You should also review your accounts receivable to estimate how much cash your practice is likely to receive in January. You may wish to consider obtaining a line of credit to meet your cash flow needs for the beginning of the year. Once you have completed your retrospective review of your practice finances, you should begin budgeting next year's finances. Make sure to include any major purchases and staffing changes in your next year's budget. The end of year is also an excellent time to perform operational planning.
Operational planning includes compliance planning and personnel planning.
All practices should be performing some form of compliance assessment. You should read the recently issued final guidance published by the Office of Inspector General. If your practice does not have a compliance plan in place, consider implementing a compliance plan as part of your end of year planning. If your practice has a compliance plan, review the plan and make sure your practice is complying with the requirements of your plan. It is essential that you comply with your own plan.