Every practice management system can produce reports, but are you utilizing those reports on a monthly basis? They are the key to your practice management numbers, but it’s amazing how many people I work with who do not know how to run reports
On the surface, your practice appears to be running smoothly. Your staff is working hard, money is coming in the door, and claims are getting paid. So why are revenues stagnating or falling? According to experts, the answer likely lies within your practice and you may not know where to look. “You might know how much money is going in and out of your practice, but do you know your top fi ve reasons for denials or the percentage of copays you’re collecting at time-of-service?” said Cynthia Dunn, a Cocoa Beach, Fla. based independent consultant for the Medical Group Management Association (MGMA) Health Care Consulting Group.
“The biggest problem I see in the practices I work with is a lack of consistency in monitoring key metrics - they know something is wrong but they don’t know where to start to fix it.” While every practice is unique, those that struggle fi nancially tend to have a few things in common, said Dunn and other practice management consultants. They fail to track and measure important processes and are slow to address underlying problems that clog the revenue cycle. Th ey underutilize technology and may scrimp on training.
“Every practice management system can produce reports, but are you utilizing those reports on a monthly basis?” said Reed Tinsley, CPA, a Houston-based healthcare accountant and business adviser. “Th ey are the key to your practice man-agement numbers, but it’s amazing how many people I work with who do not know how to run reports.” For example, many practices fail to track and act upon