The focus of physicians who own medical facilities and practices is to assess their patients’ health and their health care needs, doing everything possible to ensure they are in the best of health for a long time to come. Most physicians do not focus on the daily operations of their practices, which is essentially a business in the medical field. Not considering the business side of a medical practice can lead to its downfall; this includes knowing whether the practice is operating in the black or red. Learn how accounting for physicians applies to this very important process and how type of accounting varies from regular accounting below.
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