Orthodontic Practice Financial Management Template

Orthodontic Practice Financial Management in Priority Matrix

Manage budgeting, billing, and financial tasks to ensure the financial health of your orthodontic practice.

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Proposed Tasks

Critical and Urgent

• Insurance Claim Submission due in 3 days
  ☐ Review patient records ☐ Prepare claim documents ☐ Submit claims to insurance company
• Employee Payroll Management due in 1 week
  ☐ Calculate hours worked ☐ Process deductions and bonuses ☐ Issue paychecks
• Patient Billing due in 1 week
  ☐ Review treatment records ☐ Prepare invoices ☐ Send invoices to patients
• Budget Planning for next quarter due in 2 weeks
  ☐ Review previous quarter expenses ☐ Forecast future expenses ☐ Allocate funds for different departments
• Quarterly Tax Payment due in 1 month
  ☐ Calculate tax liability ☐ Prepare tax documents ☐ Make tax payment

Critical but not Urgent

• Renew Business Insurance due in 2 months
  ☐ Review current insurance coverage ☐ Compare quotes from different providers ☐ Renew or switch policy
• Review Investment Portfolio due in 3 months
  ☐ Analyze current investments ☐ Consult with financial advisor ☐ Make necessary adjustments
• Annual Financial Forecasting due in 4 months
  ☐ Analyze current financial situation ☐ Forecast revenue and expenses for the next year ☐ Prepare financial plan
• Review Employee Benefits Package due in 5 months
  ☐ Assess current benefits ☐ Compare with industry standards ☐ Update benefits package if needed
• Annual Financial Audit due in 6 months
  ☐ Prepare financial statements ☐ Coordinate with external auditors ☐ Review and implement audit findings

Not Critical but Urgent

• Procure New Equipment due in 1 month
  ☐ Identify equipment needs ☐ Research suppliers ☐ Make purchase
• Update Practice Pricing due in 1 month
  ☐ Review current pricing ☐ Compare with industry standards ☐ Update pricing if needed
• Update Financial Policies due in 2 months
  ☐ Review existing policies ☐ Identify areas for improvement ☐ Update and communicate new policies
• Office Lease Renewal Negotiation due in 3 months
  ☐ Review lease terms ☐ Negotiate with property owner ☐ Renew lease
• Refinance Practice Loan due in 6 months
  ☐ Research refinancing options ☐ Apply for loan refinance ☐ Complete refinance process

Not Critical or Urgent

• Evaluate Vendor Contracts due in 3 months
  ☐ Review current contracts ☐ Evaluate vendor performance ☐ Negotiate new terms or switch vendors if needed
• Develop Financial Risk Management Strategy due in 5 months
  ☐ Identify potential financial risks ☐ Develop mitigation strategies ☐ Implement risk management plan
• Implement New Accounting Software due in 6 months
  ☐ Identify software needs ☐ Select appropriate software ☐ Train staff on new software
• Plan for Capital Expenditures due in 6 months
  ☐ Identify future capital needs ☐ Plan for necessary financing ☐ Make purchases as planned
• Establish Emergency Fund due in 1 year
  ☐ Identify fund size ☐ Allocate monthly contributions ☐ Set up automatic transfers