Principal Consultant Mr Stephen Chew spoke about the importance of planning and managing cash flow and financial risk for medical practitioners, at the SMA seminar on 19 August.
“I’m a medical professional. I don’t have time to look into my finances.”
It is important for a medical professional to focus on the practice in order to provide good patient care; but that does not mean your finances should go unattended.
The recent seminar organised by Singapore Medical Association (SMA) was an enlightening session for those in attendance. As one of the invited speakers, Mr Stephen Chew shared his expertise and knowledge in two key topics: Planning For and Managing Cash Flow and Financial Risk Management for Medical Practitioners.
“As a doctor you diagnose a patient by first understanding the symptoms; the same applies when you make financial decisions involving your practice! Understanding the implications and managing your finances will allow you to smoothly grow your practice, plan for retirement and business succession.”
The more effectively you manage your cash flow, the more successful and profitable your practice will be. Some cash flow challenges you will face:
- Funds for new medical and information technology
- Expand practice and upgrade current facilities
- Remunerations for associates and staff
- Purchase of clinic space
- Variable expenses
Having a proactive risk management system in place will help you prevent and mitigate risks in your practice. Common considerations of medical professionals include:
- Credit protection on bank facilities
- Keyman insurance
- Business Interruption Insurance
- Separate entity to protect fixed assets
- Professional indemnity
- Disability income
Medical school might not have equipped you with the financial fundamentals, but rest assured that help is out there! Our team at Summit Planners who are always on hand to offer you tips, advice and our services.
For more information, please email us at email@example.com
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