The business of healthcare continues to present economic challenges. Rising costs, coupled with the declining reimbursements and increased managed care utilization has caused physicians and administrators to examine the operating and financial performance of their medical practices like never before.
Doctors Financial Health Advisors, Inc. offers analysis services that will show what the current health of the medical practice and then give you the tools to track and monitor your goals and objectives established for your practice. We can also provide you with help to perform intense or specific dataset analysis.
Many questions about your practice need to be examined to help you understand where the practice has been historically and today.
"What is my patient mix?" "Where do my patients come from?" "Is the practice seeing enough patients to truly cover the expenses?" "Are my expenses too high?" and "Am I paid what I am supposed to be paid from the insurance companies?" are all questions that physicians ponder everyday.
It is difficult to move a medical practice in any direction without first understanding where things are now in the practice. Guessing or estimating these numbers based on what is thought can lead to decisions that greatly affect the practice. Additionally an analysis of your practice can provide you with the benchmarks from which you can establish goals for your staff and practice.
Periodic monitoring of your practices productivity and financial performance is a very inexpensive way of tracking the goals and objectives established for your practice. Reviewing theses reports can help you make income forecasts for your practice and show you potential issues of interruption of cash flow and unexpected expenses.
We can help you create reports that you can run on your own for review when you wish or we can create a reporting system that we can prepare into a concise and useful report that we will review with you. .
Our experience has shown use what indicators of a practice have proven most useful to the physicians and administrators. However, sometimes information is needed that is not normally tracked during the day-to-day operation of the practice or retained in your billing software or electronic medical record.
Providing the research or creating the tracking tools to allow for the ongoing collection of data for future reporting can be provided by DFHA. .
For more information on any of these reporting and analysis services, please click the link on the right side of this page.