VT is a biller for a small practice. She has been with the practice for just 2 years but has worked in healthcare billing for over 20 years. She initially worked traditional hours and was doing good work. However, when her mother became ill, she requested to work some nontraditional hours so she could take her mother to appointments and still get her work done. VT was issued a … [Read more...] about Case Study: Unnecessary Overtime
Administrating Excellence
Case Study: Personal Use of Office Supplies
ZA and MN work in a large healthcare practice. They do different jobs but have become close friends. They take lunch breaks together and have started doing things outside of work together. They talk about everything, including what the make, performance evaluations, and when they do or don’t get raises. They are solid employees. They enjoy their jobs for the most part, but both … [Read more...] about Case Study: Personal Use of Office Supplies
Do Physicians Know How to Analyze Financial Statements?
Effective Analysis of Your Practice Financials—Think Big, Then Small A typical profit and loss statement may contain 30 or more different expenses categories, making it easy to get lost in the little details when searching for the things that matter most to your financial success. In the post Why Revenue Matters Most, I explained why revenue is the more important number … [Read more...] about Do Physicians Know How to Analyze Financial Statements?
The Basics of Balance Sheet Analysis
The most well-understood financial statement is the profit and loss statement. Over a stated period of time—typically, a month, a quarter or a year— the P & L tells you how the money came in and how it went out. What the P & L does not tell you is what you did with your profits and how financially strong your practice is as a result of those decisions. Your … [Read more...] about The Basics of Balance Sheet Analysis
Luck Isn’t a Business Plan
Luck Luck isn’t a business plan. Yet vital aspects of business are left to chance on a daily basis. This is sheer madness. Leaving the business plan to chance occurs in all fields, but seems to happen especially often medicine. This is most obvious when a new procedure becomes available. But even more importantly, how are you managing your existing services? Most of us … [Read more...] about Luck Isn’t a Business Plan