In Medical Office Today’s article, “Key Financial Reports You Should Review Daily, Weekly and Monthly,” published on Sept. 18, 2013, manager Sarah Dekutowski discusses the importance of financial reporting in order to properly manage a medical practice. One of the biggest problems for years has been the lack of owners/staff with the financial acumen to make sound financial decisions. Add to that the Affordable Care Act and there is now a much greater need for good financial decisions which can only be made with accurate books and data. “Practices will also have to keep a close watch on their collections as payers continue to revise their documentation requirements and payment systems, update their review edits, and increase the denials for payment,” said Dekutowski. “Furthermore, physicians need to be knowledgeable of their overall income statement and balance sheet to be able to evaluate and try to project how various healthcare initiatives may impact their own operations or if an affiliation or other business arrangement with a hospital system or another physician practice would be beneficial to the practice.”
To read the full article, click here.
For more information on which metrics and reports medical practices need to review on a daily, weekly and monthly basis, please contact Sarah Dekutowski at email@example.com or (404) 220-8494.