Team member: “Dr. Cares, I know there are many aspects of the business you’re responsible for, and I think it would be helpful for us as a whole team to understand the practice’s finances. This will better help us understand the practice’s fee structure and speak confidently when clients challenge their bill. It will also help us work with you to find ways to keep costs low and brainstorm ways to serve clients.
Doctor: I’m just not comfortable sharing financial information. It feels private.
Team member: I completely understand, and I’d like a chance to earn your trust with this information. Is there a piece of this information we could start with? I’m not interested in wage, benefit or payroll information other than the total figure that represents the practice’s annual liability. From what I’ve learned, this category, including inventory expenses, typically accounts for more than 50 percent of a practice’s expenses and represents a critical piece of understanding about the practice’s finances. Is this something we could explore together?