Financial Reporting for the Medical Practice
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Financial Reporting for the Medical Practice

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    Financial Reporting for the Medical Practice Financial Reporting for the Medical Practice Presentation Transcript

    • Financial Reporting for the Medical Practice Medical Group Management Association Healthcare Financial Managers’ Association
    • Your Presenters
      • Chris Keefe
      • CFO
      • Metro Imaging
      • Sharon Sagarra
      • Controller
      • Radiologic Imaging Consultants
    • Preview
      • Volume
      • Collection/reimbursement
      • A/R
      • Productivity
      • Financial statements
    • Who is your audience?
      • Doctor/CEO
      • Doctors/owners
      • Doctors/non-owners
      • Management
      • Staff
      • Bank
      • Outside accountant
    • What are the Hot Buttons?
      • Volume
      • Collection %
      • Physician productivity
      • Billing expense
      • Staffing expense
      • Others?
    • Volume Reporting
    • Volume by Type of Service
    • Exam Comparison
    •  
    •  
    •  
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    • Monitoring Collections, Reimbursement, Billing Performance
    • Receipts by DOS
    • GHP Collections by Site
    • Reimbursement/Collection/Mix
    • Collection Rates
    • Writeoffs
    • A/R Trends
    • Accounts Receivable Reconciliation
    •  
    •  
    • Productivity Monitoring-Physicians
    • CPT by Physician
    • Volumes for Key Indicators
    • # Exams Read per FTE
    • Work RVUs per FTE Radiologist by Site
    • Productivity Monitoring-Staff
    • Staff Productivity
    • Overtime Monitoring
    • Tardy Monitoring
    • Biller Productivity
    • Financial Statements
    • Chart of Accounts
      • MGMA Chart of Accounts
      • MGMA Cost Survey
      • Outside Accountant’s Chart of Accounts
    • Cash vs Accrual
      • Cash is easy
      • Tax basis
      • Docs understand it
      • Expenses fluctuate
      • Impact of doc’s vacation
      • Accrual is more work
      • Must estimate net revenue
      • Rev & Expenses matched to proper period
      • Malpractice spread out
    • Modified Cash
      • Best of both worlds
      • Spread large expenses
      • Book depreciation
      • Flexible
      • Easy
    • Contractual Allowance
      • Can be difficult to estimate
      • How do you know when it is right?
      • How long does it take to collect every penny?
      • Changes every year
    • Timing of Financial Statements
      • When should your F/S be ready?
        • On the first?
        • 10 days after month-end
        • 15 days after month-end
        • 25 days after month-end
    • Impact of Physician Comp
      • Your physician compensation formula can drive your F/S format
      • Expenses by doctor:
        • Car, CME, travel, Dues, Licenses
        • Their nurse, their staff, their space…..
      • Separate cost centers for each doctor?
      • How far do you go?
    • Financial Statements Samples
    • Basic Income Statement
    • Income Statement to Budget
    • Trend Report – 12 rolling months
    • Trend Report – Income Stmt
    • Net Profit per FTE
    • Balance Sheet
      • How do you use it?
      • Balance sheet ratios:
        • Debt to equity=Total debt/equity
          • What equity?????
        • Current ratio=Current assets/current liab
    • 12 Month Trend Report – Balance Sheet
    • General Ledger Analysis
    • RVU Report
    • Cash Flow
    • Sample Reporting for Physician Compensation
    • Direct expenses
      • Phys comp & benefit
      • Prof liab ins
      • Employee salaries
      • Dues, memberships
      • CME, travel
      • Meals, entertainment
      • Rent
      • Marketing
      • Retirement plan
      • Health insurance
      • Auto
    • Variable expenses
      • Employee salaries
      • Employee benefits
      • Medical supplies
      • Drugs
      • Physician services
      • Transcription
      • Data processing
      • Billing/collection
      • Telephone
      • Postage
    • Fixed expenses
      • Employee salaries
      • Employee benefits
      • Rent
      • Equipment leases
      • Building maint
      • Property taxes
      • Interest
      • Equipment maint
      • Legal and acctg
      • Utilities
      • Telephone
      • Depreciation
    • In conclusion
      • They are your reports – they should help you do your job
      • For doctors – no errors allowed
      • Use graphs – you can skew them anyway you want