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Practice tip of the week: Five financial reports you need to see monthly

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Your weekly dose of wisdom from the Physicians Practice experts.

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©Matias - stock.adobe.com

With all the useful information available on Physicians Practice, it is easy to become overwhelmed.

With this in mind, the tip of the week is a chance to reflect on some of the wisdom found all across the site. In the October 2021 article on five financial reports you need to see monthly, Cheryl L. Toth writes:

1). Profit and loss statement (P&L) - How does revenue this month compare to the same month last year? Is the practice on track to meet projections?

2). Aged accounts receivable (A/R) - The A/R report summarizes your practice's lifeblood: the potential revenue from payers and patients for services you've rendered

3). Adjustment - Also known as "write offs," adjustments are the detailed categories to which staff post the amount between an actual payment and your standard fee.

Click here to read the rest of the article and be sure to check back next week for another Tip of the Week!

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