Here are six financial indicators that physicians and practice leaders/administrators should review and discuss each month.
Monitoring standard revenue cycle management metrics is a smart way to focus on the financial indicators that matter most. Consistent review is essential to identifying collection slow downs, productivity fall offs, and potential risk issues before they become acute.
Here are six financial indicators that physicians and practice leaders/administrators should review and discuss each month. Report them in a dashboard, using an Excel spreadsheet or a business intelligence platform. Most practice management systems can generate charge, payment, adjustment, and receivables data by physician, payer, location, and high-volume CPT codes.
We recommend that the management metrics be calculated for each of these categories. To compare yourself to industry norms, include MGMA's benchmark data for your specialty in your dashboard.
Cheyenne Brinson, MBA, CPA, is a Chicago-based, senior consultant with KarenZupko & Associates Inc., a consulting and education firm that has been helping physicians increase revenue, optimize efficiency, reduce risk and improve the patient experience for more than 30 years.