What Are the Key Components of Financial Reporting in Pediatrics?
Income Statement: This shows the revenues and expenses over a specific period, indicating whether the pediatric practice is profitable. Balance Sheet: This provides a snapshot of the practice's financial position, detailing assets, liabilities, and equity at a specific point in time. Cash Flow Statement: This outlines the inflows and outflows of cash, helping to assess the liquidity and financial flexibility of the practice. Budget Reports: These compare actual financial performance against budgeted figures, highlighting variances and areas that need attention.
