Now that Medicare has decided to start paying again and has given physicians a 2.2% raise, it is time for our attention to turn to other things. July is the half way mark in the year and for most, if your financial year starts in January, it is a good time to see how your business is doing. Printing out your productivity reports and budget reports will give you an idea of where your business stands and should be done at least semi-annually if not quarterly. Most practice management software programs will produce productivity reports that break out where your revenue is coming from and who is producing it. Your budget/expense reports are equally important and any accounts payable program should be able to print out the reports. I have used a number of different accounting programs over the years and by far my favorite is Quickbooks(I have no financial interest in any software). The only problem I find is that offices do not run these reports on a regular basis. Some of the time the doctors forget to ask to have the reports printed, after all you are busy seeing patients and generating charges, or some do not want to ask their staff to generate the reports because they do not want them to know that much about the practice. Both are understandable excuses but one should find a way to get the information anyway. This would be an excellent time to have a consultant come, yes you can have someone who comes in just two or four times a year, and get the information for you to review. It would also give you the opportunity to have an outside party make a review of your receivables and payables just to make sure that all is well in your business office. When staff knows that someone is looking they always try a little harder. If by chance you have not had time to have a budget set up for your business then your accountant or your consultant could assist in getting one in place.
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