Download - Is Your Practice
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
Bear Market
Period of time when my kids get no allowance, my wife gets no jewelry, and I get no sex!
Financial Planner
The guy whose phone has been disconnected
Broker
What my broker has made me!
Profit
An archaic term that does not exists anymore on Wall Street
Value Investing
The art of buying low…and selling even lower!
Standard and Poor
My life in a nut shell!
The Survey Says….
Aging Report Monthly?
P/L Statement Quarterly?
Balance Sheet Bi-annually?
CPT Report Quarterly?
ICD-9 Report Quarterly?
Each Visit’s Value?
Data BenchmarkingData Benchmarking
HOW ARE YOU DOING?...
CASH FLOW RELATED CASH FLOW RELATED BENCHMARKSBENCHMARKS
TOTAL A/R SHOULD BE LESS TOTAL A/R SHOULD BE LESS THAN 2 MONTHS GROSS THAN 2 MONTHS GROSS CHARGESCHARGES
A/R AGINGA/R AGING
ACCOUNTS OVER 90 DAYS SHOULD BE LESS THAN
15% OF TOTAL A/R
DAYS IN RECEIVABLESDAYS IN RECEIVABLES
LESS THAN 45 DAYS
Accounts receivable/ gross charges x 360
A/R AGING TOO HIGHA/R AGING TOO HIGH
POOR COLLECTION POLICIESFAILURE TO WRITE OFF CLEAN CLAIM RATE TOO LOWFACTORS OUTSIDE OF YOUR
CONTROL
““NET” COLLECTION RATIO NET” COLLECTION RATIO VERSUS“GROSS” COLLECTION RATIOVERSUS“GROSS” COLLECTION RATIO
““NET” COLLECTION RATIO NET” COLLECTION RATIO SHOULD BE GREATER THAN 95%SHOULD BE GREATER THAN 95%
STRONG BILLING STRONG BILLING ANDAND
COLLECTION POLICIES COLLECTION POLICIES
PAYROLL RATIOPAYROLL RATIO
AROUND 22-25%
PER VISIT VALUEPER VISIT VALUE(P.V.V.)(P.V.V.)
ABOVE $85.00
ABOVE $50.00
LOW PER VISIT VALUE (P.V.V.)LOW PER VISIT VALUE (P.V.V.)
LOSS OF PRODUCTIVITYLACK OF INTEGRATED SERVICESCODINGBILLING/COLLECTION
SOME INTEGRATED SERVICESSOME INTEGRATED SERVICES
DIABETIC SHOE PROGRAMPADnet VASCULAR TESTINGWOUND CAREPHYSICAL THERAPYIN OFFICE DISPENSING
CREAMS
PALLIATIVE SUPPLIES
POST-OP SUPPLIES
P.V.V. ENHANCEMENTP.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
INVENTORY CONTROLINVENTORY CONTROL
INVENTORY COORDINATOR
DAYS IN INVENTORY
INVENTORY CONTROLINVENTORY CONTROL
DAYS IN INVENTORY
average inventory on hand/annual costs of
goods x 360
