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IMPORTANCE OF RUNNING FINANCIAL REPORTS FOR YOUR PRACTICE

When was the last time you reviewed financial reports for your practice?<br>If you canu2019t remember, then now is the right time to start because handling the business end of healthcare is equally important. If you donu2019t have a good understanding of financial reports, then you will be missing out on key metrics that are required for making good business decisions.<br>

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IMPORTANCE OF RUNNING FINANCIAL REPORTS FOR YOUR PRACTICE

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  1. IMPORTANCE OF RUNNING FINANCIAL REPORTS FOR YOUR PRACTICE http://www.247medicalbillingservices.com; Tel: + 1 -888-502-0537

  2. IMPORTANCE OF RUNNING FINANCIAL REPORTS FOR YOUR PRACTICE http://www.247medicalbillingservices.com; Tel: + 1 -888-502-0537

  3. IMPORTANCE OF RUNNING FINANCIAL REPORTS FOR YOUR PRACTICE When was the last time you reviewed financial reports for your practice?  If you can’t remember, then now is the right time to start because handling the business end of healthcare is equally important. If you don’t have a good understanding of financial reports, then you will be missing out on key metrics that are required for making good business decisions.  In-depth understanding of reports will help you identify potential financial problems and shed light on areas that need your focus. All this will help you grow your practice. Here are a few basic financial reports that healthcare providers must review on a regular basis:  Profit and Loss Statement (P&L) is a report that helps providers track revenues and expenses. It shows the profitability of the practice and aids in tracking key indicators like, number of procedures, total encounters, total collections and charges. If the report shows a sudden drop in collections then consider it a red flag. http://www.247medicalbillingservices.com; Tel: + 1 -888-502-0537

  4. IMPORTANCE OF RUNNING FINANCIAL REPORTS FOR YOUR PRACTICE  It is necessary to go through balance sheets to know what your practice owns as well as owes. This sheet will have items that might not show up in a Profit and Loss Statement.  Another important financial report that you should review periodically is the accounts receivable ageing report. If it takes more than 45 days for the claim to be paid, then it will become necessary for you to see if the claim has been denied or rejected. For claims not paid for 90 days, urgent attention will be required.  Fourth report on the list is the provider productivity report which is a measure of what each physician is contributing to the practice. It is important to study the Explanation of Benefits (EOB) report in order to determine the reason why claims are getting denied for your practice. This repot is very important because denied claims lead to cash flow problems. Spotting trends early will help you make a difference. http://www.247medicalbillingservices.com; Tel: + 1 -888-502-0537

  5. About 24/7 Medical Billing Services: 24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%. Call us today at 888-502- 0537 to know more on how we can help boost profitability for your practice. Contact us - 24/7 Medical Billing Services, 16192 Coastal Hwy, Lewes, DE – 19958 Tel: + 1 -888-502-0537 Email - info@247medicalbillingservices.com http://www.247medicalbillingservices.com; Tel: + 1 -888-502-0537

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