Q&A: Monitor your practice's economic vital signs

Q: What statistics do I really need to track in my practice? I don't have the time or interest to study the reams of reports coming from my billing service.

The most common monthly summary statistics to then review are days worked, charges, collections, adjustments, accounts receivable, patient count, expenses, and net income. This should take only an hour per month. You should further investigate any variations from norms. With proper data tracking, you can catch problems early to prevent losses or catastrophe.

Medical Economics Consultant Keith Borglum, CHBC (left), of Professional Management and Marketing, has been a licensed practice broker, appraiser, author, and management consultant to physicians for more than 25 years. He is based in Santa Rosa, California, and practices nationally. Send your practice management questions to mepractice@advanstar.com
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