How do I rescue my failing medical practice?
Answered by:
Boy, that is a tough question. My answer may or may not help you. I do not know the specifics of why you are failing. However the statistics are always the same:
#patient visits/time period (month, week, whatever)
#new patients/time period
Production
Collections
How many insurance networks are you on?
From these you can generate certain very important statistics.
Patient visit average: #patient visits/time period divided by #new patients in that same time period
Collections % = Collections/total production This number should be above 85% or your practice is not viable.
I'm not sure this is helpful but without zeroing in on what the actual problem is, it's hard to come up with any solution.
Take care, E.C. Hubbs, DC, CCST