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With the year-end right around the corner it is a good time to start analyzing how well we are doing in reaching the goals we set for the year. For business-related goals, the best way to start is to run some reports and get some data. Here are a few great reports to get you started. Sales by Procedure Code Learning which procedure codes make up the bulk of your sales this year will literally define what your practice is most successful at doing. What was the percentage of orthotics versus prosthetics, and does that jibe with your costs for practitioners and materials for orthotics versus prosthetics? Then the question becomes how profitable are those procedures? This analysis will help you answer other questions vital to your business such as, is it worth the time and effort to provide those graduated compression hose? Is this truly a loss leader in procuring prosthetic referrals? This information should also identify where your practice will want to focus future marketing efforts to expand referrals into other areas. Sales by Referral Source You need this data to write the story of where your sales and numbers are generated from. It is always best to be well diversified with referral sources, and this report provides for that analysis. In essence, it allows you to identify and manage your risks as well as your opportunities. Are 60 percent of your sales coming from one source? Having the majority of referrals generated from one source can pose a big risk to a practice. Too often we find clients who have such a referral source and are sometimes surprised to discover that the referral source is planning to retire. When that happens, sales drop 60 percent overnight. You need to know if that source is going to be secure in the long term or if they are at risk of vanishing. This report can help you to identify those risks and turn them into opportunities to nurture relationships with those referral sources to create an open channel of communication. Running this report can also highlight opportunities with new referral sources. Receiving that first referral from a new physician or a new facility is the proverbial foot in the door. It is important to communicate with that new referral source on the status of their patient. If you are not documenting your evaluation and treatment in the referral’s electronic medical record, then the easiest way to do this is to simply send a copy of your clinical note to the referral source. To really make an impact, it is recommended to take the time to send a thank you note along with the note and of course expound on the tremendous success and pleasant experience you had with the patient. [caption id="attachment_242079" align="alignleft" width="300"] accogliente/stock.adobe.com[/caption] Accounts Receivable by Payer If you have been reading my articles for any length of time, you are probably quite used to me talking about accounts receivable reports. I can’t help it; it’s what I do, and I can’t overstress the importance of it. This report gives you a closer view about how money is coming in from our payers. If we know what our top procedure codes are and who our top referral sources are, shouldn’t we shed some light on our payer sources? Identify which payers are timely payers and which payers are making up the bulk of our write-offs or disallows. The sooner you identify a delay or inefficiency with a payer, the sooner you can adjust your path, educate your staff, and increase cash flow. In summary, happy reporting everyone! Erin Cammarata is president and owner of CBS Medical Billing and Consulting. She can be contacted at erin@cbsmedicalbilling.com .

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Better Analysis Through Better Reporting

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Certified Prosthetist / Prosthetist-Orthotist (CP/CPO) Gates Prosthetics + Mobility Clinic — Mountain Home, AR

Clinic Manager – Certified Prosthetist Orthotist (CPO) – Rogers, AR

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Better Analysis Through Better Reporting

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Related posts:

Perspectives on Gait Assessment

Diabetic Shoes: The People’s Choice?

Diabetic Shoes: The People’s Choice?

O&P JOBS

Certified Prosthetist / Prosthetist-Orthotist (CP/CPO) Gates Prosthetics + Mobility Clinic — Mountain Home, AR

Clinic Manager – Certified Prosthetist Orthotist (CPO) – Rogers, AR

CPO

Get unlimited access!

EDGE DIRECT

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