Are you taking a hit on revenue?
If you are not analyzing your reimbursement from different payer source and don’t have a clear understanding of what it cost to see a patient you may be taking a hit that you can’t afford.
Start with understanding the basic cost for you to see a patient. Take your practice operating expenses for the past twelve months and add in the physicians’ salary and payroll taxes to know your true costs. Divide this by the number of patient visits last year and you have a good starting point.
Next examine payer performance. You can determine the average per visit reimbursement by payer by dividing the number of visits by the total payments for each particular payer. Now you you have a concrete number you can compare to your cost to see a patient. If you aren’t getting paid more than it cost to see a patient and make a reasonable profit its time to think about what actions you can take to reverse this.
Need help? Contact Judy Capko
Judy is one of America’s leading practice management and marketing consultants. e mail [email protected]
Announcing the release of the 2nd edition of the runaway best-selling book Secrets of the Best-Run Practices. To check it out go to www.capko.com and click on the book icon.
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