Identifying the common threads in all of this infor- mation is a crucial part of a Medical Practice Assessment. A perfect example is the accounts receivable analysis. Each component must be examined in relation to the others. Your payor mix can affect practice revenues from year to year. We can identify payors who are slow in paying, where cash isn’t being collected from self-pay patients, and where accounts aren’t being written off. An analysis of charges, payments, adjustments, and accounts receivables provide significant data for summarizing yearly business cycle trends, while also identifying short- and long-term opportunities. Breaking down aging by payer class identifies some of the problems in billing and collection.
Financial data provides only a partial picture of your practice. For a complete picture, an analysis of day-to-day operations is required. This includes an examination of billing and collection cycles, appointment scheduling, and internal controls. The efficiency and profitability of your practice is reflected by the patient payment cycle. That is, the time that lapses between an appointment being scheduled and the bill being paid. Improvements to your bottom line can result from information gained during the systems analysis. These improvements can lead to a healthier financial picture for your practice.
How does your practice compare to others in terms of compensation, charge production, and patient encounters? The physician analysis provides those answers. National averages are available to provide a customized analysis of your field. An Evaluation and Management Code (E & M) analysis identifies coding problems that can lead to loss of revenue from your practice. Improper coding has also taken on a higher profile in federal fraud and abuse investigations, which can lead to indictments and expulsion from the Medicare program.
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