What Practice Macro Matters Most?
Updated: Oct 25, 2019
Last week we discussed these three important practice macro KPIs to track. They are:
Average Encounter Charge
Encounters per Day
The results of last week survey were insufficient so I am unable to report them. The most common response I get is 'Average Encounter Charge.' However my experience shows that it is 'Encounters per Day' . In the example below, which purposefully has every macro down, the adjusted production is forecasting $71,240 short and 57% or $40,365 of it is due to missing on average 1 patient encounter per day. The point is no-shows or incomplete schedules are costly.
In the example below we are planning for 25 daily encounters but are getting 24. The lower your daily encounter plan is say 20 or 16, the bigger impact of missing 1 encounter is. It should be stressed on the entire office from you and and the practice manager, that the goal must be made.
During the next five weeks, we will be discussing the proper role of your Practice Manager, CFO (Chief Financial Officer), CPA (Certified Public Accountant) and CFP (Certified Financial Planner). Your assignment for next week is to determine what is the most important role of your Practice Manager. We will publish the results of the poll in our next post.
Until then we would appreciate your signing up for our blog and forwarding this post or other relevant posts to your fellow practice owners and office managers. If you have a question that you would like answers in a blog post, please email it to email@example.com.
Doctors CFO is now launching a FREE tool to help you track your MACRO KPIs. The basic model is free for one user. Please email us at firstname.lastname@example.org to sign up.
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 email@example.com.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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