The medical world has a saying that goes, “If you didn’t document it, you didn’t do it.” Although well intentioned, this statement can lead one to believe that knowing how to gather data and knowing how to utilise information to make business decisions are the same thing, when in fact, they are two completely different concepts. That’s why it’s surprising to see so many practices shy away from actually harnessing the data they spend so much time and money collecting.
So why do you need to utilise data? It’s because only by looking at what you’ve accomplished can you build a roadmap to where you want to go. Monitoring data elements regularly can give you valuable insight into your revenue cycle and cash flow.
Accounting and marketing experts suggest that you track the following data elements on a regular basis:
- Patient payments per month
- Insurance payments per month
- Charges per month
- Write-offs per month
- Number of procedures done per month
- Number of office visits per month
- Insurance accounts receivable over 90 days
If you need help collecting and monitoring these data points, know that a medical accountancy firm can perform such a task for you and provide you with other accounting-related services you may need.