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Budgeting in a recession - even medical professionals can lose their job

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  • #16
    Originally posted by Zach View Post

    These are all valid points. Thanks for sharing them. What steps/order would you take to reduce overhead? Would you try to reduce to half-staff first, wait a week, then the rest? What about equipment on leases, any forbearance options with those payments?
    Luckily all my equipment are all paid off and are relatively old. I own the building I practice in. Since I work four days a week two of my employees are paid for 32 hours rather than 40 hours. Only one works 40 hours per week. My biggest expenses are utilities and salaries.

    My volume was down even before this calamity, and it has worsened since. If I close, my patients will flee to the hospitals and so will the staff. I will have nothing to return to. I am planning to keep it open for those patients who have to seen and treated. I will take a huge pay cut this year but am OK with it. I am taking it one week at a time.

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    • #17
      Originally posted by Kamban View Post

      Luckily all my equipment are all paid off and are relatively old. I own the building I practice in. Since I work four days a week two of my employees are paid for 32 hours rather than 40 hours. Only one works 40 hours per week. My biggest expenses are utilities and salaries.

      My volume was down even before this calamity, and it has worsened since. If I close, my patients will flee to the hospitals and so will the staff. I will have nothing to return to. I am planning to keep it open for those patients who have to seen and treated. I will take a huge pay cut this year but am OK with it. I am taking it one week at a time.
      It sounds like you have made sensible business choices all along which will benefit you in times like these. I hope you are able to keep your practice up and running for you, your staff and of course the patients who need your services.

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