Transcription of Budgeting and Forecasting - doctorsdigest.net
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Budgeting and Forecasting - doctorsdigest.net
MANAGING YOUR PRACTICE'S MONEY. Budgeting and Forecasting Chapter FastFACTS. 1. It is essential for physicians to review monthly the practice's operations or income statement, balance sheet, and statement of cash flow. 2. Forecasting helps determine how many patients each physician needs to see each month to break even. 3. Benchmarking categories include median total revenue per full-time physician. 4. Successful practices don't have to achieve every industry benchmark or best practice. 5. MGMA data confirm that practices that pay close at- tention to basics, such as billing and collections, tend to fare better financially. I. n late 2010, when pediatrician Anne B. Francis, MD, looked at her practice's preliminary budget for 2011, she saw poten- tial trouble ahead. Revenue from office visits was likely to decline in January and February, when patients with high- deductible insurance plans typically forego discretionary visits to avoid paying out-of-pocket.
Budgeting and Forecasting MANAGING YOUR PRACTICE’S MONEY 26 www.doctorsdigest.net 1. It is essential for physicians to review monthly the practice’s operations or income statement, balance
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