One of the benefits of digital technology is that we gather information (as a byproduct of using a computer) which we can use to manage our practice more effectively. OK, what information and how do we us it?
In a recent e-newsletter Sally McKenzie suggested the following six reports as “your guide to cash in the bank.”
The Accounts Receivable Aging Report This report should include all credit balances and all debit balances. Practice costs for tracking and collecting old balances can far exceed the actual value of the account itself.
The Outstanding Insurance Claims Report This report is crucial because the longer dollars remain outstanding in claims, the more costly it is to the practice.
The Accountant Earnings Report Details exactly how many dollars are being written off for insurance plan adjustments, professional courtesies, pre-payment courtesies, etc.
The Production by Provider Report It is important to track individual production numbers to determine productivity. Typically, hygiene production should produce approximately 30% of the total production in an office.
The Production by Code Report This can be used to determine productivity, treatment acceptance rates, and much more.
The Treatment Plan Report The formula for this is: Dollars recommended divided by dollars accepted equals case acceptance rate. Your case acceptance percentage should be at least 85%.
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