Financial Reporting for the Medical Practice - PowerPoint PPT Presentation

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Financial Reporting for the Medical Practice

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Auto. Variable expenses. Employee salaries. Employee benefits. Medical supplies. Drugs ... Equipment leases. Building maint. Property taxes. Interest. Equipment ... – PowerPoint PPT presentation

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Title: Financial Reporting for the Medical Practice


1
Financial Reporting for the Medical Practice
  • Medical Group Management Association
  • Healthcare Financial Managers Association

2
Your Presenters
  • Chris Keefe
  • CFO
  • Metro Imaging
  • Sharon Sagarra
  • Controller
  • Radiologic Imaging Consultants

3
Preview
  • Volume
  • Collection/reimbursement
  • A/R
  • Productivity
  • Financial statements

4
Who is your audience?
  • Doctor/CEO
  • Doctors/owners
  • Doctors/non-owners
  • Management
  • Staff
  • Bank
  • Outside accountant

5
What are the Hot Buttons?
  • Volume
  • Collection
  • Physician productivity
  • Billing expense
  • Staffing expense
  • Others?

6
Volume Reporting
7
Volume by Type of Service
8
Exam Comparison
9
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10
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11
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12
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13
Monitoring Collections, Reimbursement, Billing
Performance
14
Receipts by DOS
15
GHP Collections by Site
16
Reimbursement/Collection/Mix
17
Collection Rates
18
Writeoffs
19
A/R Trends
20
Accounts Receivable Reconciliation
21
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22
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23
Productivity Monitoring-Physicians
24
CPT by Physician
25
Volumes for Key Indicators
26
Exams Read per FTE
27
Work RVUs per FTE Radiologist by Site
28
Productivity Monitoring-Staff
29
Staff Productivity
30
Overtime Monitoring
31
Tardy Monitoring
32
Biller Productivity
33
Financial Statements
34
Chart of Accounts
  • MGMA Chart of Accounts
  • MGMA Cost Survey
  • Outside Accountants Chart of Accounts

35
Cash vs Accrual
  • Cash is easy
  • Tax basis
  • Docs understand it
  • Expenses fluctuate
  • Impact of docs vacation
  • Accrual is more work
  • Must estimate net revenue
  • Rev Expenses matched to proper period
  • Malpractice spread out

36
Modified Cash
  • Best of both worlds
  • Spread large expenses
  • Book depreciation
  • Flexible
  • Easy

37
Contractual Allowance
  • Can be difficult to estimate
  • How do you know when it is right?
  • How long does it take to collect every penny?
  • Changes every year

38
Timing of Financial Statements
  • When should your F/S be ready?
  • On the first?
  • 10 days after month-end
  • 15 days after month-end
  • 25 days after month-end

39
Impact of Physician Comp
  • Your physician compensation formula can drive
    your F/S format
  • Expenses by doctor
  • Car, CME, travel, Dues, Licenses
  • Their nurse, their staff, their space..
  • Separate cost centers for each doctor?
  • How far do you go?

40
Financial Statements Samples
41
Basic Income Statement
42
Income Statement to Budget
43
Trend Report 12 rolling months
44
Trend Report Income Stmt
45
Net Profit per FTE
46
Balance Sheet
  • How do you use it?
  • Balance sheet ratios
  • Debt to equityTotal debt/equity
  • What equity?????
  • Current ratioCurrent assets/current liab

47
12 Month Trend Report Balance Sheet

48
General Ledger Analysis
49
RVU Report
50
Cash Flow
51
Sample Reporting for Physician Compensation
52
Direct expenses
  • Phys comp benefit
  • Prof liab ins
  • Employee salaries
  • Dues, memberships
  • CME, travel
  • Meals, entertainment
  • Rent
  • Marketing
  • Retirement plan
  • Health insurance
  • Auto

53
Variable expenses
  • Employee salaries
  • Employee benefits
  • Medical supplies
  • Drugs
  • Physician services
  • Transcription
  • Data processing
  • Billing/collection
  • Telephone
  • Postage

54
Fixed expenses
  • Employee salaries
  • Employee benefits
  • Rent
  • Equipment leases
  • Building maint
  • Property taxes
  • Interest
  • Equipment maint
  • Legal and acctg
  • Utilities
  • Telephone
  • Depreciation

55
In conclusion
  • They are your reports they should help you do
    your job
  • For doctors no errors allowed
  • Use graphs you can skew them anyway you want
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