
In the previous articles in this series, the focus of lowering your practice’s financial risk was through maximizing cash flow and retaining key employees. Risk avoidance and risk mitigation may seem like common sense, but sometimes are not always intuitive when your day-to-day concentration is on patient care and running a practice. Identifying your practice’s risk should be a disciplined and creative process that includes brainstorming and creating lists of negative financial implications. All thoughts and ideas are welcomed during this evaluation, and the more thorough your checklists and evaluations are, the easier it is to make decisions to accept the risks of each activity.