Using OfficeMate to Manage Your Financial Performance

Transcription

1 Using OfficeMate to Manage Your Financial As the Chief Executive Officer (CEO) of your clinic, how do you effectively measure and manage the performance of your staff and clinic? While the business aspect of your clinic may come second to patient care, you are faced with greater competition for new patients and income with limited time. Your time management can now be maximized with the help of the OfficeMate report module to ascertain clinic revenues and adjustments, accounts receivable, staff productivity, and clinic patient demographics. In this session we ll discover which reports are vital to you as the CEO and how to interpret and apply those reports. Learning Outcomes At the conclusion of this session the participants should: Comprehend the financial and productivity reports to determine the operating performance of the practice and staff. Ascertain critical cash flow deficiencies using the accounts receivable reports. Recognize where operational efficiency improvements can be made such as in the billing and collection process. Learn how to measure the practice performance to the industry benchmarks and isolate areas of opportunities. Develop and implement practice revenue drivers in preparation of budget development. Outline Are financial and productivity reports important to my clinic success? (20 minutes) Includes identification of which reports are vital to you as the CEO Report frequency Report comprehension and time lines Custom reporting Report analysis and design (15 minutes) Practice benchmarking (5 minutes) Page 1

2 CEO Reporting: Using OfficeMate to Manage Your Financial Steven Sunder, BS, FNAO, ABOC Vice President, Ophthalmology Western Region Eyefinity/OfficeMate Agenda Importance of Financial and Productivity Reports Identifying report value Report frequency Report comprehension and timelines Custom reporting Report Analysis and Design Benchmarking and Analysis Your Questions Importance of Reports As owners of businesses, physicians must maintain a current knowledge and understanding of practice financials and productivity. 1

3 Importance of Financial and Productivity Reports Identifying report value Report frequency Report comprehension and timelines Custom reporting Report Analysis and Design Yogi Berra once said, If you don t know where you re going, you ll probably end up somewhere else. Report Analysis and Design Revenue Daily Weekly Monthly Accounts Receivable Aging Insurance and Patient Write Offs Productivity Physician Staff Clinic (show/no show) 2

4 Why Analyze? Solutions to practice performance problems may be quite different from what you would expect from initial appearances. Objective assessment of data can often provide the means for finding the right answers. Revenue Analysis Tips Monitor your gross revenue Revenue by provider Revenue by location Revenue by service Segment your practice revenues and monitor them individually Revenue Analysis Tips (cont d.) Physician services Extended services Ancillary revenues Collateral sales in a nonmedical environment (called lines of business ) 3

5 Daily Revenue Reports Daily Revenue Production Day Sheet Summary Deposit Ticket Receipts Journal Daily Revenue Reports Daily Revenue Production Day Sheet Summary 4

6 Deposit Ticket Receipts Journal Receipts Journal Weekly Revenue Reports Production Report Accounts Receivable Insurance Aging Summary Insurance Aging Summary Patient Aging Summary Applied Payments Summary Cancellations and No Shows Fee Slip Audit 5

7 Weekly Revenue Reports Production Weekly Revenue Reports Production Report (cont d.) Weekly Revenue Reports Insurance Aging 6

8 Weekly Revenue Reports Patient Aging Summary Weekly Revenue Reports Applied Payments Summary Weekly Revenue Reports Cancellations and No Shows 7

9 Weekly Revenue Reports Fee Slip Audit Monthly Production Summary Inventory Profitability Inventory Turnover Insurance Revenue Insurance Analysis Insurance Profitability Production Summary 8

10 Monthly Production by Financial Group (2 of 3) Monthly Production by Financial Group (3 of 3) Monthly Production Summary 9

11 Monthly Production by Provider (3 of 3) Inventory Profitability 10

12 Inventory Turnover Insurance Revenue Insurance Revenue Insurance Analysis Report 11

13 Insurance Profitability Accounts Receivable Monitored for gross dollars Adjusted for contractual disallowances Aged grouped grouped according to how long they have been owed Monthly Accounts Receivable Insurance Aging Summary Patient Aging Summary Applied Payment Summary Past Due Recall 12

14 Monthly Accounts Receivable Insurance Aging Summary Insurance Aging Summary Monthly Accounts Receivable Patient Aging Summary Monthly Accounts Receivable Applied Payment Summary 13

15 Monthly Accounts Receivable Past Due Recall Past Due Recall Pr Productivity New Patient Growth Referrals Pr Monthly Productivity Reports 14

16 Monthly Productivity Reports Referrals Referrals Custom Reporting Internal Marketing Report Custom reports Custom Reporting Internal Marketing Report 15

17 Custom Reporting Correspondence Custom Reports Benchmarking and Analysis Benchmarking...[is]...the process of identifying, understanding, and adapting outstanding practices and processes from organizations anywhere in the world to help your organization improve its performance." American Productivity & Quality Center Benchmarking Have you ever asked yourself these questions: How are we doing? Are we tracking the right measures? How do we compare with others? Are we making progress fast enough? Are we using the best practices? 16

18 Benchmarking Ophthalmology Benchmarking Optometry Analysis The use of objective data focuses on facts, not feelings. Redirect the agenda away from an emotional assessment. Focuses all stakeholders on the most important variables that affect practice performance. 17

19 Your Questions As long as a person doesn t know what they don t know they don t grow. 18