How to read a balance sheet.(GUEST EDITORIAL)

From: OB GYN News | Date: January 1, 2006| Author: | Copyright information

A balance sheet provides an essential picture of your practice's financial health, yet, amazingly, few physicians can make heads or tails of one. That's why you pay an accountant, right?

But it's your practice. You can't really get a handle on its finances and how they are trending unless you can interpret financial statements. A balance sheet, like a blood pressure reading, is a snapshot--a measure of a practice's financial situation at a given point in time. And like a blood pressure reading, its main usefulness lies in how it compares with other snapshots at other times.

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