Do you have the right reports?
FInancial reports are important to important to businesses. They are the communication of financial important to stakeholders. Without a clear understanding of the financial health of your medical practice can lead to bad business decisions and result in the downfall of your practice.
Financial reports provide crucial data points that demonstrate any potential financial issues and/or opportunities for growth within your medical practice.
Here are the six financial reports you will need to determine the financial health of your practice.
- Revenue analysisWithout a defined strategy, business fail to maintain customer loyalty, ultimately becoming less competitive and profitable. Another key component in what makes a successful business is its financial records. Having a clear oversight of finances helps businesses to identify vital patterns and possible business vulnerabilities. Revenue analysis provides an overview of the percentage and number of invoices/fees per practice. It gives you an in-depth understanding of your revenue trend and number of appointments/ Invoices/ Patients with Appointments or Invoices / Average Patient Bill per practitioner.
- Profit & Loss Statement With the revenue snapshot found in CMxFinancial, you will be able to have a quick analysis of business and practitioner performance for the calendar/FY year, month or week to date.
- Balance Sheet A balance sheet demonstrates the finances that your practice owns and what it owes. It offers you a snapshot of your medical practice’s financial position at any given point in time. An income statement, cash flow statement and balance sheet can help practice owners, like yourself, evaluate your business’s financial standing.
- Account receivable aging reportAccounts receivable aging reports reflects the amounts owed by patients, including the period of time which these amounts remain outstanding. It allows you to have clear insights of the accounts receivable data and unclaimed funds. CMxFinancial allows you to follow up with any overdue Medicare and non-Medicare fees effortlessly.
- Provider Productivity A doctor’s billing behaviour is dependent on the rate of consultation per hour, patient numbers, Average Patient Bill (APB) and speed of service. While a doctor’s billing behaviour varies, the financial metrics retrieved from a practice intelligence software allows a practice to have deeper insights and better understanding of the billing pattern of each doctor based on the data recorded. The data allows one to gain a clear overview of the number of patients per GP, specific category of billings such as telehealth, bulk-billed items, bulk versus private billing ratios and its impact to the business. Consistency is key for a billing practice, particularly for private clinics. Therefore, the financial metrics allows a practice to evidently identify any deviations from the expected billing behaviours of doctors.
- Value-based reporting A value-based approach lets you set a value-based price for your services, and clearly present your practice’s market quality and value to your patients. It makes them feel they are paying for the quality of service. A doctor’s billing behaviour not only influences the revenue of a practice, but also affects the reputation of a practice. Analytics retrieved from a practice intelligence software can offer a medical practice with the relevant data required to identify the possibility of medical billing mistakes and fraud. Therefore, by having a clear overview of the finances of your practice, its increases corporate transparency and help build on a value-based practice.
Uncover the numbers with CMxFinancial
CMxFinancial is a financial analysis software that provides both healthcare practitioners and decision makers value financial insights needed to boost the growth of medical practices.
Three clicks are all it takes to uncover the numbers you need with CMxFinancial. It not only offers you a quick analysis of business and pracititioner performance for the calendar/FY year, month or week to date; but also detailed financial metrics. With CMxFinancial, you can understand GP billing behaviour, the value of MBS and non-MBS items, trends over time Year-on-Year comparisons etc.
Other features of CMxFinancial include:
- View revenue & patients per hour
- View accounts receivable data & unclaimed funds
Can’t find the reports you need? Clinimetrix allows you to customise the reports according to the unique needs of your practice.
Learn more about CMxFinancial.