Is Your Practice
description
Transcript of Is Your Practice
![Page 1: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/1.jpg)
![Page 2: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/2.jpg)
New Stock Market Terms
![Page 3: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/3.jpg)
CEO
Chief Embezzlement Officer
![Page 4: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/4.jpg)
CFO
Chief Fraud Official
![Page 5: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/5.jpg)
Bull Market
Period of time when an investor believes that he or she is a genius
![Page 6: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/6.jpg)
Bear Market
Period of time when my kids get no allowance, my wife gets no jewelry, and I get no sex!
![Page 7: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/7.jpg)
Financial Planner
The guy whose phone has been disconnected
![Page 8: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/8.jpg)
Broker
What my broker has made me!
![Page 9: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/9.jpg)
Profit
An archaic term that does not exists anymore on Wall Street
![Page 10: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/10.jpg)
Value Investing
The art of buying low…and selling even lower!
![Page 11: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/11.jpg)
Standard and Poor
My life in a nut shell!
![Page 12: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/12.jpg)
The Survey Says….
![Page 13: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/13.jpg)
Aging Report Monthly?
![Page 14: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/14.jpg)
P/L Statement Quarterly?
![Page 15: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/15.jpg)
Balance Sheet Bi-annually?
![Page 16: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/16.jpg)
CPT Report Quarterly?
![Page 17: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/17.jpg)
ICD-9 Report Quarterly?
![Page 18: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/18.jpg)
Each Visit’s Value?
![Page 19: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/19.jpg)
Data BenchmarkingData Benchmarking
HOW ARE YOU DOING?...
![Page 20: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/20.jpg)
CASH FLOW RELATED CASH FLOW RELATED BENCHMARKSBENCHMARKS
![Page 21: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/21.jpg)
TOTAL A/R SHOULD BE LESS TOTAL A/R SHOULD BE LESS THAN 2 MONTHS GROSS THAN 2 MONTHS GROSS CHARGESCHARGES
![Page 22: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/22.jpg)
A/R AGINGA/R AGING
ACCOUNTS OVER 90 DAYS SHOULD BE LESS THAN
15% OF TOTAL A/R
![Page 23: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/23.jpg)
DAYS IN RECEIVABLESDAYS IN RECEIVABLES
LESS THAN 45 DAYS
Accounts receivable/ gross charges x 360
![Page 24: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/24.jpg)
A/R AGING TOO HIGHA/R AGING TOO HIGH
POOR COLLECTION POLICIESFAILURE TO WRITE OFF CLEAN CLAIM RATE TOO LOWFACTORS OUTSIDE OF YOUR
CONTROL
![Page 25: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/25.jpg)
““NET” COLLECTION RATIO NET” COLLECTION RATIO VERSUS“GROSS” COLLECTION RATIOVERSUS“GROSS” COLLECTION RATIO
![Page 26: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/26.jpg)
““NET” COLLECTION RATIO NET” COLLECTION RATIO SHOULD BE GREATER THAN 95%SHOULD BE GREATER THAN 95%
![Page 27: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/27.jpg)
STRONG BILLING STRONG BILLING ANDAND
COLLECTION POLICIES COLLECTION POLICIES
![Page 28: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/28.jpg)
PAYROLL RATIOPAYROLL RATIO
AROUND 22-25%
![Page 29: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/29.jpg)
PER VISIT VALUEPER VISIT VALUE(P.V.V.)(P.V.V.)
ABOVE $85.00
ABOVE $50.00
![Page 30: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/30.jpg)
LOW PER VISIT VALUE (P.V.V.)LOW PER VISIT VALUE (P.V.V.)
LOSS OF PRODUCTIVITYLACK OF INTEGRATED SERVICESCODINGBILLING/COLLECTION
![Page 31: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/31.jpg)
SOME INTEGRATED SERVICESSOME INTEGRATED SERVICES
DIABETIC SHOE PROGRAMPADnet VASCULAR TESTINGWOUND CAREPHYSICAL THERAPYIN OFFICE DISPENSING
CREAMS
PALLIATIVE SUPPLIES
POST-OP SUPPLIES
![Page 32: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/32.jpg)
P.V.V. ENHANCEMENTP.V.V. ENHANCEMENT
INCREASING THE PER VISIT VALUE OF A PRACTICE ENCOUNTERING 10,000
PATIENT VISITS PER YEAR BY JUST $5.00 LEADS TO AN ADDITONAL NET OF
APPROXIMATELY $35-$40k!
QUALITY IMPROVEMENT
![Page 33: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/33.jpg)
INVENTORY CONTROLINVENTORY CONTROL
INVENTORY COORDINATOR
DAYS IN INVENTORY
![Page 34: Is Your Practice](https://reader035.fdocuments.us/reader035/viewer/2022062409/56814d53550346895dba8e88/html5/thumbnails/34.jpg)
INVENTORY CONTROLINVENTORY CONTROL
DAYS IN INVENTORY
average inventory on hand/annual costs of
goods x 360