Published at Tuesday, May 25th 2021, 05:01:37 AM by Sabrina Walters. Bill Spreadsheet. Accurate Data: Make sure data being pulled is accurate. I recently received a practices information that was not consistent from one report to another. For example, the A/R Report stated there was $230,000 in outstanding A/R, while the Production Report listed $1,300,000 in A/R. Obviously, this huge discrepancy indicates something wrong-either with the report pulled or the included data. Pay close attention to accuracy of the data you pull. It should be straight forward and consistent. Clinical vs. Cosmetic Data: Its highly recommended to separate your clinical (insurance reimbursed) data from your "fee for service" data. This enables you to review the data separately, as well as combined (total practice). Its important to know that "fee for service"-related data will have an impact on certain ratios and calculations, since there are no adjustments associated with those charges and payment is typically collected at time of service (e.g., no A/R balances). Some industry benchmarks report data with fee for service and others so be aware these variances will impact the ratios because those numbers vary significantly.
Published at Sunday, May 23rd 2021, 23:22:38 PM. Bill Spreadsheet By Lorena Watson. Assess your cash flow and profitability with a quick and easy analysis of your medical billing Note: The first part of this useful article will cover how to pull data from financial reports and input it in the "dashboard" tool (spreadsheet) provided. Part II will cover how to compare your results to industry benchmarks ("healthy" ranges) and identify practice trends and areas of opportunity. One of my favorite quotes is, "You cant manage what you dont measure." It started for us as kids in school, when our work was managed by our teachers using the traditional grading system ("A" = good; "F"= not so good). In business, and specifically for medical practices, your "report card" consists of many areas that impact the cash flow and profitability of your business.
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