Physician practice performance

It's the beginning of a new year and now is a perfect time to assess how well your physician medical practice performed financially in the prior year. Was the year "better" than the prior year when you compare all of your numbers on a comparative basis? Here is a list of a few reports you need to take a look at. Analyze these numbers and see what they tell you about the current state of your medical practice. It just might be interesting.

___ Charges, collections, adjustments for years 2012 and 2011 for the practice and by provider

___ Charges and collections by payer class for year 2012 and 2011

___ CPT Frequency Report for year 2012 and 2011 for the practice and by provider

___ Work RVUs for the practice and by provider for year 2012 and 2011

___ 12-31-12 summary aging of total accounts receivable and same for prior year

___ 12-31-12 summary aging of accounts receivable – credit balances only and same for prior year

___ 12-31-12 summary aging of accounts receivable by payer class and same for prior year

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.