Why your practice needs management reporting?
Updated: Oct 25, 2019
Last week we discussed how management reporting differs from tax statements, so I wanted to provide more discussion on why your practice needs management reporting. Each year as a doctor, dentist or other health provider, you spend time improving your craft through continuing education, peer discussions, research journals, conferences and more. Medicine is never static and the same is true with management reporting. Management reporting evolves to gain new insights on your practice as your offer different treatments, add more providers, add more locations or more.
Effective Management Reporting is never static!
Another benefit of management reporting, is that it motivates you to make changes. For example, one of my dermatology clients added a growing aesthetics and cosmetics line. Because this line is so different than the medical business, we are now setting up a way to track as if it were it's own entity. In order to do this, we are moving the primary aesthetics staff to their own team so it's easier to track the payroll costs, then we are assigning specific vendors to the aesthetics line and then assigning allocated costs for admin, marketing and other accounts to this line. I know this is only the start in the months and years to come, it will change perhaps of even making this business line a separate entity. The point I am making here is that management reporting will drive operational changes and operational changes will drive management reporting changes.
Developing a management report is not easy and Doctors CFO currently has a plug and play model for most practice types. At minimum this gives your office a starting point that you can build from. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as email@example.com.
Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as firstname.lastname@example.org.Doctors CFO provides financial analysis and valuations for doctors and dentists in the United States. We also offer programs for new patient marketing, revenue and collection management, medical practice consultant, dental consultant, and practice analysis.
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