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PRACTICE FINANCIALS,
WHAT YOU DON'T
KNOW CAN HURT YOU Digital Dashboard Provides Essential Data for Well-Informed Business Decisions
EACH DAY, PHYSICIANS AND PRACTICE MANAGERS ACROSS THE UNITED STATES ARE FIGHTING A WAR OF FINANCIAL ATTRITION. THUS, MAKING SOUND BUSINESS DECISIONS IS CRITICAL TO ENSURING THE LONGEVITY AND OVERALL SUCCESS OF A MEDICAL PRACTICE. TO DO THAT, IT IS KEY TO COLLECT AND ASSESS DATA THAT REVEALS THE STRENGTHS, WEAKNESSES AND OPPORTUNITIES FACING THE PRACTICE.
AN
UNFORTUNATE FACT IS that most practices leave between 5% and 30% of their reimbursements on the table because they lack proper processes, staffing, training or
technology, according to an article published in the October 2010 issue of MGMA Connexion magazine titled "Top 10 Ways
to Maximize Collections." Often, this is the result of practices' inability to produce the key financial data required to affect and control the daily and monthly operations of the practice. "Most physicians and administrators know to review their
charges, payments, denials and adjustments," says Ronda Exnicious, Director of Client Services at Global Healthcare
" 16 | Twin Cities MD NEWS n MDNEWS.COM
My ears whistle and buzz continuously day and night. I can say I am living a wretched life.
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Paula Schwartz, Au.D., Doctor of Audiology
Courtney Sterk, Au.D., Doctor of Audiology
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