You don't have to look far to see the use cases of AI in healthcare – diagnostics, robotic surgery,...

When you spend every day caring for your patients’ health, it can feel like a hassle to think about managing your practice’s financial health as well. As cumbersome as it can be, staying on top of your practice finances is the key to many years of continued operation.
Here are the top 5 metrics to base your finances on so you can get organized and start to improve your practice’s financial health.
These financial reports are the most basic metrics that any business needs to remain on top of their finances. Making sure you’re aware of money that is coming in and being spent is the absolute bottom line for tracking financial health.
The easiest way to cut costs is to be aware of what you’re spending, so use these financial reports as a way to evaluate your expenses.
These reports are a more in-depth breakdown of the information you learned from your baseline financial reports. That way, you can analyze your spending and income in various aspects of your practice.
Accounts Receivable is where you’ll have a detailed agenda outlining patient charges and whether or not they have been paid. This presents a way for you to determine if you need to contact any patients or insurance companies regarding unpaid balances.
Breaking down your practice’s revenue per provider will highlight how much revenue each of your practitioners are bringing in, as well as the operating costs for each of them. Those metrics allow you to determine your revenue per provider.
You can then take that information and use it to determine whether or not changes need to be made in the way your practice operates, whether that includes staffing or operating costs.
It’s crucial to make sure that you’re seeing enough patients - if it’s costing you more to run your practice than you’re bringing in from revenue, there’s a major problem. This is a perfect opportunity to take a look at your operating costs and see if there is anywhere you can cut back to make more of an impact on your total revenue.
Whether you’re completely clueless when it comes to your practice’s finances or you’re a financial health expert, we hope these 5 metrics can help you develop a baseline for where your accounts should be, and how they can improve from their current state.
For more information on financial management in your practice, read this post on our tips to control operating expenses!
7 Use Cases of Healthcare AI to Improve Office Workflow Management
You don't have to look far to see the use cases of AI in healthcare – diagnostics, robotic surgery,...
Here’s the bottom line: you’re wasting time and money doing your own credentialing. Find out how to...
The Electronic Medical Record (EMR) system is designed to provide comprehensive, up-to-date...
Social media has become an integrated part of today's world, and it is no surprise that it plays an...
What’s in a name? It turns out that names are very powerful, especially when you’re selecting a...
The Physician Self-Referral Law, commonly referred to as the Stark Law, is a federal law passed in...
Healthcare professionals regularly find themselves struggling to find the best ways to help...
Much like any business, running a medical practice is a lot of work. To reasonably handle...
In previous blog posts, we’ve spent some time talking about the steps that go into starting your...
If you’re looking to start a medical practice in Texas, you may be wondering “How the heck do I do...
Leave a Comment