance of keeping your staff well-compensated when you’re working on your budget. 

Equipment Upgrades

Always keep some money put aside for upgrading your equipment. This might mean having enough on hand to buy new diagnostic equipment when your old equipment starts to fail or to get hermetic feedthroughs when it’s time to buy connectors, but you need to have the money put aside long before the purchase price becomes an issue. This will allow you to make upgrades as needed without worrying about how the sudden cost impacts your bottom line. 

Sitting Room Enhancements

Your waiting room is the first point of contact for most of your patients, so you need to make sure that it’s always in good shape. Working enhancements into your budget will allow you to keep your magazine subscriptions updated, to replace broken furniture, and to apply a new coat of paint when it is necessary. This is one yearly expense that will go a long way towards helping your relationships with new patients. 

Local Marketing Initiatives

Your clinic should constantly be on the hunt for new clients. For most clinics, that means that there should be at least one yearly push into the local community, ranging from radio spots to booths at local fairs. It’s imperative that you make room for this cost because it’s going to end up paying off in the long run. If you don’t have the money for marketing, you won’t have the money to keep your doors open in the future.

Always keep these yearly costs in mind when making your budget. Doing so will stop these costs from becoming surprises and ultimately make it easier to stick to the budget you set up at the end of the year. If the costs don’t come up or they’re less than you thought, you can rest happily knowing that you’re still prepared for whatever comes next.

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