Outpatient Surgery Magazine

Anesthesia Plus - February 2013 - Outpatient Surgery Magazine - Subscribe

Outpatient Surgery Magazine, providing current information on Surgical Services, Surgical Facility Administration, Outpatient Surgery News and Trends, OR Excellence and more.

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Page 33 of 159

OSE_1303_part1_Layout 1 2/7/13 4:10 PM Page 34 BUSINESS ADVISOR physician-owners were to sell interest, or if a government agency needed information about your facility. Thankfully, understanding a balance sheet (which you can usually obtain with a click of a button on your financial software, such as Quickbooks) is as simple as understanding its 3 most crucial components (see "Sample (Balanced) Balance Sheet" to follow along). 1 Assets. Your assets comprise all the stuff that you have and adds value, or that you own outright. Instead of listing each item indi- vidually, monetary values are grouped into categories and subcategories. These items aren't necessarily what you have on hand — and some of them might not even be tangible. For example, if you've prepaid your rent or, more likely, your quarterly insurance, that money is counted as an asset. Marketing that you've prepaid but that won't hit the streets until a later date? Also an asset. In fact, even your good reputation in the community — accreditation, a low infection rate and a top surgeon — can be assessed for monetary value and added to the assets side of your balance sheet. Another asset is cash, which includes what's in the bank for operating capital, and even your petty cash account. No matter how woefully small an amount, it still counts. Money owed to you (better known as "accounts receivable"), the equipment you own, land, inventory? All assets. They're typically classified on the balance sheet as current assets; 3 4 O U T PAT I E N T S U R G E R Y M A G A Z I N E O N L I N E | F E B R U A R Y 2013

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