Part 1
Read the following scenario
A group of no general surgeons have decided to form a group practice, George Mason Surgical Associates. They have left other practices to form this new group.
You have been hired as the practice administrator, and are attending the first organizational meeting with the ten doctors
The doctors have expressed frustration with financial reporting at their other practices, and want to you develop a monthly financial package and presentation
write and answer the following questions
Part 2
Please read and review the two articles on benchmarking… Getting a Clearer Picture …”Monitoring the Right Reports”
-In your opinion, explain the three top /most important ratios in running a medical practice and why you think they are important
Part 3
Read capko, chapter 6, “Avoiding and Surviving a Monev Crunch *
– List four main issues you feel Evergreen Medical Group is facing, and the solutions you have identified to address the issues.
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n
n
CD
lo ng it rakes o n average co collect
a da)”s wo rth of gross charges. For
example, M edical Group ,\fanage
menr Association (MGMA) surve1·s
found chat ir rook JJ davs on
average in 2008 for family practice
g roups co gcr paid, and almosr 41
days for orrhopedic groups.
Persistentl y high DRO or a big
increase from monrh co monrh c,in
signa l a hose of problems, Wood
cock says. They i.ndude:
• Excessive cl a ims rejections caused
KEEP TABS ON YOUR PRACTICE’S VITAL SIGNS BY
MONITORING THE RIGHT PERFORMANCE INDICATORS
BY ROBERT REDLING
oclay’s inrc:rlinkcd
pra.:ricc management
and EHR systems can spit
our reports o n almost every
conceirnblc measure of
pracricc J:>er form~ncc.
Want ru know rhc num ber of new
parienr visits last week ? No problem.
Wanr ro view rhose numbers by
payer? E:isr.
Curious about rh,· number of
wo rk Relative Value Unics (RVUs)
eac h provider produces per square
fnur of leased clinical space in yo ur
sa tdlit.: cli nk vers us the ma in of
fice . Ir\ just a dick away.
Now, add in all rhose r,;ports from
yo ur pU )’ers, local hospir3fs, h;1nk,
dashboa rds, and such . The problem
is selecting chc numhcrs chat best
reveal t he srarus of your practice’s
financia l healrh .
We asked pract ice management
experts and health system leaders
whar key performance indicators
they use to keep tnbs o n a medica l
prnctice’s financial hea lrh . Herc’s
what th your dashboard of key
performance indicators.
— Seeing patienrs is how you gener
a re income,” Good says. “‘The num-
FOUR l!SSl!N’IIAL
PRACTICE FINANCIAL
INDICATORS
Among the Important financial
management indicators medical
practices should keep an eye
on are these four, shown with
national medians for selected
types of prac:tlces from the most
recent Medical Group Manage
ment Association Cost Survey.
lallJIIPIICIALT\”
Days in ,6/R: 34.79
Agin& ,6JR over 120 days
(Mean): 17.19%
Gross fee-for-service collection
percentage: 56.15%
Adjusted fee.for-service
collection percenta,e: 98.32%
FAl&YPRAC’IICr
Days In ,6/R: 32.69
Aging ,6JR over 120 days
(Mean): 16.15%
Gross fee-for-service collection
percentage: 75.26%
Adjusted fee-for-service
collection percentaae: 99.27%
CIRNOLacrr
Days in ,6/R: 34.58
Aging ,6JR over 120 days
(Mean), 18.90%
Gross fee-for-service collection
percentage: 43.35%
Adjusted fee-for-service
collection percentage: 97 .40%
._,,,,.,.,.,_
Sou..-,
s,,..,.,,.,_
MGMA 2011 Cost Sutwys
for Multi,-J•lty and Sl”IW
38 I PHYSKlANS PRACTICE I FEBRUARY 2012
ber of patient visits and the rc-ceiprs
per patient visit dercrmine your
monthly income so look at wherher
you arc making full use of rhc physi
cian’s time ro sec those p,nicnrs. ”
Good suggests viewing each
month’s pcrformaucc indicators for:
Sc:hedullng c:apedty. Com~ re
the hours physicians want to work
each week with rhc hours rhcy arc
actually available ro s« paritms. Ir’s
a number rbar can be obtained from
the pracria: managemenr S)’Stcm
by calculating whar percentage of
each physician’s and nonpht-sician
provider’s daily schedule was actually
filled . Alarm bells should go off if rhe
ratio fall, below 80 ~=r, he s:iys.
No-shows. On average between 5
percent and 7 percent of patients fail
ro show up for their appoinnnenrs.
Each missed appoimment that g
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