A recent practice audit captured an income leakage of over $100,000 per annum (and this was just from one team). This was simply because staff were not checking patient details and updating information which attracts a Medicare Incentive Number.
It is crucial that practice owners keep up to date on the ever-changing conditions of the health care industry. But many practitioners simply don’t know what financial reports to look at or what systems to check. Studying financial data and developing a solid budget will help you better manage your cash flow, increase productivity and make your practice more profitable, however checking your management systems, workflow strategies and organisational structure may save you thousands of dollars and help you discover thousands of dollars.
A practice audit analyses 50+ different systems in your practice. These include financial, management and human resources. It also includes an in depth look at your medical software i.e. Best Practice, Medical Director or Pracsoft and how your staff are using the system. In most cases, the practice leakage is a result from unskilled staff or lack of proper training. So, what is the good news? The good news is that everything can be fixed!
If your revenue looks a bit “sluggish” but you are working hard, consider a practice audit. It may change the way you practice forever.
