While your daily focus may be on production, any successful business must also keep a good pulse on the actual revenues that come in. The best way to predict the short-term and long-term health of your practice is to know where your cash flow stands in relation to what your practice produces. And knowing is only half the battle – if you find you need to increase your revenues, policies and procedures can be put in place to do that in effective ways without a negative effect on production. There are several team members that can have a major impact on the cash flow of the practice, and focusing on the performance of your practice can build a more stable, robust, sustainable business.
Identify the sources of cash flow in the practice including patient delinquency, insurance delinquency, insurance filing strategies, and financial arranging.
Measure their cash flow compared to production on the on your practice management system.
Improve the cash flow in the practice by making small shifts in policies that still support success in case acceptance.