1 / 35

Is Your Practice

Practice Financial Health. Is Your Practice. Or. What Your Practice's Data is Screaming!. New Stock Market Terms. CEO. Chief Embezzlement Officer. CFO. Chief Fraud Official. Bull Market. Period of time when an investor believes that he or she is a genius.

lumina
Download Presentation

Is Your Practice

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Practice Financial Health Is Your Practice Or... What Your Practice's Data is Screaming!

  2. New Stock Market Terms

  3. CEO Chief Embezzlement Officer

  4. CFO Chief Fraud Official

  5. Bull Market Period of time when an investor believes that he or she is a genius

  6. Bear Market Period of time when my kids get no allowance, my wife gets no jewelry, and I get no sex!

  7. Financial Planner The guy whose phone has been disconnected

  8. Broker What my broker has made me!

  9. Profit An archaic term that does not exists anymore on Wall Street

  10. Value Investing The art of buying low…and selling even lower!

  11. Standard and Poor My life in a nut shell!

  12. The Survey Says….

  13. Aging Report Monthly?

  14. P/L Statement Quarterly?

  15. Balance Sheet Bi-annually?

  16. CPT Report Quarterly?

  17. ICD-9 Report Quarterly?

  18. Each Visit’s Value?

  19. Data Benchmarking HOW ARE YOU DOING?...

  20. CASH FLOW RELATED BENCHMARKS

  21. TOTAL A/R SHOULD BE LESS THAN 2 MONTHS GROSS CHARGES

  22. A/R AGING ACCOUNTS OVER 90 DAYS SHOULD BE LESS THAN 15% OF TOTAL A/R

  23. Accounts receivable/ gross charges x 360 DAYS IN RECEIVABLES LESS THAN 45 DAYS

  24. A/R AGING TOO HIGH • POOR COLLECTION POLICIES • FAILURE TO WRITE OFF • CLEAN CLAIM RATE TOO LOW • FACTORS OUTSIDE OF YOUR CONTROL

  25. “NET” COLLECTION RATIO VERSUS“GROSS” COLLECTION RATIO

  26. “NET” COLLECTION RATIO SHOULD BE GREATER THAN 95%

  27. STRONG BILLING AND COLLECTION POLICIES

  28. PAYROLL RATIO AROUND 22-25%

  29. PER VISIT VALUE(P.V.V.) ABOVE $85.00 ABOVE $50.00

  30. LOW PER VISIT VALUE (P.V.V.) • LOSS OF PRODUCTIVITY • LACK OF INTEGRATED SERVICES • CODING • BILLING/COLLECTION

  31. SOME INTEGRATED SERVICES • DIABETIC SHOE PROGRAM • PADnet VASCULAR TESTING • WOUND CARE • PHYSICAL THERAPY • IN OFFICE DISPENSING CREAMS PALLIATIVE SUPPLIES POST-OP SUPPLIES

  32. P.V.V. ENHANCEMENT INCREASING THE PER VISIT VALUE OF A PRACTICE ENCOUNTERING 10,000 PATIENT VISITS PER YEAR BY JUST $5.00 LEADS TO AN ADDITONAL NET OF APPROXIMATELY $35-$40k! QUALITY IMPROVEMENT

  33. INVENTORY CONTROL INVENTORY COORDINATOR DAYS IN INVENTORY

  34. INVENTORY CONTROL DAYS IN INVENTORY average inventory on hand/annual costs of goods x 360

  35. Jguiliana@aappm.org

More Related