There are many physicians who always stress how important it is to learn about the business end of health care. However, it’s also equally as important to learn the basics as well.
Here are three of the most basic financial reports that your own medical practice should always run.
*Perhaps one of the most important financial reports that your practice should run is a balance sheet. This is a document that’s designed to show what your practice both owns and owes. For instance, a balance sheet will also show whether or not specific loans are being paid down, as well as where the practice itself needs to invest when it comes to capital improvements.
*Another important financial report to run is a claim denial. This is because denied claims can end up leading to issues involving cash flow because if a practice ends up not following up on a rejected claim, this leads to money being owed to the practice itself. By keeping a log as a result, this will allow the practice to spot trends early and react in a more timely manner.
*An appointment analysis is another important financial report that your practice should run as well. This is because patients who don’t show up for a scheduled appointment with your practice can end up costing your practice itself money. Additionally, this type of report can also show which time of the day and month are the busiest for the practice and help you determine if and when further help may be needed as a result.
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